Funke, Michael; Rahn, Jörg - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2004
Given that the value of China’s currency has been hot topic recently, this paper explores the equilibrium levels of … China’s real and nominal exchange rates. Employing a Johansen cointegration framework, we focus on the behavioral … renminbi is somewhat undervalued against the dollar, the misalignment is not nearly as exaggerated as many popular claims. …