The illusion of precision and the role of the renminbi in regional integration

Towards Monetary and Financial Integration in East Asia

Volumn , Issue , 2009, Pages 325-356

  Cheung, Yin Wong ^a   Chinn, Menzie D ^b   Fujii, Eiji ^c  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b UNIVERSITY OF WISCONSIN MADISON   (United States)

^c UNIVERSITY OF TSUKUBA   (Japan)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 84881870630     PISSN: None     EISSN: None     Source Type: Book    
DOI: None     Document Type: Chapter

References (52)

1. Arndt, Sven (1997). "Globalization and the Open Economy." North American Journal of Economics and Finance 8: 71-9.
2. Balassa, Bela (1964). "The Purchasing Power Parity Doctrine: A Reappraisal." Journal of Political Economy 72: 584-96.
3. Beck, Thorsten, Asli Demirgüc-Kunt, and Ross Levine (2000). "A New Database on Financial Development and Structure." Policy Research Paper no. 2147, World Bank, Washington, DC.
4. Bosworth, Barry (2004). "Valuing the Renminbi." Paper presented at the Tokyo Club Research Meeting, February 9-10.
5. Brandt, Loren, Changtai Hsieh, and Xiaodong Zhu (2005). "Growth and StructuralTransformation in China." In Loren Brandt, Gang Lin, and Thomas G. Rawski (eds), China's Economy: Retrospect and Prospect. Asia Program Special Report no. 129. Washington, DC: Woodrow Wilson International Center for Scholars.
6. Cairns, John (2005a). "China: How Undervalued is the CNY?" IDEAglobal Economic Research, June 27.
7. Cairns, John (2005b). "Fair Value on Global Currencies: An Assessment of Valuation based on GDP and Absolute Price Levels." IDEAglobal Economic Research, May 10.
8. Calvo, Guillermo, and Carmen Reinhart (2000). "Fear of Floating." NBER Working Paper no. 7993, National Bureau of Economic Research, Cambridge, MA.
9. Canzoneri, Matthew, Robert Cumby, and Behzad Diba (1996). "Relative Labor Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries." Journal of International Economics 47: 245-66.
10. Ceglowski, Janet, and Stephen Golub (2005). "Just How Low Are China's Labor Costs?" Manuscript, Bryn Mawr College and Swarthmore College.
11. Cheung, Yin-Wong, Menzie Chinn, and Eiji Fujii (2005a). "Why the Renminbi Might be Overvalued (But Probably Isn't)." Working paper, UCSC, Santa Cruz.
12. Cheung, Yin-Wong, Menzie Chinn, and Eiji Fujii (2005b). "Perspectives on Financial Integration in the Chinese Economies." International Journal of Finance and Economics 10: 117-32.
13. Cheung, Yin-Wong, Menzie Chinn, and Antonio Garcia Pascual (2005c). "Empirical Exchange Rate Models of the Nineties: Are Any Fit to Survive?" Journal of International Money and Finance 24: 1150-75.
14. Cheung, Yin-Wong, Menzie Chinn, and Antonio Garcia Pascual (2005d). "What Do We Know About Recent Exchange Rate Models? In-Sample Fit and Out-of-Sample Performance Evaluated." In Paul De Grauwe (ed.), Exchange Rate Economics: Where Do We Stand? Cambridge, MA: MIT Press, pp. 239-76.
15. Cheung, Yin-Wong, and Kon. S. Lai (1993a). "Long-run Purchasing Power Parity during the Recent Float." Journal of International Economics 34: 181-92.
16. Cheung, Yin-Wong, and Kon. S. Lai (1993b). "Finite-sample Sizes of Johansen's Likelihood Ratio Tests for Cointegration." Oxford Bulletin of Economics and Statistics 55: 313-28.
17. Chinn, Menzie (2000a). "Before the Fall: Were East Asian Currencies Overvalued?" Emerging Markets Review 1: 101-26.
18. Chinn, Menzie (2000b). "The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates." Review of International Economics 8: 20-43.
19. Chinn, Menzie, and Hiro Ito (2006). "What Matters for Financial Development? Capital Controls, Institutions and Interactions." Journal of Development Economics 81: 163-92. (Abbreviated version of NBER Working Paper no. 11370, National Bureau of Economic Research, Cambridge, MA.)
20. Chinn, Menzie, and Eswar Prasad (2003). "Medium-term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration." Journal of International Economics 59: 47-76.
21. Choudhri, Ehsan, and Mohsin Khan (2004). "Real Exchange Rates In Developing Countries: Are Balassa-Samuelson Eff ects Present?" IMF Working Paper no. 04/188, International Monetary Fund, Washington, DC.
22. Coudert, Virginie, and Cécile Couharde (2005). "Real Equilibrium Exchange Rate in China." CEPII Working Paper no. 2005-01, Centre D'Etudes Prospectives et D'Informations Internationales, Paris.
23. Dooley, Michael, David Folkerts-Landau, and Peter Garber (2003). "An Essay on the Revived Bretton Woods System." NBER Working Paper no. 9971, National Bureau of Economic Research, Cambridge, MA.
24. Eichengreen, Barry (2005). "Is a Change in the Renminbi Exchange Rate in China's Interest?." Asian Economic Papers 4: 40-75.
