Exchange Rate Misalignment Estimates - Sources of Differences
Exchange Rate Misalignment Estimates - Sources of Differences
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汇率失调估计 - 差异来源
DOI：
10.1002/ijfe.1474
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发表时间：
2014
影响因子：
2.9
通讯作者：
Yin-Wong and Eiji Fujii
中科院分区：
文献类型：
--
作者：
Cheung;Yin-Wong and Eiji Fujii
我们研究了从两个不同的国际比较计划（ICP）调查数据集获得的货币失调估计的差异。一项分解工作显示，2005年的偏差估计在很大程度上受到ICP价格修订的影响。此外，我们发现偏差估计的差异系统地受到一个国家在ICP调查中的参与状况及其数据质量的影响，这一发现对这些偏差估计的经济和政策相关性产生了怀疑。这些发现对于替代数据集和规范的使用是稳健的。在各个国家中，估计偏差程度的变化模式差异很大，例如巴西、俄罗斯、印度和中国经济。版权所有©2013 John Wiley & Sons， Ltd
We study the differences in currency misalignment estimates obtained from datasets derived from two different International Comparison Programme (ICP) surveys. A decomposition exercise reveals that year 2005 misalignment estimates are substantially affected by the ICP price revision. Furthermore, we find that differences in misalignment estimates are systematically affected by a country's participation status in the ICP survey and its data quality—a finding that casts doubt on the economic and policy relevance of these misalignment estimates. The findings are robust to the use of alternative datasets and specifications. The patterns of changes in estimated degrees of misalignment across individual countries, as exemplified by the Brazil, Russia, India and China economies, are highly variable. Copyright © 2013 John Wiley & Sons, Ltd.