Chinese Yuan after Chinese Exchange Rate System Reform 被引量：16

Chinese Yuan after Chinese Exchange Rate System Reform

导出

摘要 In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including the Balassa-Samuelson effect on the Chinese yuan. It was found that the Chinese government generated a statistically significant but small change in exchange rate policy during the sample period until 25 January 2006. It was not identified that the Chinese monetary authority is adopting the currency basket system because the change is too small in the economic sense. It is indicated that the Chinese government should take account of the productivity growth of countries composing the currency basket in order to operate a currency basket regime. In this paper, the actual exchange rate policy conducted by the Chinese government after the Chinese exchange rate system reform on 21 July 2005 is investigated. Also, the long-run effect is investigated, including the Balassa-Samuelson effect on the Chinese yuan. It was found that the Chinese government generated a statistically significant but small change in exchange rate policy during the sample period until 25 January 2006. It was not identified that the Chinese monetary authority is adopting the currency basket system because the change is too small in the economic sense. It is indicated that the Chinese government should take account of the productivity growth of countries composing the currency basket in order to operate a currency basket regime.

作者 Eiji Ogawa Michiru Sakane

出处《China & World Economy》 SCIE 2006年第6期39-57,共19页 中国与世界经济（英文版）

关键词 Chinese exchange rate system reform currency basket system PRODUCTIVITY Balassa-Samuelson effect Chinese exchange rate system reform, currency basket system, productivity, Balassa-Samuelson effect

分类号 F832.6 [经济管理—金融学]

引文网络
相关文献

参考文献10

1The Chinese government has adopted a managed floating exchange rate system not only “with referenceto” a currency basket but also with a band (plus and minus 0.3 percent around the base rate).It could adjustthe exchange rate by crawling the base rate[].It would be a kind of BBC rule.2000
2.
3.The currency basket system can also contribute to stabilization of capital flows[]..2001
4Ogawa,Eiji.“Economic interdependence and international coordination in East Asia,”[].Exchange Rate Regimes for Asia (Kobe Research Project).2002
5Ito, Takatoshi,,Peter Isard,and Steven Symansky.“Economic growth and real exchange rate:An overview of the Balassa-Samuelson Hypothesis in Asia,”[].Change in Exchange Rates in Rapidly Developing Countries.1998
6Ogawa,Eiji.“Regional monetary cooperation in East Asia against asymmetric responses to theUS dollar depreciation,”[].Journal of the Korean Economy.2004
7Ogawa, Eiji,and Takatoshi Ito.“On the desirability of a regional basket currency arrangement,”[].Journal of the Japanese and International Economies.2002
8Frankel,Jeffrey A.,S. Schmukler,and L. Serven.“Verifiability and the vanishing intermediateexchange rate regime,”[].NBER Working Paper No.2000
9Williamson,John.Exchange Rate Regimes of Emerging Markets: Reviving the IntermediateOption[]..2000
10Ogawa, Eiji,and Lijian Sun.“How were capital inflows stimulated under the dollar peg system?”[].Regional and Global Capital Flows: MacroeconomicCauses and Consequences.2001