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China's Equilibrium Real Exchange Rate: A Counterfactual Analysis

Tyers, Rod; Bain, Iain; Bu, Yongxiang


China's 'equilibrium' real effective exchange rate is explored using an adaptation of the Devarajan-Lewis-Robinson three-good general equilibrium model under a variety of assumptions about the balance of trade. The absence of secondary indices of import and export prices necessitates their construction from trade data. Some undervaluation is suggested in the lead-up to and during the financial crisis, due in part to an extraordinary accumulation of foreign reserves following exchange rate...[Show more]

CollectionsANU Research Publications
Date published: 2008
Type: Journal article
Source: Pacific Economic Review
DOI: 10.1111/j.1468-0106.2007.00387.x


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