The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China : 1980-2002

Based on China's experience between 1980 and 2002, a cointegrated vector autoregression model was established to explore the relationships among real interest rates, real exchange rates and balance of payments in China. Taking into account institutional changes, the empirical study shows that significant and usually non-monotonic interactions exist between these three variables. The paper discusses theoretical and policy implications of the empirical result.
Publication date: April 2003
ISBN: 9781451848922
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Inflation , Inflation , Money and Monetary Policy , Money and Monetary Policy , exchange rate , foreign exchange , real exchange rate , real interest rate , exchange reserves , Econometric Methods: - Multiple/Simultaneous Equation Models , Money and Interest Rates , Macroeconomic - Aspects of Public Finance , Macroeconomic Policy , and General Outlook

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