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The Real Exchange Rate And Employment In China
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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 The Role of the Real Exchange Rate Adjustment in Expanding Service Employment in China by :
Download or read book The Role of the Real Exchange Rate Adjustment in Expanding Service Employment in China written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Ownership characteristics, real exchange rate movements and labor market adjustment in China by : Risheng Mao
Download or read book Ownership characteristics, real exchange rate movements and labor market adjustment in China written by Risheng Mao and published by . This book was released on 2011 with total page 26 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses a firm level multi-industry data set covering 456 Chinese manufacturing sectors to assess the implications of Renminbi (RMB) real exchange rate appreciation for adjustments in employment and wage rates. We stress differences in both industry and firm characteristics within sectors. Our empirical results show that modest (and also larger) RMB real exchange rate appreciation would likely have pronounced effects on both net employment and wage rates. A 10% RMB appreciation would likely cause a net employment decline in Chinese manufacturing industries of between 4.1% and 5.3%, and a wage rate drop of 4% after controlling for other factors. Real exchange rate change effects by industry on net employment and wage rates vary significantly with the ownership characteristics of firms within industries. Employment and wage rates for private enterprises are less responsive to RMB real exchange rate fluctuations than is true for state owned enterprises (SOEs) and foreign invested enterprises (FIEs). This finding is opposite to the widely held belief that the labor market behavior of Chinese SOEs shows stronger labor market rigidities than for private firms. Impacts of exchange rate movements emerge as systematically related to export openness, overall import penetration and profit margins of individual manufacturing industries.
Book Synopsis Real Exchange Rate, Foreign Trade and Employment by :
Download or read book Real Exchange Rate, Foreign Trade and Employment written by and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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 China's Trade, Exchange Rate and Industrial Policy Structure by : John Whalley
Download or read book China's Trade, Exchange Rate and Industrial Policy Structure written by John Whalley and published by World Scientific. This book was released on 2013 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book aims at assessing the potential impacts of China''s macro economic, trade, exchange rate and reserve management policies for industrial structure and performance. It uses data analysis and econometric methods applied to recent Chinese data. It has a special focus on the performance of the Chinese economy both during and after the 2008 global financial crisis. The book will be of interest to researchers and practitioners in governmental and international agencies both in China and outside of the country.
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 China's Exchange Rate Regime by : China Development Research Foundation
Download or read book China's Exchange Rate Regime written by China Development Research Foundation and published by Routledge. This book was released on 2014-12-05 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: The imbalance between China’s currency, the RMB, and those of other countries is widely regarded as a major problem for the world economy. There was a reform of China’s exchange rate mechanism in 2005, following which the RMB appreciated 17% against the US dollar, but many people argue that further reform is still needed. This book reports on a major research project undertaken following the 2005 reform to assess the impact on China’s economy. It considers the impact in a number of areas of the economy, including export-oriented companies, the banking industry, international trade, international capital flows, and China’s macroeconomic policy. It concludes that the policies pursued so far have been correct, and that further reform, both to the exchange rate, and to the system overall, would be desirable, but that any reform should be gradual and incremental, preserving economic stability, and integrating changes with reform in other parts of the economy.
Author :United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology Publisher : ISBN 13 : Total Pages :120 pages Book Rating :4.0/5 (12 download)
Book Synopsis China's Exchange Rate Regime and Its Effects on the U.S. Economy by : United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology
Download or read book China's Exchange Rate Regime and Its Effects on the U.S. Economy written by United States. Congress. House. Committee on Financial Services. Subcommittee on Domestic and International Monetary Policy, Trade, and Technology and published by . This book was released on 2004 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Economic Transitions in China and Japan by : Ying Zhang
Download or read book Economic Transitions in China and Japan written by Ying Zhang and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: [Truncated] This dissertation aims to offer insights into the path of China's and Japan's recent economic transitions and the implications for their real exchange rates. The literature on the determination of real exchange rates is reviewed in the first substantive chapter, confirming that, in the short run, it is dominated by cross-border financial capital flows and their associated influence on domestic aggregate demand. Economic fundamentals play key roles in both the short and long runs, though they are most influential in the long run. Indeed, shocks to technology, demographic structure, consumer preferences, the fiscal balance, the money supply, and to distortions such as trade barriers and imperfect competition can all affect real exchange rates. An analytical model describing short-run determinants is developed to codify these effects. The second substantive chapter examines China's exchange rate puzzle. International pressure to revalue China's currency stems in part from the expectation that rapid economic growth should be associated with an underlying real exchange rate appreciation. This hinges on the Balassa-Samuelson hypothesis. A dynamic general equilibrium model is adopted to simulate the economy and show that, during the period of 1994-2003, trade reforms and a rising national saving rate were offsetting forces in the presence of elastic labour supply. This is followed by an examination of the possible determinants of the striking transition to real appreciation thereafter, noting mounting evidence that an improved rural terms of trade tightened China's labour market, slowed rural to urban migration and raised domestic unit costs. The third substantive chapter revisits Japan's economic stagnation and is focussed on the keys to its impending recovery. The many claimed sources of Japan's stagnation are reviewed, with particular attention to the extraordinary gyrations in Japan's real exchange rate between the late 1980s and the mid-1990s. These played an important role in the economic performance of the time. A smooth real depreciation is shown to be part of the recipe for recovery, the potential sources of which are analysed using a multi-region global dynamic general equilibrium model. Both demand and supply side determinants of the real exchange rate are considered and it is suggested that a further sudden and substantial real appreciation should be avoided. Moreover, it is shown that improvements in Japan's services sector productivity would bring about the needed smooth real depreciation and that this would play a key role in promoting the recovery.
Book Synopsis China’s Evolving Exchange Rate Regime by : Mr.Sonali Das
Download or read book China’s Evolving Exchange Rate Regime written by Mr.Sonali Das and published by International Monetary Fund. This book was released on 2019-03-07 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: China’s exchange rate regime has undergone gradual reform since the move away from a fixed exchange rate in 2005. The renminbi has become more flexible over time but is still carefully managed, and depth and liquidity in the onshore FX market is relatively low compared to other countries with de jure floating currencies. Allowing a greater role for market forces within the existing regime, and greater two-way flexibility of the exchange rate, are important steps to build on the progress already made. This should be complemented by further steps to develop the FX market, improve FX risk management, and modernize the monetary policy framework.
Book Synopsis Currencies and Globalization by : Marcy L. Ferrington
Download or read book Currencies and Globalization written by Marcy L. Ferrington and published by Nova Publishers. This book was released on 2007 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currencies are often the targets of speculators and the sometimes reflections and engines of a country's prosperity. They affect consumption rates, political stability and industrial success. Exchange rates are carefully set and endlessly analysed and changed. This book presents leading contemporary issues related to currencies and globalisation.
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.
Book Synopsis Real Exchange Rate Determination and the China Puzzle by : Rodney Tyers
Download or read book Real Exchange Rate Determination and the China Puzzle written by Rodney Tyers and published by . This book was released on 2014 with total page 58 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.
