| Description |
1 online resource (13 pages) |
| Series |
IMF working paper ; WP/06/220 |
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IMF working paper ; WP/06/220.
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| Contents |
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 |
| Summary |
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 |
| Bibliography |
Includes bibliographical references |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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English |
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Print version record |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
| Subject |
Foreign exchange rates -- China -- Mathematical models
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Foreign exchange -- China
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Equilibrium (Economics) -- Econometric models
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Equilibrium (Economics) -- Econometric models
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Foreign exchange
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Foreign exchange rates -- Mathematical models
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China
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| Form |
Electronic book
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| Author |
Leigh, Lamin, author
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Li, Xianming, author
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| ISBN |
1283513552 |
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9781283513555 |
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9781451909333 |
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1451909330 |
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146234576X |
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9781462345762 |
|
1452765278 |
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9781452765273 |
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9786613826008 |
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6613826006 |
|
