Measuring RMB Equilibrium Ezchange Rate Based on Economic Structural Breaking-Point
With Chinas ever increasing economy and constantly strengthening international status, the researches on the equilibrium exchange rate of RMB have been the focus. This study sets up a group of variables combining with the actual condition of China and constructs the econometric model of Behavior Equilibrium Exchange Rate to estimate the long-term RMB equilibrium exchange rate. Considering economic structural changes of Chinas economy in the long run, this paper emphasizes ADF test and co-integration test with structural breaking-point approach for the established model, The result shows that in the sample period, the undervaluation of RMB exchange rate exists, but the scope is small, and the main motivation of RMB appreciation is the unceasing improvement of the labor productivity., also the transition of policy and economic system of China.
Equilibrium ezchange rate RMB Co-integration Structural breaking point
Yqjie Wang Zhonghua Gao Depeng Shun
School of Management, Harbin Institute of Technology, Harbin, 150001, China
国际会议
第八届武汉电子商务国际会议(The Eighth Wuhan International Conference on E-Business)
武汉
英文
1543-1550
2009-05-30（万方平台首次上网日期，不代表论文的发表时间）