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To what Extent is the Chinese Renminbi Undervalued? A Two-Country Model of Monopolistic Competition - Quanto è sottovalutato il Renminbi cinese? Un modello a due paesi di concorrenza monopolistica

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    Contrast to the BEER, PEER and FEER approaches, this paper develops a two-country model of monopolistic competition to re-examine whether the Chinese Renminbi is undervalued and to what extent it is undervalued. A testable equation that governs the equilibrium exchange rate of Renminbi is derived. Based on US-China data on relative wage rates and relative real GDP, the numerical simulations suggest that relative to the US dollar, the Chinese currency is about 12.4% undervalued for the year of 2011. - In contrasto con gli approcci BEER, PEER e FEER, questo lavoro sviluppa un modello a due paesi di concorrenza monopolistica per riesaminare se il Renminbi è sottovalutato e di quanto. Viene specificata un’equazione che governa il tasso di cambio di equilibrio del Renminbi. Sulla base dei dati USA-Cina sui salari relativi e sui PIL reali relativi, le simulazioni numeriche suggeriscono che nell’anno 2011 la valuta cinese è stata sottovalutata di circa il 12,4% rispetto al dollaro USA.

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    Article provided by Camera di Commercio di Genova in its journal Economia Internazionale / International Economics.

    Volume (Year): 65 (2012)
    Issue (Month): 4 ()
    Pages: 623-636

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    Handle: RePEc:ris:ecoint:0672
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