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China’s Adoption of Current Exchange Rate Policy
Author: XuJiaJie
Tutor: XiaoWeiGuo
School: Wuhan University
Course: Finance
Keywords: Exchange rate policy Consumer behavior Empirical Analysis RMB exchange rate
CLC: F832.6
Type: Master's thesis
Year: 2005
Downloads: 238
Quote: 2
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Abstract
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This paper first introduces Obstfeld and Rogoff (1995) to establish a nominal variable two small open economy model , the discussion in this small open economy intertemporal personal representative consumer utility maximization problem . In this basic model , it extends mainly to the introduction of the nominal exchange rate , analysis of the impact of exchange rate changes on consumers maximize utility . The results show that the impact of exchange rate changes on consumers maximize utility is complex , but this effect is a certain regularity . Simple theory , this rule is : if a country's economic growth rate is low enough , the devaluation of the national currency is conducive to enhance consumers maximize utility : On the contrary, if the economic growth rate is high enough , the appreciation of the national currency is conducive to raising the consumption who maximize utility . Therefore , this rule should be as determine the basis for the country's currency should be appreciation or depreciation , and analysis of China 's exchange rate policy choice will also be based on this law . This article is in no hurry to make a judgment whether the RMB should appreciate this law , but for the sample , with a relatively high degree of economic openness ten provinces and several times since the 1994 reform of exchange rate system , the exchange rate policy of China to implement the sample test data on this law . The empirical analysis shows that this law is in line with China's reality , can be used to determine whether the RMB should appreciate the standard . According to the judge a country's currency should be appreciation or depreciation of the law , to take advantage of China in recent years, the provincial data , the paper argues that the current RMB exchange rate should remain stable .
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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Exchange rate,foreign financial relations
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