299,394 research outputs found
Motivations and strategies for a real revaluation of the Yuan.
No full textMost Western economists and policymakers agree that the Yuan is significantly undervalued and push for its quick nominal revaluation. This paper defends that many domestic and foreign factors could be responsible for the Yuan’s undervaluation, and the People’s bank of China (PBC) cannot optimally invest growing foreign exchange reserves. It provides a theoretical framework to discuss the optimal strategy associating a gradual nominal revaluation of the Yuan with higher inflation, and structural and macroeconomic policies to bring the real exchange rate to its equilibrium level. This strategy allows absorbing external imbalances while laying down the foundation for China’s long-term growth.Real revaluation; Yuan; Renminbi (RMB); foreign exchange reserves; external imbalance; macroeconomic adjustment measures.
Motivations and strategies for a real revaluation of the Yuan
No full textMost Western economists and policy makers agree that the Yuan is significantly undervalued and push the Chinese government for a large nominal revaluation of the Yuan. This paper, while surveying recent research on Chinese exchange rate policy, gives some new insights into this issue. Notably, this paper defends that China is not solely responsible for the Yuan’s undervaluation, the Chinese central bank cannot optimally invest an increasing amount of foreign currency reserves, and the Yuan’s nominal revaluation is not the only way to resolve the problem. After having analyzed the advantages and disadvantages of a nominal versus a real revaluation of the Yuan for the Chinese economy, I advocate and analyze, besides a modest nominal revaluation, a multitude of alternative policies to achieve a complete revaluation of the Yuan in real terms, which allows absorbing external disequilibrium while laying down the foundation for the long-term growth of the Chinese economy.Renminbi (RMB), revaluation of the Yuan, foreign exchange reserves, external disequilibrium, measures of macroeconomic adjustment.
Raw data for Yuan et al., 2023, litter CNP concentration, JOE
No full textRaw data for Yuan et al., 2023, Plant litter initial concentrations of C, N, and P. Any use of the dataset please email to the corresponding author at [email protected].</p
The tale of Lady Tan: negotiating place between Central and local in Song-Yuan-Ming China
No full textThis paper explores the story of Lady Tan across genres from biographical record to temple inscription and marvellous tale, highlighting different representations of ‘the local’ in these stories: the loss of local belonging for some, inscribing the morals of a local community for others. Focusing on this tale, this essay argues that locality and belonging were contested constructs, especially during the Song-Yuan-Ming transitional period. Ex-ploring how literati understood themselves in relation to their localities contributes to our understanding of literati identities and the meaning of ‘the local’, in a period with ‘weak central government’, or as a repeating pattern of centralisation and localisation. It reveals the complexities in-volved in giving meaning to locality and negotiating belonging. In Ji'an prefecture, the centralising policies of the Hongwu and Yongle emperors were felt locally and affected how literati positioned themselves between central government and local community. This focus on literati writings from a single prefecture suggests that a close reading of the negotiations that form part of constructing locality and belonging in Ji'an can reveal the potential for a complex interplay between central government and local communities throughout China
Yuan Real Exchange Rate Undervaluation, 1997-2006. How Much, How Often? Not Much, Not Often
No full textYuan real effective exchange rate misalignment is esitimated in a behavioral equilibrium exchange rate (BEER) model for the period 1997 to third quarter 2007. Using the Beveridge-Nelson decomposition a vector error correction model (VECM) of the exchange rate as a function of macroeconomic fundamentals, including government expenditures, economic openness, the balance of trade surplus, and net foreign assets, is estimated. We find that the Chinese Yuan has been fluctuating moderately around its long run equilibrium value with undervaluation up to 4% and overvaluation up to 6% at various points in time since 1997. This result is consistent with findings of many of the most recent studies employing alternative econometric methodologies to determine the equilibrium exchange rate. While the Yuan real effective exchange rate has deviated from equilibrium, and it is sticky, taking over five years to correct 50% of the short run misalignment, it does not appear to have been consistently undervalued as has been widely argued.Chinese Yuan, Exchange Rate, Misalignment, BEER, Behavioral, Cointegration, ARIMA, VECM, FGLS.
Raw data for Yuan et al., 2023
No full textRaw data for Yuan et al., 2023, afforestation effects on soil pH</p
Análise fractal da taxa de câmbio da moeda chinesa, o yuan, contra o dólar americano
No full textTCC (graduação) - Universidade Federal de Santa Catarina. Centro Sócio-Econômico. Economia.Uma das dificuldades para estudar as variáveis macroeconômicas é o seu comportamento não linear. Este comportamento impossibilita o estudo dessas variáveis macroeconômicas através da ciência clássica(Newton). A possibilidade encontrada para o estudo desses sistema é a utilização da teoria o caos, que tenta de diversas formas analisar este tipo de sistema. Esta monografia estuda a taxa de câmbio da moeda chinesa, o yuan, contra o dólar americano, atravé da teoria do caos. Discutiremos, em particular, o achado de que esta série tem um comportamento de fractal
Geometric Optics for Surface Waves on the Plasma–Vacuum Interface: Higher Order Expansion
No full textWe consider the free boundary problem for a plasma–vacuum interface in ideal incompressible magnetohydrodynamics, where the Maxwell equations for electric and magnetic fields are considered in the vacuum region. Under a necessary and sufficient stability condition for a piecewise constant background state, we construct approximate solutions at any arbitrarily large order of accuracy to the free boundary problem in three space dimensions when the initial discontinuity displays high-frequency oscillations. Moreover, such approximate surface waves have nontrivial residual non-oscillatory components. The content of this chapter summarizes the result in Secchi and Yuan (Secchi P, Yuan Y (2022) Weakly nonlinear surface waves on the plasma–vacuum interface. J Math Pures Appl 163:132–203)
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