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Testing the purchasing power parity in China

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  • Olivier Darné
  • Jean-François Hoarau

Abstract

In this paper we examine whether purchasing power parity holds in the long run in China for the period 1970:1 to 2006:5 from an alternative method relative to the previous studies. We underlined the effects of large, but infrequent shocks due to changes of Chinese exchange policy (undertaken since the China's foreign exchange reform) on the real exchange rate, using outlier methodology. We also show that there is no endency to the purchasing power parity in China to hold in the long run during this period.

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File URL: http://economix.fr/pdf/dt/2006/WP_EcoX_2006-18.pdf
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Bibliographic Info

Paper provided by University of Paris West - Nanterre la Défense, EconomiX in its series EconomiX Working Papers with number 2006-18.

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Length: 20 pages
Date of creation: 2006
Date of revision:
Handle: RePEc:drm:wpaper:2006-18

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Postal: 200 Avenue de la République, Bât. G - 92001 Nanterre Cedex
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Web page: http://economix.fr
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Keywords: Purchasing power parity; real exchange rate; unit root tests; outliers; renminbi.;

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  1. Victor Gómez & Agustín Maravall, 1996. "Programs TRAMO and SEATS, Instruction for User (Beta Version: september 1996)," Banco de Espa�a Working Papers 9628, Banco de Espa�a.
  2. Se-Eun Jeong & Jacques Mazier, 2003. "Exchange Rate Regimes and Equilibrium Exchange Rates in East Asia," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 0-0.
  3. Darne, Olivier & Diebolt, Claude, 2004. "Unit roots and infrequent large shocks: new international evidence on output," Journal of Monetary Economics, Elsevier, vol. 51(7), pages 1449-1465, October.
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