IS THE CHINESE RENMINBI UNDERVALUED?

Contemporary Economic Policy - Tập 24 Số 1 - Trang 116-126 - 2006
Ming He Goh1, Yoonbai Kim2
1Goh: Associate, Monetary Authority of Singapore, 10 Shenton Way, MAS building, Singapore 079117. Phone 65‐6229‐9939, Fax 65‐6225‐1350, E‐mail [email protected]
2Kim: Associate Professor, Department of Economics, University of Kentucky, Lexington, KY 40506. Phone 1‐859‐257‐2838, Fax 1‐859‐323‐1920, E‐mail [email protected]

Tóm tắt

This article seeks to investigate whether the renminbi (RMB) has become grossly undervalued by empirically estimating China's equilibrium real exchange rate for the period 1978–2002. A reduced form based on Edwards's (1989, 1994) developing‐country model is estimated using the Engle‐Granger two‐step method. The results reveal that government expenditure, productivity, and the degree of trade restrictions in the economy affect the RMB. From these variables, the authors then derive the equilibrium rate and the degree of misalignments from it. The investigation shows that there is no evidence that the RMB is significantly undervalued in the last few years of the sample period. (JEL F31, F33, F42)

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Contemporary Economic Policy

Tập 24 Số 1

116-126

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