Estimating Equilibrium Real Ezchange Rate and Real Ezchange Rate Misalignment of Chinese Yuan: 1980-2007

摘要：

Based on the equilibrium real exchange rate (ERER) put forward by Edwards (1989) and Johansen cointegration estimation methodology, this paper estimates the equilibrium real exchange rate of Chinese Yuan from 1980 to 2007 and calculates the real exchange rate misalignment. The result shows that the real exchange rate of Chinese Yuan was deviated from the equilibrium substantially most of the time, especially when China adopted the de facto pegged exchange rate regime during 1995-2004. In order to correct the misalignment and avoid currency crisis risk, this paper suggests that China should adopt more flexible exchange rate regime.

关键词： equilibrium real ezchange rate real ezchange rate misalignment Chinese Yuan

作者: Yanli Li

作者单位: Economics and Management School Wuhan University Wuhan, the Peoples Republic of China

会议类型: 国际会议

会议名称: The Second International Conference on Business Intelligence and Financial Engineering(BIFE 2009)(第二届商务智能与金融工程国际会议)

会议地点: 北京

会议语种:英文

页码: 773-776

在线出版日期: 2009-07-24（万方平台首次上网日期，不代表论文的发表时间）