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China’s Equilibrium Real Exchange Rate: A Counterfactual Analysis

Bu, Yongxiang; Tyers, Rod


China’s maintenance of a de facto peg against the US dollar during the Asian crisis caused a realignment of exchange rates in the Asian region. This paper explores the “equilibrium” level of China’s real effective rate in the lead-up and during that crisis. A derivative of the Devarajan-Lewis-Robinson three-good general equilibrium model is employed to estimate time paths of the equilibrium real effective exchange rate under a variety of assumptions about the balance of trade. Key requirements...[Show more]

CollectionsANU Research Publications
Date published: 2001
Type: Working/Technical Paper


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