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Renminbi misaligned: Results from meta-regressions

Iikka Korhonen and Maria Ritola

No 13/2009, BOFIT Discussion Papers from Bank of Finland, Institute for Economies in Transition

Abstract: We collect data from 29 separate papers estimating the equilibrium level and possible undervaluation of the Chinese currency, the renminbi. These papers yield a total of 97 individual observations on misalignment, which we analyse with the help of meta-analysis. We find that the vast majority of observations point to renminbi undervaluation in recent years and that the undervaluation is more pronounced when the US dollar exchange rate is used instead of the real effective exchange rate. We find several characteristics of papers and authors that clearly seem to influence the reported misalignments. For example, when the author is affiliated with an investment bank, the reported misalignment is smaller. Using time-series techniques also results in lower estimates of undervaluation. On the other hand, refereed journals seemingly are inclined to publish papers that report larger misalignments. Results caution against trusting too much in any one study concerning renminbi underva! luation. Key words: equilibrium exchange rate, exchange rate misalignment, meta-analysis, China JEL codes: C82, F31

JEL-codes: C82 F31 (search for similar items in EconPapers)
Date: 2009-09-11
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Published in Published in the book Asia and China in the global economy, Yin-Wong Cheung, Guonan Ma (eds.), World Scientific, 2011.

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