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China: Sources of Real Exchange Rate Fluctuations
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Author/Editor: |
Wang, Tao |
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February 1, 2004 |
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Electronic Access: |
Free Full Text (PDF file size is 294KB)
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Disclaimer: This Working Paper should not be reported as representing the views of the IMF. The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate.
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Summary: This paper reviews the evolution of China's real effective exchange rate between 1980 and 2002, and uses a structural vector autoregression model to study the relative importance of different types of macroeconomic shocks for fluctuations in the real exchange rate. The structural decomposition shows that relative real demand and supply shocks account for most of the variations in real exchange rate changes during the estimation period. The paper also finds that supply shocks are as important as nominal shocks in accounting for real exchange rate fluctuations, in contrast with other studies that show that, in industrial countries, nominal shocks are more important in explaining real exchange rate fluctuations.
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Series: |
Working Paper No. 04/18 |
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Subject(s): |
Real effective exchange rates | China | China, People's Republic of |
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Author's keyword(s): |
China
| real exchange rate
| structural VAR
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Published: |
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February 1, 2004 |
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ISBN/ISSN: |
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1934-7073 |
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Format: |
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Paper |
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Stock No: |
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WPIEA0182004 |
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Pages: |
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22 |
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Price: |
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US$15.00
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