LEADER 04063oam 22009134 450 001 9910825683303321 005 20240410162953.0 010 $a1-4623-4576-X 010 $a1-4527-6527-8 010 $a1-283-51355-2 010 $a9786613826008 010 $a1-4519-0933-0 035 $a(CKB)3360000000443592 035 $a(EBL)3014560 035 $a(SSID)ssj0001477317 035 $a(PQKBManifestationID)11832937 035 $a(PQKBTitleCode)TC0001477317 035 $a(PQKBWorkID)11452438 035 $a(PQKB)10866632 035 $a(OCoLC)694141276 035 $a(MiAaPQ)EBC3014560 035 $a(IMF)WPIEE2006220 035 $a(EXLCZ)993360000000443592 100 $a20020129d2006 uf 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt 182 $cc 183 $acr 200 10$aHow Robust are Estimates of Equilibrium Real Exchange Rates : $eThe Case of China /$fLamin Leigh, Steven Dunaway, Xiangming Li 205 $a1st ed. 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (15 p.) 225 1 $aIMF Working Papers 300 $a"October 2006." 311 $a1-4518-6480-9 320 $aIncludes bibliographical references. 327 $a""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"" 330 3 $aIncreased attention is being paid to assessments of the actual values of countries' real exchange rates relative to their "equilibrium" values as suggested by "fundamental" determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive equilibrium real exchange rate estimates. Using China's currency to illustrate this analysis, the variance in estimates raises serious questions regarding how robust the results are. The basic conclusion from the tests used here is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Thus, such estimates should be treated with great caution. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/220 606 $aForeign exchange rates$zChina$xMathematical models 606 $aForeign exchange$zChina 606 $aExports and Imports$2imf 606 $aForeign Exchange$2imf 606 $aCurrent Account Adjustment$2imf 606 $aShort-term Capital Movements$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aInternational economics$2imf 606 $aReal exchange rates$2imf 606 $aReal effective exchange rates$2imf 606 $aCurrent account balance$2imf 606 $aPurchasing power parity$2imf 606 $aExchange rates$2imf 606 $aBalance of payments$2imf 607 $aChina, People's Republic of$2imf 615 0$aForeign exchange rates$xMathematical models. 615 0$aForeign exchange 615 7$aExports and Imports 615 7$aForeign Exchange 615 7$aCurrent Account Adjustment 615 7$aShort-term Capital Movements 615 7$aCurrency 615 7$aForeign exchange 615 7$aInternational economics 615 7$aReal exchange rates 615 7$aReal effective exchange rates 615 7$aCurrent account balance 615 7$aPurchasing power parity 615 7$aExchange rates 615 7$aBalance of payments 700 $aLeigh$b Lamin$01603514 701 $aDunaway$b Steven$01685883 701 $aLi$b Xiangming$01685884 801 0$bDcWaIMF 906 $aBOOK 912 $a9910825683303321 996 $aHow Robust are Estimates of Equilibrium Real Exchange Rates$94058371 997 $aUNINA