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Is China an Optimum Currency Area?

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Author Info

  • Byström, Hans

    ()
    (Department of Economics, Lund University)

  • Olofsdotter , Karin

    ()
    (Department of Economics, Lund University)

  • Söderström, Lars

    ()
    (Department of Economics, Lund University)

Abstract

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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Bibliographic Info

Paper provided by Lund University, Department of Economics in its series Working Papers with number 2005:6.

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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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Postal: Department of Economics, School of Economics and Management, Lund University, Box 7082, S-220 07 Lund,Sweden
Phone: +46 +46 222 0000
Fax: +46 +46 2224613
Web page: http://www.nek.lu.se/en
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Keywords: China; optimum currency area; regional developments; cross-sectional correlation;

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References

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  1. Bayoumi, T. & Eichengreen, B., 1994. "One Money or Many? Analysing the Prospects for Monetary Unification in Various Parts of the World," Princeton Studies in International Economics 76, International Economics Section, Departement of Economics Princeton University,.
  2. Lars Jonung & Fredrik Sjöholm, 1999. "Should Finland and Sweden Form a Monetary Union?," The World Economy, Wiley Blackwell, vol. 22(5), pages 683-700, 07.
  3. Johnson, D. Gale, 2003. "Provincial migration in China in the 1990s," China Economic Review, Elsevier, vol. 14(1), pages 22-31.
  4. Hal Hill, 2002. "Spatial Disparities in Developing East Asia: a survey," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, vol. 16(1), pages 10-35, 05.
  5. Ajit Bhalla & Shujie Yao & Zongyi Zhang, 2003. "Regional economic performance in China," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 11(1), pages 25-39, March.
  6. George S. Tavlas, 1993. "The ‘New’ Theory of Optimum Currency Areas," The World Economy, Wiley Blackwell, vol. 16(6), pages 663-685, November.
  7. Lafrance, Robert & St-Amant, Pierre, 1999. "Optimal Currency Areas: A Review of the Recent Literature," Working Papers 99-16, Bank of Canada.
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Cited by:
  1. Fabrizio Carmignani & James Laurenceson, . "Provincial business cycles and fiscal policy in China," MRG Discussion Paper Series 4311, School of Economics, University of Queensland, Australia.

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