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The Penn Effect within a Country - Evidence from Japan

Cheung, Yin-Wong; Fujii, Eiji - CESifo - 2012

To control for product quality and exchange rate effects, we use the Japanese regional data to study the Penn effect – the positive relationship between price and income levels. Comparable with the evidence from international data, the Penn effect is significant in the Japanese prefectural...

Persistent link: https://www.econbiz.de/10010877769

The Illusion of Precision and the Role of the Renminbi in Regional Integration

Cheung, Yin-wong; Chinn, Menzie D.; Fujii, Eiji - Hong Kong Institute for Monetary Research (HKIMR), … - 2006

The debate on renminbi (RMB) revaluation has not subsided, despite the policy change announced by the Chinese authorities in July 2005. In this chapter, we show that the evidence of RMB undervaluation may not be as strong as it appears. Specifically, depending on the method used, the evidence...

Persistent link: https://www.econbiz.de/10005357480

The Chinese Economies in Global Context: The Integration Process and Its Determinants

Cheung, Yin-wong; Chinn, Menzie D.; Fujii, Eiji - Hong Kong Institute for Monetary Research (HKIMR), … - 2005

assessed, and compared against the linkages with Japan and the US. We first characterize the time series behavior of three …

Persistent link: https://www.econbiz.de/10005357492

China, Hong Kong, and Taiwan: A Quantitative Assessment of Real and Financial Integration

Cheung, Yin-wong; Chinn, Menzie D.; Fujii, Eiji - Hong Kong Institute for Monetary Research (HKIMR), … - 2003

The status of real and financial integration of China, Hong Kong, and Taiwan is investigated using monthly data on one-month interbank rates, exchange rates, and prices. Specifically, the degree of integration is assessed based on the empirical validity of real interest parity, uncovered...

Persistent link: https://www.econbiz.de/10005435848

Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004)

Arlt, Josef; Kodera, Jan; Mandel, Martin; Tomšík, … - In: Politická ekonomie 2006 (2006) 3

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship … between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy … money and tradables inflation in the case of the Czech small open economy is not found. The conclusions presented in the …

Persistent link: https://www.econbiz.de/10005036707

The Overvaluation of Renminbi Undervaluation

Cheung, Yin-Wong - 2013

We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for,...

Persistent link: https://www.econbiz.de/10012753994

China, Hong Kong, and Taiwan : A Quantitative Assessment of Real and Financial Integration

Cheung, Yin-Wong - 2013

Persistent link: https://www.econbiz.de/10012754642

Cross-Country Relative Price Volatility: Effects of Market Structure

Cheung, Yin-wong; Fujii, Eiji - Hong Kong Institute for Monetary Research (HKIMR), … - 2005

Using annual data on nine manufacturing sectors of eighteen OECD countries, the article studies the implications of market structure for cross-country relative price variability. It is found that, in accordance with predictions from a standard markup pricing model, reductions in market...

Persistent link: https://www.econbiz.de/10005357439

Exchange Rate Misalingment Estimates - Sources of Differences

Cheung, Yin-Wong; Fujii, Eiji - CESifo - 2011

We study the differences of currency misalignment estimates obtained from alternative datasets derived from two International Comparison Program (ICP) surveys. A decomposition exercise reveals that the year 2005 misalignment estimates are substantially affected by the ICP price revision....

Persistent link: https://www.econbiz.de/10009278133

Non-linear "Tuning" of Frankel's Exchange Rate Model

Michl, Aleš - In: Acta Oeconomica Pragensia 2005 (2005) 1, pp. 70-81

In this essay I've demonstrated that there is evidence of unstable and non-linear relationship between fundamental variables and exchange rates. I have tried to "tune" Frankel's (1979) real interest differential model of exchange rate fluctuation. I have distinguished between Czech crown/Euro...

Persistent link: https://www.econbiz.de/10005036477