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Estimating Chinas Equilibrium Real Exchange Rate
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Book Synopsis Estimating China's "Equilibrium" Real Exchange Rate by : Steven Vincent Dunaway
Download or read book Estimating China's "Equilibrium" Real Exchange Rate written by Steven Vincent Dunaway and published by INTERNATIONAL MONETARY FUND. This book was released on 2005-10-01 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt: The number of studies attempting to estimate the "equilibrium" real value of China's currency has proliferated in recent years as the country's presence in world markets has grown. These studies have sought to establish whether or not a significant part of China's competitive prowess can be attributed to the foreign exchange value of the renminbi. Unfortunately, no consensus has emerged because the studies yield a very wide range of estimates. The paper looks at a sample of these studies, with estimates of undervaluation ranging from zero to nearly 50 percent. It attributes the wide variation in these estimates to the influence of such factors as the different methodologies used, explanatory variables included, subjective judgments of the various researchers in deriving their results, and instability in underlying economic relationships, especially in a rapidly developing economy like China.
Book Synopsis How Robust are Estimates of Equilibrium Real Exchange Rates by : Mr.Steven Vincent Dunaway
Download or read book How Robust are Estimates of Equilibrium Real Exchange Rates written by Mr.Steven Vincent Dunaway and published by INTERNATIONAL MONETARY FUND. This book was released on 2006-10-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Increased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their "equilibrium" values as suggested by "fundamental" determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive equilibrium real exchange rate estimates. Using China's currency to illustrate this analysis, the variance in estimates raises serious questions regarding how robust the results are. The basic conclusion from the tests used here is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Thus, such estimates should be treated with great caution.
Book Synopsis The Equilibrium Real Exchange Rate for P.R. China by : Tao Sun
Download or read book The Equilibrium Real Exchange Rate for P.R. China written by Tao Sun and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis China's Growing Role in World Trade by : Robert C. Feenstra
Download or read book China's Growing Role in World Trade written by Robert C. Feenstra and published by University of Chicago Press. This book was released on 2010-03-10 with total page 603 pages. Available in PDF, EPUB and Kindle. Book excerpt: In less than three decades, China has grown from playing a negligible role in international trade to being one of the world's largest exporters, a substantial importer of raw materials, intermediate outputs, and other goods, and both a recipient and source of foreign investment. Not surprisingly, China's economic dynamism has generated considerable attention and concern in the United States and beyond. While some analysts have warned of the potential pitfalls of China's rise—the loss of jobs, for example—others have highlighted the benefits of new market and investment opportunities for US firms. Bringing together an expert group of contributors, China's Growing Role in World Trade undertakes an empirical investigation of the effects of China's new status. The essays collected here provide detailed analyses of the microstructure of trade, the macroeconomic implications, sector-level issues, and foreign direct investment. This volume's careful examination of micro data in light of established economic theories clarifies a number of misconceptions, disproves some conventional wisdom, and documents data patterns that enhance our understanding of China's trade and what it may mean to the rest of the world.
Book Synopsis Real Exchange Rate Misalignment in China by : Zhichao Zhang
Download or read book Real Exchange Rate Misalignment in China written by Zhichao Zhang and published by . This book was released on 2008 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Based on the theory of equilibrium real exchange rate, this paper estimates the behavioral equilibrium exchange rate and the resulting misalignment in China. Evidence shows chronic overvaluation in China's central planning period, but economic reforms have brought the real exchange rate closer to equilibrium. The cumulative effect of exchange rate reform led to a substantial real depreciation of the Chinese currency after 1981. Indications are that China now has a proactive exchange rate policy with the nominal exchange rate used as a policy tool to attain real targets.
Book Synopsis Estimating China's Equilibrium Exchange Rate by : Elise Whalan
Download or read book Estimating China's Equilibrium Exchange Rate written by Elise Whalan and published by . This book was released on 2011 with total page 302 pages. Available in PDF, EPUB and Kindle. Book excerpt: Thesis (B.Comm.(Hons.)) -- Griffith University, 2011.
Book Synopsis New Estimates of the Equilibrium Exchange Rate by : Kiyotaka Sato
Download or read book New Estimates of the Equilibrium Exchange Rate written by Kiyotaka Sato and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We estimate the nominal equilibrium exchange rate (EER) of the Chinese renminbi (RMB) vis-à-vis the US dollar from 1995 to 2009. While most of the recent empirical studies on the EER employ a cross-country analysis, country-specific factors, especially supply-side real factors, are not fully taken into consideration in estimating the EER. To better reflect China's processing exports in the context of growing intra-regional trade in Asia, we incorporate in the empirical analysis the source-country breakdown data on import prices and input coefficients of intermediate inputs by constructing an annual new International input-output (IIO) table for the period from 1995 to 2009. The results show that the nominal EER of the RMB appreciates sharply from 2006 to 2009, suggesting that the current RMB exchange rate has been substantially undervalued and should be revalued by 74 per cent as of 2008 compared to the year 2004 level. Such sharp appreciation of the nominal EER corresponds to the dramatic increase in China's current account surplus from the mid-2000s, especially against the United States, which is ascribed to the significant improvement of China's intermediate input coefficients and, to a lesser extent, an increase in US import prices of intermediate inputs.
Book Synopsis China’s Currency: An Analysis of the Economic Issues by :
Download or read book China’s Currency: An Analysis of the Economic Issues written by and published by DIANE Publishing. This book was released on 2007 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many Members of Congress charge that China's policy of accumulating foreign reserves (especially U.S. dollars) to influence the value of its currency constitutes a form of currency manipulation intended to make its exports cheaper and imports into China more expensive than they would be under free market conditions. They further contend that this policy has caused a surge in the U.S. trade deficit with China and has been a major factor in the loss of U.S. manufacturing jobs. Although China made modest reforms to its currency policy in 2005, resulting in a modest appreciation of its currency, many Members contend the reforms have not gone far enough and have warned of potential legislative action. This report summarizes the main findings in CRS Report RL32165, China's Currency: Economic Issues and Options for U.S. Trade Policy, by Wayne M. Morrison and Marc Labonte, and will be updated as events warrant.
