The Chinese Chaos Game

Matsushita Raul, Gleria Iram, Figueiredo Annibal and Sergio Da Silva

MPRA Paper from University Library of Munich, Germany

Abstract: The yuan-dollar returns prior to the 2005 revaluation show a Sierpinski triangle in an iterated function system clumpiness test. Yet the fractal vanishes after the revaluation. The Sierpinski commonly emerges in the chaos game, where randomness coexists with deterministic rules [2, 3]. Here it is explained by the yuan’s pegs to the US dollar, which made more than half of the data points close to zero. Extra data from the Brazilian and Argentine experiences do confirm that the fractal emerges whenever exchange rate pegs are kept for too long.

JEL-codes: G15 (search for similar items in EconPapers)
Date: 2006
New Economics Papers: this item is included in nep-cna
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Journal Article: The Chinese chaos game (2007)
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