This paper analyzes regional differences across Chinese regions, employing an optimum currency area framework. Empirically, we consider the cross-sectional correlation measure of Solnik & Roulet (2000) when examining data on GDP, trade, inflation and regional budget between 1991 and 2001. Our preliminary results suggest that China probably is more of an optimum currency area than first expected. It is debatable, though, whether Hong Kong and Macao are appropriate as candidates. The results also indicate that there might be other constellations of regions that could be closer to an optimum currency area than the current Yuan area.
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Paper provided by Lund University, Department of Economics in its series Working Papers with number
2005:6.
Length: 34 pages Date of creation: 25 Jan 2005 Date of revision: Publication status: Published in Journal of Asian Economics, 2005, pages 612-634. Handle: RePEc:hhs:lunewp:2005_006
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Find related papers by JEL classification: C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
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