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The Study on Real Equilibrium Exchange Rate of RMB

Author: SunYaNan
Tutor: ZhangXu
School: Qingdao University
Course: Finance
Keywords: The real exchange rate Fluctuation The basic elements of the equilibrium exchange rate Behavioral Equilibrium Exchange Rate Lasting equilibrium exchange rate
CLC: F832.6
Type: Master's thesis
Year: 2005
Downloads: 237
Quote: 1
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Abstract


Theoretical and empirical studies of the equilibrium exchange rate began in the 19th century , and its development has experienced two stages of classical theory and modern theory . The classic theory is that the equilibrium exchange rate is the exchange rate in an ideal state instigation macroeconomic level , including the theory of purchasing power parity (purchasing power parity), interest rate parity theory ( interest rate parity ) exchange rate overshooting model (overshooting model) . The modern theory of equilibrium exchange rate since the 1980s , the internal balance ( mainly refers to the commodity market and the labor market ) and external balance ( sustainable current account ) to maintain a consistent level of the real exchange rate , including the basic elements of the equilibrium exchange rate (fundamental equilibrium exchange rate, FEER), the behavior of the equilibrium exchange rate ( the behavioral equilibrium to exchange rate BEER ) the natural equilibrium exchange rate (natural equilibrium exchange rate, NATREX) . The equilibrium exchange rate , the use of modern equilibrium theory FEER model , the BEER model , and lasting equilibrium exchange rate model ( permanent equilibrium exchange rate , PEER ) study of the the 1999-2003 RMB exchange rate fluctuations . The study shows that the real exchange rate of RMB in 2001 essentially to maintain a relatively stable level , and there is a trend of appreciation . Among them, the basic elements of the equilibrium exchange rate model that the RMB appreciation trend from 2003 onwards ; behavioral equilibrium exchange rate model calculations show that the large imbalance of the RMB exchange rate in 2001-2002 ; lasting equilibrium exchange rate behavior equilibrium exchange rate more stable , more \The recent debate on the RMB exchange rate , combined with the results of empirical research , the paper argues that : RMB exchange rate should be stable in the long-term path to avoid any form of sharp fluctuations . The inertia of the real exchange rate movement causes the nominal exchange rate appreciation continue to rise slightly in the next period of time , it will not have a significant impact on China's economy .

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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