Publicação
The Renminbi exchange rate long-run behaviour and its determinants
| Resumo: | There has been an enormous global focus on the renminbi foreign exchange regime since 2002, which led a strong currency appreciation expectation. In this paper, we try to estimate the renminbi long-run exchange rate behaviour from economic point of view. When one asks whether the value of the renminbi should appreciate substantially in the future, we should be aware there is a distinction between appreciation pressure and necessity of appreciation. Therefore, at beginning of this paper, we fist analyze the background of this topic and introduce specific Chinese foreign exchange regime. In order to attempt to estimate the renminbi long-run exchange rate behaviour, we measured the size of misalignment between the renminbi real exchange rate and the equilibrium exchange rate with a co integration reduced single equation method. We also analyze the renminbi revaluation determinates and the impacts to Chinese long term economic growth. |
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| Autores principais: | Bing, Wang |
| Assunto: | The renminbi real effective exchange rates equilibrium real exchange rate foreign exchange regime revaluation long-run exchange rate behaviour Renminbi taxa de câmbio efectiva real taxa de câmbio de equilíbrio real regime de câmbio estrangeiro reavaliação comportamento a longo prazo da taxa de câmbio |
| Ano: | 2009 |
| País: | Portugal |
| Tipo de documento: | dissertação de mestrado |
| Tipo de acesso: | acesso restrito |
| Instituição associada: | Universidade de Lisboa |
| Idioma: | inglês |
| Origem: | Repositório da Universidade de Lisboa |
| Resumo: | There has been an enormous global focus on the renminbi foreign exchange regime since 2002, which led a strong currency appreciation expectation. In this paper, we try to estimate the renminbi long-run exchange rate behaviour from economic point of view. When one asks whether the value of the renminbi should appreciate substantially in the future, we should be aware there is a distinction between appreciation pressure and necessity of appreciation. Therefore, at beginning of this paper, we fist analyze the background of this topic and introduce specific Chinese foreign exchange regime. In order to attempt to estimate the renminbi long-run exchange rate behaviour, we measured the size of misalignment between the renminbi real exchange rate and the equilibrium exchange rate with a co integration reduced single equation method. We also analyze the renminbi revaluation determinates and the impacts to Chinese long term economic growth. |
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