25. Ernst & Young (2006). Global Nonperforming Loan Report 2006. London: EYGM Limited.
26. Fernald, John, Hali Edison, and Prakash Loungani (1999). "Was China the First Domino? Assessing Links between China and Other Asian Economies." Journal of International Money and Finance 18: 515-35.
27. Frankel, Jeff rey (2005). "On the Renminbi: The Choice between Adjustment under a Fixed Exchange Rate and Adjustment under a Flexible Rate." NBER Working Paper no. 11274, National Bureau of Economic Research, Cambridge, MA.
28. Funke, Michael, and Jörg Rahn (2005). "Just How Undervalued is the Chinese Renminbi?" World Economy 28: 465-89.
29. Goldstein, Morris (2004). "China and the Renminbi Exchange Rate." In C. Fred Bergsten and John Williamson (eds), Dollar Adjustment: How Far? Against What? Special Report no. 17. Washington, DC: Institute for International Economics.
30. Government Accountability Office (2005). "International Trade: Treasury Assessments Have Not Found Currency Manipulation, but Concerns about Exchange Rates Continue." Report to Congressional Committees GAO-05-351, Government Accountability Office, Washington, DC.
31. Hinkle, Lawrence E., and Peter J. Montiel (1999). Exchange Rate Misalignment. New York: Oxford University Press/World Bank.
32. Holtz-Eakin, Douglas (2005). "Economic Relationships between the United States and China." Statement of the CBO Director before the House Committee on Ways and Means, April 14.
33. Holz, Carsten (2005). "China's Economic Growth 1978-2025: What We Know Today about China's Economic Growth Tomorrow." Manuscript, HKUST, Hong Kong.
34. Horvath, Michael, and Mark Watson (1995). "Testing for Cointegration when Some of the Cointegrating Vectors Are Prespecified." Econometric Theory 11: 984-1014.
35. Hsieh, David (1982). "The Determination of the Real Exchange Rate: The Productivity Approach." Journal of International Economics 12: 355-62.
36. Kakkar, Vikas, and Masao Ogaki (1999). "Real Exchange Rates and Nontradables: A Relative Price Approach." Journal of Empirical Finance 6: 193-215.
37. Marston, Richard (1990). "Systematic Movements in Real Exchange Rates in the G-5: Evidence on the Integration of Internal and External Markets." Journal of Banking and Finance 14: 1023-44.
38. Meese, Richard A., and Kenneth Rogoff (1983). "Empirical Exchange Rate Models of the Seventies: Do They Fit Out of Sample?" Journal of International Economics 14: 3-24.
39. Prasad, Eswar, Thomas Rumbaugh, and Qing Wang (2005). "Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibilityin China." IMF Policy Discussion Paper no. 05/01, International Monetary Fund, Washington, DC.
40. Prasad, Eswar, and Shang-Jin Wei (2005). "The Chinese Approach to Capital Inflows: Patterns and Possible Explanations." NBER Working Paper no. 11306, National Bureau of Economic Research, Cambridge, MA.
41. Rossi, Vanessa (2005). "The Chinese Economy: Risky Reporting." International Economics Programme Briefing Paper no. 05/03, Chatham House, London.
42. Samuelson, Paul (1964). "Theoretical Notes on Trade Problems." Review of Economics and Statistics 46: 145-54.
43. Stock, James H., and Mark W. Watson (1993). "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems." Econometrica 61: 783-820.
44. Summers, Robert, and Alan Heston (1991). "The Penn World Table (Mark 5): An Expanded Set of International Comparisons." Quarterly Journal of Economics 106: 327-68.
45. Szirmai, Adam, Ruoen Ren, and Manyin Bai (2005). "Chinese Manufacturing Performance in Comparative Perspective, 1980-2002." Economic Growth Center Discussion Paper no. 920, Yale University, New Haven.
46. Tang, Man-Keung, and Jaewoo Lee (2003). "Does Productivity Growth Lead to Appreciation of the Real Exchange Rate?" IMF Working Paper no. 03/154, International Monetary Fund, Washington, DC.
47. Wang, Tao (2004). "Exchange Rate Dynamics." In Eswar Prasad (ed.), China's Growth and Integration into the World Economy. Occasional Paper no. 232. Washington, DC: IMF, pp. 21-28.
48. Williamson, John (2005). "A Currency Basket for East Asia, Not Just China." Policy Briefs in International Economics PB05-1, Institute for International Economics, Washington, DC.
49. Yi, Kei-Mu (2003). "Can Vertical Specialization Explain the Growth of World Trade?" Journal of Political Economy 111: 53-102.
50. Young, Alwyn (1995). "The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience." Quarterly Journal of Economics 110: 641-80.
51. Young, Alwyn (2003). "Gold into Base Metals: Productivity Growth in the People's Republic of China during the Reform Period." Journal of Political Economy 111: 1220-61.
52. Zhang, Zhichao (2001). "Real Exchange Rate Misalignment in China: An Empirical Investigation." Journal of Comparative Economics 29: 80-94.