04262oam 22009974 450 991096874850332120250426110109.097866138260089781462345762146234576X978145276527314527652789781283513555128351355297814519093331451909330(CKB)3360000000443592(EBL)3014560(SSID)ssj0001477317(PQKBManifestationID)11832937(PQKBTitleCode)TC0001477317(PQKBWorkID)11452438(PQKB)10866632(OCoLC)694141276(IMF)WPIEE2006220(MiAaPQ)EBC3014560(IMF)WPIEA2006220WPIEA2006220(EXLCZ)99336000000044359220020129d2006 uf 0engur|n|---|||||txtccrHow Robust are Estimates of Equilibrium Real Exchange Rates : The Case of China /Lamin Leigh, Steven Dunaway, Xiangming Li1st ed.Washington, D.C. :International Monetary Fund,2006.1 online resource (15 p.)IMF Working Papers"October 2006."9781451864809 1451864809 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 exchangeChinaBalance of paymentsimfCurrencyimfCurrent Account AdjustmentimfCurrent account balanceimfExchange ratesimfExports and ImportsimfForeign ExchangeimfForeign exchangeimfInternational economicsimfPurchasing power parityimfReal effective exchange ratesimfReal exchange ratesimfShort-term Capital MovementsimfChina, People's Republic ofimfForeign exchange ratesMathematical models.Foreign exchangeBalance of paymentsCurrencyCurrent Account AdjustmentCurrent account balanceExchange ratesExports and ImportsForeign ExchangeForeign exchangeInternational economicsPurchasing power parityReal effective exchange ratesReal exchange ratesShort-term Capital MovementsLeigh Lamin1815908Dunaway Steven1815635Li Xiangming1816246DcWaIMFBOOK9910968748503321How Robust are Estimates of Equilibrium Real Exchange Rates4372061UNINA