Earticle

초록

영어

Exchange rate misalignment tends to disrupt the economic growth of developing countries, and persistent overvaluation may even lead to currency crises. Since the Asian financial crises in 1998, economists and policy makers have been concerned with whether or not the China currency, renminbi yuan (RMB) is undervalued. The supposed undervaluation of the RMB has been the subject of intensive academic research over the past few years. Based on the development in the equilibrium exchange rate theory this study develops real equilibrium exchange rates and behavioral equilibrium exchange rate (BEER) models for RMB by using cointegration analysis. The empirical results show that the RMB real exchange rate has been under-valued during the most part the sample period, but the misalignment has a trend to become small, and during the after reform period from 2005q3 to 2006q4, a small degree of over-valuation replaced undervaluation. But this trend stopped in 2007, from the end of 2006, the RMB exchange rate began to under-valued again, moreover, in the current financial crisis period, the undervalued misalignment seems to become bigger.

목차

Abstract
 Ⅰ. Introduction
 Ⅱ. Literature review
 Ⅲ. BEER Model and Data Sources
  3.1 Economic model
  3.2 The data source and definitions
 Ⅳ. Empirical Analysis
  4.1 Stationary analysis
  4.2 Johansen cointegration analysis
  4.3 Analysis of the estimation results
 Ⅴ. Conclusion
 Reference

키워드

저자

• Sang Kuck Chung [ 정상국 | Department of International Economics INJE University. ]
• Hou Ranfei [ Department of International Economics INJE University. ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  무역통상학회지 [Journal of Korea Research Association of International Commerce]

• 간기

  격월간

• pISSN

  1738-4354

• 수록기간

  2001~2025

• 등재여부

  KCI 등재

• 십진분류

  KDC 326 DDC 380