Eichengreen, Barry; Tong, Hui - In: Global Economic Review 40 (2011) 2, pp. 211-225
This paper aims to gauge the global effect of renminbi revaluation on stock markets. Using data on 12,300 firms in operating in tradable sectors in 44 economies, we find that expectations of renminbi appreciation reduce the relative stock returns of firms providing components or raw materials to...