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Truths and Myths About RMB Misalignment: A Meta-analysis

Author

Listed:
  • Yin-Wong Cheung

    (City University of Hong Kong)

  • Shi He

    (City University of Hong Kong
    Huazhong University of Science and Technology)

Abstract

We conduct a meta-regression analysis of 69 studies that generated 937 renminbi (RMB) misalignment estimates. The Bayesian model averaging approach is adopted to allow for model selection and sampling uncertainties in assessing effects of study characteristics on these RMB misalignment estimates. Misalignment estimates are found to be influenced by the eight selected study characteristic types. The RMB misalignment estimates from models with various hypothetical combinations of study characteristics, however, are mostly insignificantly different from zero. It is also shown that the set of significant study characteristics is sensitive to the use of the least-squares estimation method.

Suggested Citation

  • Yin-Wong Cheung & Shi He, 2019. "Truths and Myths About RMB Misalignment: A Meta-analysis," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 61(3), pages 464-492, September.
    • Handle: RePEc:pal:compes:v:61:y:2019:i:3:d:10.1057_s41294-019-00093-0
    DOI: 10.1057/s41294-019-00093-0
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    More about this item

    Keywords

    Bayesian model averaging; Clustering effects; Median probability model specification; RMB undervaluation; Best practice;
    All these keywords.

    JEL classification:

    • C83 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Survey Methods; Sampling Methods
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics

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