An Empirical Analysis of China's Equilibrium Exchange Rate and Misalignment of the RMB
Zhu, Lin (2012) An Empirical Analysis of China's Equilibrium Exchange Rate and Misalignment of the RMB. [Dissertation (University of Nottingham only)] (Unpublished)
As economic globalization develops in depth, the exchange rate as an important means of macroeconomic control and economic leverage has played a critical role in the economic development in China. Moreover, the real exchange rate can affect the competitiveness of a country’s economy. In fact, a large number of scholars claim that a country should maintain the real exchange rate at its “equilibrium level” in order to keep a steady growth of the economy. Thus, many studies have emphasized on estimating the “equilibrium” real exchange rate of the RMB. And then, people can use the equilibrium real exchange rate to calculate the misalignment of the RMB real effective exchange rate.
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