How robust are estimates of equilibrium real exchange rates
the case of China
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Author
Contributions
- Leigh, Lamin - Contributor
- Li, Xiangming. - Contributor
- International Monetary Fund. Asia and Pacific Dept. - Contributor
Publication
2006 - International Monetary Fund, Asia and Pacific Dept., Washington, D.C., District of Columbia
Language
English
Word Count
3,250 words, Guess
Page Count
13 pages
Identifiers
- Better World Books9781451864809
- Better World Books9781452765273
- Better World Books9781451909333
- Open LibraryOL19374349M
Classifications
- LCCHG3851
Description
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.
Subjects
Topics
Places
Series Statement
- IMF working paper -- WP/06/220
Links
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