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The Overvaluation of Renminbi Undervaluation

Research, Hong Kong Institute for Monetary and Financial - 2022

This working paper was written by Yin-wong Cheung (University of California, Santa Cruz), Menzie D. Chinn (University of Wisconsin, Madison and NBER) and Eiji Fujii (University of Tsukuba).We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of...

Persistent link: https://www.econbiz.de/10014048647

Vehicle Currency Pricing and Exchange Rate Pass-Through

Chen, Natalie - 2019

Using detailed firm-level transactions data for UK imports, we find that invoicing in a vehicle currency is pervasive, with more than half of transactions in our sample invoiced in neither sterling nor the exporterâ€™s currency. We then study the relationship between invoicing currency...

Persistent link: https://www.econbiz.de/10012867016

Mauritius : A Competitiveness Assessment

Imam, Patrick - 2016

We assess the competitiveness of Mauritius in recent years using two approaches. First, we estimate the difference between the equilibrium and the actual real exchange rate using four methods: the macroeconomic balance approach, the single-equation fundamentals approach, the capital-enhanced...

Persistent link: https://www.econbiz.de/10012707008

Competitiveness in Bulgaria : An Assessment of the Real Effective Exchange Rate

Chobanov, Dimitar - 2007

This paper presents an empirical analysis of the medium and long-term determinants of the real (effective) exchange rate (RER) of the Bulgarian lev using elements from the natural real exchange rate (NATREX) and the behavioral equilibrium exchange rate (BEER) approaches. The results indicate...

Persistent link: https://www.econbiz.de/10012778609

On the Distributional Effects of Exchange Rate Fluctuations

Tille, Cédric - 2006

The paper studies the differential impact of exchange rate fluctuations on households in a country. I extend earlier research by relaxing the assumption of complete international sectoral specialization. My setup allows for the presence of several different sectors in a given country, each...

Persistent link: https://www.econbiz.de/10014056746

China, Hong Kong, and Taiwan : a quantitative assessment of real and financial integration

Cheung, Yin-Wong; Chinn, Menzie David; Fujii, Eiji - 2003

The status of real and financial integration of China, Hong Kong, and Taiwan is investigated using monthly data on one … the parity conditions is shrinking over time. In particular, China and Hong Kong appear to have experienced significant …

Persistent link: https://www.econbiz.de/10001734529

Is the Chinese Currency Substantially Misaligned to Warrant Further Appreciation?

Qin, Duo; He, Xinhua - 2011

This study provides quarterly time-series estimates of the misalignment in the REER of the Renminbi (RMB). The estimation is based on a commonly used economic approach, but with a wider and more up-to-date coverage of data and a more extensive use of econometric modelling techniques. Our...

Persistent link: https://www.econbiz.de/10014048983

The Implications of Liquidity Expansion in China for the Us Dollar

Kang, Wensheng - 2017

years with growing importance of China's money supply to global liquidity. We develop out-of-sample forecasts of the US …, China and non-US/non-China liquidity. Monetary model forecasts significantly outperform a random walk forecast in terms of … indicates changes over time in the influence of variables in forecasting the US dollar. China's liquidity has a distinct …

Persistent link: https://www.econbiz.de/10012970151

Vertical Product Differentiation and Exchange Rate Pass-Through : Evidence from Trade between China and Japan

Hu, Dongmei - 2015

dataset that includes highly disaggregated products traded between China and Japan from Jan 2000 to Dec 2008, we proxy product … vertical differentiation with unit values of imports and exports and find that Japanese exports to China are more toward the … China local-made, which suggests higher end Japan exporters are able to keep their Japanese Yen markup more stable …

Persistent link: https://www.econbiz.de/10013022085

Truths and Myths About RMB Misalignment : A Meta-Analysis

Cheung, Yin-Wong - 2019

We conduct a meta-regression analysis of 69 studies that generated 937 renminbi (RMB) misalignment estimates. The Bayesian Model Averaging (BMA) approach is adopted to allow for model selection and sampling uncertainties in assessing effects of study characteristics on these RMB misalignment...

Persistent link: https://www.econbiz.de/10012891475