标题:The overvaluation of Renminbi undervaluation
作者:Cheung, Yin-Wong; Chinn, Menzie D.; Fujii, Eiji
通讯作者:Cheung, YW
作者机构:[Cheung, YW; Chinn, MD; Fujii, E]Univ Calif Santa Cruz, Dept Econ, Santa Cruz, CA 95064 USA.;[Cheung, YW; Chinn, MD; Fujii, E] Univ Hong Kon 更多
会议名称:Conference on Financial and Commercial Integrations
会议日期:SEP 29-30, 2006
来源:JOURNAL OF INTERNATIONAL MONEY AND FINANCE
出版年:2007
卷:26
期:5
页码:762-785
DOI:10.1016/j.jimonfin.2007.04.005
关键词:absolute purchasing power parity; exchange rates; real income; capital; controls; currency misalignment
摘要:We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued, even though the point estimates usually indicate economically significant misalignment. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables. (c) 2007 Elsevier Ltd. All rights reserved.
收录类别:CPCI-SSH;SCOPUS;SSCI
WOS核心被引频次:80
Scopus被引频次:91
资源类型:会议论文;期刊论文
原文链接:https://www.scopus.com/inward/record.uri?eid=2-s2.0-34250164630&doi=10.1016%2fj.jimonfin.2007.04.005&partnerID=40&md5=f2fd489e26c43823cfc593b6f33be09c
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