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The Renminbi and Poor‐country Growth

  • Christopher Garroway
  • Burcu Hacibedel
  • Helmut Reisen
  • Edouard Turkisch

The paper estimates i) the degree of currency undervaluation and its relationship with per capita income (convergence), as informed by the Harrod-Balassa-Samuelson (HBS) framework. ii) The role of the real effective exchange rate, both its level and its stability over time, for underpinning growth in developing countries, especially in large dual economies such as China and India. iii) New empirical evidence on growth linkages between China and poor countries for the last two decades and on potential displacement effects of renminbi (RMB) appreciation.

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File URL: http://hdl.handle.net/10.1111/j.1467-9701.2011.01408.x
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Article provided by Wiley Blackwell in its journal The World Economy.

Volume (Year): 35 (2012)
Issue (Month): 3 (03)
Pages: 273-294

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Handle: RePEc:bla:worlde:v:35:y:2012:i:3:p:273-294
DOI: j.1467-9701.2011.01408.x
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  1. William R. Cline & John Williamson, 2010. "Notes on Equilibrium Exchange Rates: January 2010," Policy Briefs PB10-2, Peterson Institute for International Economics.
  2. David Hummels & Peter J. Klenow, 2005. "The Variety and Quality of a Nation's Exports," American Economic Review, American Economic Association, vol. 95(3), pages 704-723, June.
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  4. Jinzhao Chen, 2007. "Behavior Equilibrium Exchange Rate and Misalignment of Renminbi: A Recent Empirical Study," DEGIT Conference Papers c012_013, DEGIT, Dynamics, Economic Growth, and International Trade.
  5. Arellano, M, 1987. "Computing Robust Standard Errors for Within-Groups Estimators," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 49(4), pages 431-34, November.
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  7. Dani Rodrik, 2008. "The Real Exchange Rate and Economic Growth," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 39(2 (Fall)), pages 365-439.
  8. Ronald McKinnon & Gunther Schnabl, 2009. "The Case for Stabilizing China's Exchange Rate: Setting the Stage for Fiscal Expansion," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 17(1), pages 1-32.
  9. Andrew Berg & Yanliang Miao, 2010. "The Real Exchange Rate and Growth Revisited; The Washington Consensus Strikes Back?," IMF Working Papers 10/58, International Monetary Fund.
  10. Ajay Chhibber & Gaurav Nayyar, 2008. "Pro-poor growth: explaining the cross-country variation in the growth elasticity of poverty," International Journal of Development Issues, Emerald Group Publishing, vol. 7(2), pages 160-176, October.
  11. Homi Kharas, 2010. "The Emerging Middle Class in Developing Countries," OECD Development Centre Working Papers 285, OECD Publishing.
  12. Andreas (Andy) Jobst & Harry X. Wu, 2008. "Measuring China’s Economic Performance," World Economics, World Economics, Economic & Financial Publishing, 1 Ivory Square, Plantation Wharf, London, United Kingdom, SW11 3UE, vol. 9(2), pages 13-44, April.
  13. David M. Drukker, 2003. "Testing for serial correlation in linear panel-data models," Stata Journal, StataCorp LP, vol. 3(2), pages 168-177, June.
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