Mestiri, Sana; Bouveret, Antoine; Sterdyniak, Henri - Université Paris-Dauphine (Paris IX) - 2006
Using equilibrium exchange rate models (PPP, BEER and FEER), many authors have concluded that the renminbi is undervalued by 15 to 30% against the dollar, but they implicitly assume that the economy is at full-employment, a debatable hypothesis for developing economies such as China, whose...