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The renminbi equilibrium exchange rate : an agnostic view

dc.contributor.authorBouveret, Antoine
dc.contributor.authorSterdyniak, Henri
dc.contributor.authorMestiri, Sana
dc.date.accessioned2011-01-17T14:42:12Z
dc.date.available2011-01-17T14:42:12Z
dc.date.issued2007-07
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/5487
dc.language.isoenen
dc.subjectChina economic strategyen
dc.subjectexchange rate managementen
dc.subjectequilibrium exchange rateen
dc.subject.ddc337en
dc.subject.classificationjelF31en
dc.subject.classificationjelF42en
dc.subject.classificationjelO24en
dc.titleThe renminbi equilibrium exchange rate : an agnostic viewen
dc.title.alternativeKurs równowagi dla waluty chinskiej : zdanie odrebneen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThe alleged undervaluation of the renminbi has been the subject of intensive academic research over the past few years. Using equilibrium exchange rate models many authors have concluded that the renminbi is undervalued by 15 to 30% against the US dollar. Yet China has been experiencing strong economic growth for a decade and does not seem to suffer from the supposed misalignment of its exchange rate, with low inflation rate and current account surpluses. The estimations assume that the economy is at full-employment, a strong hypothesis for China, where unemployment amounts to 150 million people. This article claims that a low exchange rate is suited for the objectives of Chinese economic policy. The exchange rate can be undervalued according to traditional models and in equilibrium compared to the government’s policy objectives as shown by a theoretical model.en
dc.relation.isversionofjnlnameBank i Kredyt
dc.relation.isversionofjnlvol38
dc.relation.isversionofjnlissue8-9en
dc.relation.isversionofjnldate2007-07
dc.relation.isversionofjnlpages25-41en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherNarodowy Bank Polskien
dc.subject.ddclabelEconomie internationaleen


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