Book Synopsis Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia by : Ms.Isabelle Mejean
Download or read book Current Account Rebalancing and Real Exchange Rate Adjustment Between the U.S. and Emerging Asia written by Ms.Isabelle Mejean and published by International Monetary Fund. This book was released on 2011-03-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: A reduction in the U.S. current account deficit vis-à-vis emerging Asia involves a shift in demand from U.S. to emerging Asia tradable goods and a change in international relative prices. This paper quantifies the required adjustment in the terms of trade and real exchange rates in a three-country open economy model of the U.S., China, and other emerging Asia. We compare scenarios where both Chinese and other emerging Asian export prices change by the same proportion to the case where export prices remain constant in one country and increase in the other. Our results are robust to different assumptions about elasticities of substitution and to introducing a high degree of vertical fragmentation in production in the model.
Book Synopsis Debating China's Exchange Rate Policy by : Morris Goldstein
Download or read book Debating China's Exchange Rate Policy written by Morris Goldstein and published by Peterson Institute. This book was released on 2008 with total page 401 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Real Exchange Rate and Employment in China by : Ms.Ruo Chen
Download or read book The Real Exchange Rate and Employment in China written by Ms.Ruo Chen and published by International Monetary Fund. This book was released on 2011-06-01 with total page 51 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine the impact of real exchange rate fluctuations on sectoral and regional employment in China from 1980 to 2008. In contrast to theoretical predictions, employment in both the tradable and non-tradable sectors contracts following a real appreciation. Our results are robust across different sub-samples, levels of sectoral disaggregation, and are more pronounced for regions with higher export exposure. We attribute our findings to the importance of services as intermediate input in exportable production. We test this channel of exchange rate transmission using regional input-output tables linked with employment data at the region-sector level. The results of this paper have important implications for China's labor market adjustment should the Chinese RMB strengthen in the future. To mitigate the costs of short-run labor market adjustment, appropriate demand management and structural reforms in the non-traded sectors should play an important role.
Book Synopsis China's Equilibrium Real Exchange Rate by : Yongxiang Bu
Download or read book China's Equilibrium Real Exchange Rate written by Yongxiang Bu and published by . This book was released on 2001 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis IMF Working Papers by : Steven Vincent Dunaway
Download or read book IMF Working Papers written by Steven Vincent Dunaway and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Future of China's Exchange Rate Policy by : Morris Goldstein
Download or read book The Future of China's Exchange Rate Policy written by Morris Goldstein and published by Peterson Institute. This book was released on 2009 with total page 125 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimation of Renminbi Equilibrium Real Exchange Rate by : Yao Mu
Download or read book Estimation of Renminbi Equilibrium Real Exchange Rate written by Yao Mu and published by . This book was released on 2007 with total page 71 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Chinese Exports Sensitive to Changes in the Exchange Rate? by : Shaghil Ahmed
Download or read book Are Chinese Exports Sensitive to Changes in the Exchange Rate? written by Shaghil Ahmed and published by DIANE Publishing. This book was released on 2011-04 with total page 53 pages. Available in PDF, EPUB and Kindle. Book excerpt: Builds a model of two types of Chinese exports, those processed and assembled from imported inputs ("processed" exports (PE)) and "non-processed" exports (NPE). When the source of the increase in the Chinese real exchange rate (CRER) is appreciation against the currencies of other emerging Asian trading partners, the effect on PE is positive but insignificant, while the effect on NPE is negative. By contrast, when the source of the increase in the CRER is appreciation against China's advanced-economy trading partners, the effects on both types of exports are negative. Thus greater exchange rate flexibility could contribute to lowering China's trade surplus through restraining growth of exports. Illustrations. A print on demand report.
Book Synopsis Rmb Exchange Rate, The: Past, Current, And Future by : Yin-wong Cheung
Download or read book Rmb Exchange Rate, The: Past, Current, And Future written by Yin-wong Cheung and published by World Scientific. This book was released on 2016-11-22 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past two decades, China's robust economic performance has propelled it to the world stage. At the same time, the world has increasingly scrutinized China's economic policies and activities. One of the hotly contested issues is China's foreign exchange rate policy. China's current reform and modernization policies to convert its centrally planned economy towards a market-driven one could hardly draw on experiences of other countries.This book provides a succinct and up-to-date account of China's exchange rate policy including the currency undervaluation debate and the internationalization of its currency. It begins with a brief history of the modern China's foreign exchange rate policy. In particular, it highlights the three Chinese policy characteristics; namely, independence, controllability and practicability, and graduality. This prologue helps to interpret China's policy on its currency, the renminbi (RMB); including its recent initiatives to promote the international use of its currency.The book covers the basic theoretical and empirical issues that are relevant for determining the equilibrium value of the RMB exchange rate and, hence, its degree of misalignment. Then it evaluates the controversy surrounding the RMB valuation debate, and highlights the sensitivity of empirical estimates of the degree of misalignment to alternative presumptions.The book also examines the timely issues related to China's recent efforts in promoting the use of its currency in the global financial market. After describing the background of China's recent efforts to internationalize the RMB, the book a) discusses the main promotional policies, including the recent Qianhai project and Shanghai Free Trade Zone initiative, b) evaluates the current status of the offshore RMB market, the level of international use of the RMB and the admission to the SDR basket, and c) assesses the future prospects of the RMB to be a global currency.
