RMB Devaluation and Asean5 Countries’ Exports to the US: Complementary or Substitute?

Tri Widodo () and Diyah Putriani ()
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Diyah Putriani: Center for Good Corporate Governance, Faculty of Economics and Business, Universitas Gadjah Mada

Review of Economic and Business Studies, 2011, issue 8, 169-184

Abstract: This paper aims to examine the impact of changes in the Chinese renminbi (RMB) exchange rate against the United States (US) dollar on the ASEAN5 countries’ exports to the US. The Johansen cointegration test and Ordinary Least Square (OLS) regression are applied. The cointegration tests show that there are long-term relationships among real GDP of the US, ASEAN5’s real exchange rates and their volatility, and RMB real exchange rate. The RMB devalution has positive significant long-term impacts (complementary relationship) on the ASEAN5 countries’ exports to the US.

Keywords: volatility; Cointegration; ASEAN5; Renminbi (RMB) (search for similar items in EconPapers)
JEL-codes: F31 F33 F36 F42 (search for similar items in EconPapers)
Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:aic:revebs:y:2011:i:8:widodot

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