Misalignment of Renminbi Exchange Rate Revaluation: Estimation and Implications
Zhao, Zhijun; Kanamori, Toshiki | December 2005
Abstract
For the past several years, the revaluation of the renminbi has been a hot topic among policy makers and economists as well as market participants inside and outside the PRC against the background of internal and external disequilibrium of the PRC economy. Based upon the history of the exchange rate system, current arguments made by various stakeholders, and surveys of different theoretical approaches, the authors develop a two-country general equilibrium model to determine the exchange rate, taking particular account of the implications of price rigidity for the policy independence of each country. An empirical test is also introduced to identify the current degree of misalignment of the renminbi compared to its estimated equilibrium rate.
Citation
Zhao, Zhijun; Kanamori, Toshiki. 2005. Misalignment of Renminbi Exchange Rate Revaluation: Estimation and Implications. © Asian Development Bank Institute. http://hdl.handle.net/11540/4171. License: CC BY 3.0 IGO.Keywords
Development
Finance
Development Challenges
Development Issues
Development Problems
Microenterprises Finance
Commercial Finance Companies
Enterprise Financing
Financial Analysis
Banking Finance And Investment
ADB
Project finance
Development plans
Strategic planning
Business Financing
Investment Requirements
Insurance Companies
International Monetary Relations
International Financial Market
Exchange Rate
Insurers
Insurance stocks
Insurance holding companies
Insurance carriers
Insurance agencies
Business subsidies
Investment companies
International banks and banking
Stock exchanges
Grants
Loans
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