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The Travails of Current Macroeconomic and Exchange Rate Management in China: The Complications of Switching to a New Growth Engine
Woo, Wing Thye - EconWPA - 2003
Just when China’s leaders receive conflicting signals of “overheating” and “below-potential growth”, they encounter … challenges have their roots in China’s inadequate marketization and continued discrimination against the domestic private sector … themselves into nonperforming loans. In partially-reformed China, public-directed investments via the state enterprises tend to …
Persistent link: https://www.econbiz.de/10005062405
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The Equilibrium Exchange Rate in a Bayesian State-Space Model: An Application to Australia
Melecky, Martin - EconWPA - 2005
The equilibrium exchange rate is a closely scrutinized variable in international finance and monetary economics. A model to estimate an equilibrium exchange rate is proposed in this paper. It consists of several building blocks: a state-space structure, uncovered interest parity and the...
Persistent link: https://www.econbiz.de/10005124946
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Migration, Labor Market Flexibility, and Wage Determination in China: A Review
Zhao, Zhong - EconWPA - 2005
This paper reviews economic studies on rural-urban migration issues in China. The paper focuses on four issues: the … household registration system in China, the profile of the migrants, explanations for rural-to-urban migration, and the …
Persistent link: https://www.econbiz.de/10005556784
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Purchasing power parity: an empirical study of three EMU countries
Duarte, António Portugal - EconWPA - 2005
We apply Purchasing Power Parity (PPP) theory to the analysis of long- run equilibrium in the foreign exchange market. We study the case of Portugal vis-à-vis Germany and Spain, and the case of Spain vis-à-vis Germany, in the period 1960-1990. The empirical analysis was based on unit-root...
Persistent link: https://www.econbiz.de/10005124909
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Purchasing power parity: an empirical study of three EMU countries
Duarte, António Portugal - EconWPA - 2005
We apply Purchasing Power Parity (PPP) theory to the analysis of long- run equilibrium in the foreign exchange market. We study the case of Portugal vis-à-vis Germany and Spain, and the case of Spain vis-à-vis Germany, in the period 1960-1990. The empirical analysis was based on unit-root...
Persistent link: https://www.econbiz.de/10005408164
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Early Locking to the Euro: Some Estimates for the New EU Countries based on Equilibrium Exchange Rates
Melecky, Martin - EconWPA - 2005
The ECB recommends to prospective euro-area members that they choose the central parities, for fixing their currencies against the euro, consistent with a broad range of economic indicators while taking account of the market rate as well. In this paper, we estimate a behavioral model of the real...
Persistent link: https://www.econbiz.de/10005408207
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What Drives Long-term Capital Flows? A Theoretical and Empirical Investigation
Verdier, Genevieve - EconWPA - 2003
What drives capital inflows in the long run? Do they follow the predictions of neoclassical theory, or are other forces at work? The purpose of this paper is to illustrate how long-term capital movements conform surprisingly well to the predictions of a simple neoclassical model with credit...
Persistent link: https://www.econbiz.de/10005126431
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The (Much Understated) Quantitative Role of Capital Accumulation and Saving
Verdier, Genevieve - EconWPA - 2005
Can factor accumulation still help us understand differences in capital inflows and income across countries? This paper offers a quantitative evaluation of neoclassical models of growth with collateral constraints. Previous work has found evidence that supports the qualitative predictions of...
Persistent link: https://www.econbiz.de/10005561274
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"PPP tests in cointegrated panels: Evidence from Asian developing countries".
Basher, Syed A.; Mohsin, Mohammed - EconWPA - 2003
This paper tests the relative version of purchasing power parity (PPP) for a set of ten Asian developing countries using panel cointegration framework. We employ 'between-dimension' dynamic OLS estimator as proposed by Pedroni (2001b). The test results overwhelmingly reject the PPP hypothesis.
Persistent link: https://www.econbiz.de/10005076786
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A Dynamic Equilibrium Model of Real Exchange Rates with General Transaction Costs
Goswami, Gautam; Shrikhande, Milind; Wu, Liuren - EconWPA - 2002
We study the behavior of real exchange rates in a two­country dynamic equilibrium model. In this model, consumers can only consume domestic goods but can invest costlessly in capital stocks of both countries. Nevertheless, transporting goods between the two countries is costly and, hence, the...
Persistent link: https://www.econbiz.de/10005076998