An Empirical analysis on RMB Equilibrium Exchange Rate and Industrial Structure
In recent years, exchange rate which is as the main macroeconomic control measure and economic leverage tool plays an increasingly important role in the development of the domestic economy. The increase of exports, together with the reshuffling of export-oriented enterprises, makes RMB exchange rate the focus of attention in all academic and practical field. The paper made an empirical analysis on the RMB Equilibrium Exchange Rate and Industrial Structure by collecting data from 1981 to 2007, adjusting the model with specific condition, and choosing major fundamental indices that may be related to equilibrium exchange rate of RMB. The paper draws the conclusion that trade and government expenditure are the main factors of REER; the real effective exchange rate of RMB has always fluctuated around equilibrium exchange rate, experiencing overvaluation and undervaluation; the ability of RMB exchange rate revised itself is rather poor. The imperative adjustment of domestic industrial structure is necessary.
Li Shen Liping Xu
Department of Finance,Zhejiang University of Finance & Economics Department of Finance, Zhejiang University of Finance & Economics
国际会议
International Conference on Management and Service Science(2011年第五届管理与服务科学国际会议 MASS 2011)
武汉
英文
1-5
2011-08-12（万方平台首次上网日期，不代表论文的发表时间）