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How Robust are Estimates of Equilibrium Real Exchange Rates : : The Case of China / / Lamin Leigh, Steven Dunaway, Xiangming Li



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Autore: Leigh Lamin Visualizza persona
Titolo: How Robust are Estimates of Equilibrium Real Exchange Rates : : The Case of China / / Lamin Leigh, Steven Dunaway, Xiangming Li Visualizza cluster
Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
Descrizione fisica: 1 online resource (15 p.)
Soggetto topico: Foreign exchange rates - China - Mathematical models
Foreign exchange - China
Exports and Imports
Foreign Exchange
Current Account Adjustment
Short-term Capital Movements
Currency
Foreign exchange
International economics
Real exchange rates
Real effective exchange rates
Current account balance
Purchasing power parity
Exchange rates
Balance of payments
Soggetto geografico: China, People's Republic of
Altri autori: DunawaySteven  
LiXiangming  
Note generali: "October 2006."
Nota di bibliografia: Includes bibliographical references.
Nota di contenuto: ""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""
Sommario/riassunto: 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.
Titolo autorizzato: How Robust are Estimates of Equilibrium Real Exchange Rates  Visualizza cluster
ISBN: 1-4623-4576-X
1-4527-6527-8
1-283-51355-2
9786613826008
1-4519-0933-0
Formato: Materiale a stampa
Livello bibliografico Monografia
Lingua di pubblicazione: Inglese
Record Nr.: 9910788411603321
Lo trovi qui: Univ. Federico II
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Serie: IMF Working Papers; Working Paper ; ; No. 2006/220