The Overvaluation of Renminbi Undervaluation

摘要：

We evaluate whether the Renminbi(RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables.

关键词： overvaluation Renminbi undervaluation

作者: Yin-Wong Cheung Menzie D.Chinn Eiji Fujii

作者单位: University of California, Santa Cruz and University of Hong Kong University of Wisconsin, Madison and NBER University of Tsukuba

会议类型: 国际会议

会议名称: 第六届管理学国际会议(Proceedings of ICM2007 the 6th International on Management)

会议地点: 武汉

会议语种:英文

页码: 754-758

在线出版日期: 2007-08-03（万方平台首次上网日期，不代表论文的发表时间）