کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5101088 1479142 2017 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The PPP approach revisited: A study of RMB valuation against the USD
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The PPP approach revisited: A study of RMB valuation against the USD
چکیده انگلیسی
We analyze the alleged undervaluation of the Chinese renminbi against the US dollar through an application of the relative PPP hypothesis, the PPP approach. The PPP approach measures the relative misalignment of a currency by estimating the relationship between log price levels and log per capita real incomes from a cross section of countries. We estimate this relationship by using ICP 2011 and incorporating model selection tests. Our results confirm that price level-real income relationship is best approximated by a quadratic functional form. We show that, using this functional form, the PPP approach does not reveal any evidence of renminbi undervaluation as of 2011, and this result is robust to various sensitivity tests.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 77, October 2017, Pages 18-38
نویسندگان
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