Reestimation of The Renminbi

• 영문명: Reestimation of The Renminbi
• 발행기관: 한국무역연구원
• 저자명: Guang-Dong Yu Seung-Hun Yu
• 간행물 정보: 『무역연구』제10권 제3호, 69~86쪽, 전체 17쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2014.06.30

영문 초록

In this paper, we analyze mainly the well-known relationship between deviation from absolute purchasing power parity and real per capita income by using panel regression models, and verify Balassa-Samuelson effects. We determine how much of the degree of misalignment of the renminbi (RMB) stands relative to the equilibrium real exchange rate using these methods. Although undervaluation or overvaluation of the RMB exists, most of the misalignments from the equilibrium exchange rate keep within two standard error bands. The Balassa-Samuelson effects are at work. Even considering the serial correlation and control variables (demographic variables, current account, M2/GDP, capital openness, corruption index, an interaction term), similar results can be obtained.

목차

Abstract

Ⅰ. Introduction

Ⅱ. Literature Review

Ⅲ. The Real Exchange Rate and Income Relationship: Balassa-Samuelson Model

Ⅳ. The Basic Bivariate Results

Ⅴ. Analysis of subsample

Ⅵ. Beyond the Bivariate Framework

Ⅶ. Conclusion

Reference

키워드

Balassa-Samuelson Effects Equilibrium Real Exchange Rate Panel Regressions