Is the Chinese Currency Undervalued? Empirical Evidence and Policy Implications

doi:10.1080/01900690601112961

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	Is the Chinese Currency Undervalued? Empirical Evidence and Policy Implications
	Chang, Gene Hsin 1,2
刊名	INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION
	2007
卷号	30 期号:2 页码:137-148
关键词	China currency valuation undervalued
ISSN号	0190-0692
DOI	10.1080/01900690601112961
英文摘要	This article estimates the equilibrium value of the Chinese currency Renminbi (RMB) by controlling for the per capita income level and structural changes in the 1980s and 1990s. It finds that the Chinese currency is moderately undervalued by 22%. Revaluation to the equilibrium level can lead to a net efficiency gain for both China and the rest of the world, although the adjustment should be carefully designed and implemented. I suggest that the revaluation be a one-time adjustment combined with a control on the capital account, to minimize damages from speculations in the foreign exchange market.
WOS研究方向	Public Administration
语种	英语
出版者	ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD
WOS记录号	WOS:000415489600004
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/2631]
专题	上海财经大学
通讯作者	Chang, Gene Hsin
作者单位	1.Univ Toledo, Dept Econ, Toledo, OH 43606 USA 2.Shanghai Univ Finance & Econ, Shanghai, Peoples R China;
推荐引用方式 GB/T 7714	Chang, Gene Hsin. Is the Chinese Currency Undervalued? Empirical Evidence and Policy Implications[J]. INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION,2007,30(2):137-148.
APA	Chang, Gene Hsin.(2007).Is the Chinese Currency Undervalued? Empirical Evidence and Policy Implications.INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION,30(2),137-148.
MLA	Chang, Gene Hsin."Is the Chinese Currency Undervalued? Empirical Evidence and Policy Implications".INTERNATIONAL JOURNAL OF PUBLIC ADMINISTRATION 30.2(2007):137-148.