04043oam 22009014 450 991078841160332120230828232650.01-4623-4576-X1-4527-6527-81-283-51355-297866138260081-4519-0933-0(CKB)3360000000443592(EBL)3014560(SSID)ssj0001477317(PQKBManifestationID)11832937(PQKBTitleCode)TC0001477317(PQKBWorkID)11452438(PQKB)10866632(OCoLC)694141276(MiAaPQ)EBC3014560(IMF)WPIEE2006220(EXLCZ)99336000000044359220020129d2006 uf 0engur|n|---|||||txtccrHow Robust are Estimates of Equilibrium Real Exchange Rates : The Case of China /Lamin Leigh, Steven Dunaway, Xiangming LiWashington, D.C. :International Monetary Fund,2006.1 online resource (15 p.)IMF Working Papers"October 2006."1-4518-6480-9 Includes bibliographical references.""Contents""; ""I. INTRODUCTION""; ""II. THE MACROECONOMIC BALANCE APPROACH""; ""III. THE EXTENDED PPP APPROACH: SINGLE-COUNTRY ESTIMATES""; ""IV. THE EXTENDED PPP APPROACH: PANEL DATA ESTIMATES""; ""V. CONCLUDING REMARKS""; ""APPENDIX. METHODOLOGICAL DIFFICULTIES OF DEALING WITH SLOPE HETEROGENEITY IN DYNAMIC PANEL DATA MODELS""; ""References""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.IMF Working Papers; Working Paper ;No. 2006/220Foreign exchange ratesChinaMathematical modelsForeign exchangeChinaExports and ImportsimfForeign ExchangeimfCurrent Account AdjustmentimfShort-term Capital MovementsimfCurrencyimfForeign exchangeimfInternational economicsimfReal exchange ratesimfReal effective exchange ratesimfCurrent account balanceimfPurchasing power parityimfExchange ratesimfBalance of paymentsimfChina, People's Republic ofimfForeign exchange ratesMathematical models.Foreign exchangeExports and ImportsForeign ExchangeCurrent Account AdjustmentShort-term Capital MovementsCurrencyForeign exchangeInternational economicsReal exchange ratesReal effective exchange ratesCurrent account balancePurchasing power parityExchange ratesBalance of paymentsLeigh Lamin1462083Dunaway Steven1546556Li Xiangming1546557DcWaIMFBOOK9910788411603321How Robust are Estimates of Equilibrium Real Exchange Rates3802252UNINA