دانلود مقاله ISI انگلیسی شماره 44747
عنوان فارسی مقاله

نرخ ارز واقعی و رشد اقتصادی در چین: یک رویکرد VAR هم انباشته

کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
44747 2015 18 صفحه PDF سفارش دهید محاسبه نشده
خرید مقاله
پس از پرداخت، فوراً می توانید مقاله را دانلود فرمایید.
عنوان انگلیسی
Real exchange rate and economic growth in China: A cointegrated VAR approach ☆
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : China Economic Review, Volume 34, July 2015, Pages 293–310

کلمات کلیدی
نرخ واقعی ارز (RER) - رشد اقتصادی - چین
پیش نمایش مقاله
پیش نمایش مقاله نرخ ارز واقعی و رشد اقتصادی در چین: یک رویکرد VAR هم انباشته

چکیده انگلیسی

This study investigates the relationship between the real exchange rate (RER) and economic growth in China applying a cointegrated VAR (CVAR) model. However, in contrast to the assumptions of trade partners, this paper finds that the Chinese economy has not benefited from the lower exchange rate of the RMB, and no direct linkages exist between the RER and growth in the long run. Interestingly, it appears that the Chinese economy is stimulated by the expansion of exports and inflow of foreign capital according to the empirical evidence, which also suggests that the long run equilibrium RER is jointly determined by the foreign trade, foreign reserves and the foreign direct investment. In addition, the 2005 RMB policy reform did not show any significant impact on the RER, but instead contributed to the steady economic growth. It is clear that, after the 2008 world crisis, the RMB exchange rates were largely dependent on the enhancing of the national strength and inflow of foreign capital, rather than the slow increase in foreign trade. As for policy implications, China may insist on the managed floating exchange rate policy making limited adjustments to the currency's daily floating range in response to the pressures from trade partners.

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