The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China PDF Download
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Author: Mr.Zhongxia Jin
Publisher: International Monetary Fund
ISBN: 1451848927
Category : Business & Economics
Languages : en
Pages : 29
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Book Description
Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in China. Taking into account institutional changes, the empirical study shows that significant and usually non-monotonic interactions exist between these three variables. The paper discusses theoretical and policy implications of the empirical result.
Author: Mr.Zhongxia Jin
Publisher: International Monetary Fund
ISBN: 1451848927
Category : Business & Economics
Languages : en
Pages : 29
Get Book Here
Book Description
Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in China. Taking into account institutional changes, the empirical study shows that significant and usually non-monotonic interactions exist between these three variables. The paper discusses theoretical and policy implications of the empirical result.
Author: Zhognxia Jin
Publisher:
ISBN:
Category :
Languages : en
Pages : 27
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Book Description
Author: Ms.Ruo Chen
Publisher: International Monetary Fund
ISBN: 1455269468
Category : Business & Economics
Languages : en
Pages : 51
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Book Description
We examine the impact of real exchange rate fluctuations on sectoral and regional employment in China from 1980 to 2008. In contrast to theoretical predictions, employment in both the tradable and non-tradable sectors contracts following a real appreciation. Our results are robust across different sub-samples, levels of sectoral disaggregation, and are more pronounced for regions with higher export exposure. We attribute our findings to the importance of services as intermediate input in exportable production. We test this channel of exchange rate transmission using regional input-output tables linked with employment data at the region-sector level. The results of this paper have important implications for China's labor market adjustment should the Chinese RMB strengthen in the future. To mitigate the costs of short-run labor market adjustment, appropriate demand management and structural reforms in the non-traded sectors should play an important role.
Author: Zhongxia Jin
Publisher:
ISBN:
Category : Balance of payments
Languages : en
Pages : 34
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Book Description
Author: Li Li Jiang
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Morris Goldstein
Publisher: Peterson Institute
ISBN: 0881325392
Category : Currency question
Languages : en
Pages : 401
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Book Description
Author: Mr.Thomas Helbling
Publisher: International Monetary Fund
ISBN: 1451934734
Category : Business & Economics
Languages : en
Pages : 38
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Book Description
This paper analyzes the recent behavior of real exchange rates, the trade balance and the net foreign asset position of the United States in an intertemporal optimizing model of the world economy that incorporates heterogeneity across countries and imperfect international capital and good markets. While the model successfully tracks the dynamics of trade balances and net foreign assets it generates too much consumption smoothing and excessively volatile relative prices. Resolving these inadequacies simultaneously is difficult as the elasticity of substitution between tradables and nontradables affects in opposite ways the degree of consumption smoothing and the volatility of relative prices.
Author: Morris Goldstein
Publisher: Peterson Institute
ISBN: 0881325406
Category : China
Languages : en
Pages : 125
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Book Description
Author: Tao Wang
Publisher: INTERNATIONAL MONETARY FUND
ISBN: 9781451843675
Category : China
Languages : en
Pages : 22
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Book Description
This paper reviews the evolution of China's real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition shows that relative real demand and supply shocks account for most of the variations in real exchange rate changes during the estimation period. The paper also finds that supply shocks are as important as nominal shocks in accounting for real exchange rate fluctuations, in contrast with other studies that show that, in industrial countries, nominal shocks are more important in explaining real exchange rate fluctuations.
Author: Steven Vincent Dunaway
Publisher:
ISBN:
Category : Equilibrium (Economics)
Languages : en
Pages : 20
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Book Description
Increased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their "equilibrium" values as suggested by "fundamental" determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive equilibrium real exchange rate estimates. Using China's currency to illustrate this analysis, the variance in estimates raises serious questions regarding how robust the results are. The basic conclusion from the tests used here is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Thus, such estimates should be treated with great caution.
