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The Undisclosed Renminbi Basket: Are the Markets Telling us something about where the Renminbi – US Dollar Exchange Rate is Going?

Funke, Michael; Gronwald, Marc - CESifo - 2008

On 21 July 2005 China adopted an undisclosed basket exchange rate regime. We formally assess and envisage the gradual … evolution of the renminbi over time. We utilize nonlinear dependencies in the renminbi exchange rate and describe the smooth … transition of the renminbi/U.S. dollar (RMB/USD) exchange rate using the family of time-varying autoregressive (TV-AR) models …

Persistent link: https://www.econbiz.de/10005765921

Pegging the Renminbi to a Basket - Facts, Prospects and Consequences

Oksanen, Heikki - CESifo - 2010

On 19 June 2010 the Chinese authorities announced that the renminbi (RMB) was henceforth to be pegged to a currency … Seoul Summit on 11-12 November 2010, China committed to further reform the RMB exchange rate regime. We discuss here what a … genuine basket peg could mean for China, with the view that the weight for the EUR should obviously be significantly increased …

Persistent link: https://www.econbiz.de/10008799734

Management of the External Value of the Renminbi

Oksanen, Heikki - CESifo - 2015

Pegging the renminbi (RMB) to the US dollar since 1994 has characterised China’s exchange rate policy, under either a … suitable intermediary exchange rate regime for China as the risks of jumping to free floating are still great. Diversifying …

Persistent link: https://www.econbiz.de/10011272624

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - CESifo - 2007

provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary …

Persistent link: https://www.econbiz.de/10005405989

On the Inclusion of the Chinese Renminbi in the SDR Basket

Benassy-Quere, Agnes; Capelle, Damien - CESifo - 2012

This paper studies the impact of a broadening of the SDR basket to the Chinese currency on the composition and volatility of the basket. Although, in the past, RMB inclusion would have had negligible impact due to its limited weight, a much more significant impact can be expected in the next...

Persistent link: https://www.econbiz.de/10010877819

The Suitability of a Greater China Currency Union

Cheung, Yin-Wong; Yuen, Jude - CESifo - 2004

The study assesses the level of integration among the three Greater China economies (namely China, Hong Kong, and … Taiwan) and examines the suitability of a Greater China currency union. Currently, the three economies have extensive trade …

Persistent link: https://www.econbiz.de/10005405894

An Empirical Investigation into Exchange Rate Regime Choice and Exchange Rate Volatility

Berger, Helge; Sturm, Jan-Egbert; Haan, Jakob de - CESifo - 2000

We test a simple model of exchange rate regime choice with data for 65 non-OECD countries covering the period 1980-94.We find that the variance of output at home and in potential target c ountries as well as the correlation between home and foreign real activity are powerful and robust...

Persistent link: https://www.econbiz.de/10005405960

Taxation, Corruption and the Exchange Rate Regime

Hefeker, Carsten - CESifo - 2009

The paper analyzes the relation between institutional quality, such as corruption, in a country and its monetary regime. It is shown that a credibly fixed exchange rate to a low inflation country, like a currency board, can reduce corruption and improve the fiscal system. A monetary union,...

Persistent link: https://www.econbiz.de/10005013051

An Output Perspective on a Northeast Asia Currency Union

Cheung, Yin-Wong; Yuen, Jude - CESifo - 2004

The prospect of creating a currency union consisting of China, Japan, and Korea is evaluated using output data. After a …

Persistent link: https://www.econbiz.de/10005765748

Does the Chinese Interest Rate Follow the US Interest Rate?

Cheung, Yin-Wong; Tam, Dickson; Yiu, Matthew S. - CESifo - 2007

One argument for floating the Chinese renminbi (RMB) is to insulate China’s monetary policy from the US effect. However … US dollar, China has alternative measures to retain its policy independence and de-link its interest rates from the US … rate. In other words, the argument for a flexible RMB to insulate China’s monetary policy from the US effect is not …

Persistent link: https://www.econbiz.de/10005766107