GOH, MING HE; KIM, YOONBAI - In: Contemporary Economic Policy 24 (2006) 1, pp. 116-126
This article seeks to investigate whether the renminbi (RMB) has become grossly undervalued by empirically estimating China's equilibrium real exchange rate for the period 1978-2002. A reduced form based on Edwards's (1989, 1994) developing-country model is estimated using the Engle-Granger...