DOES APPRECIATION OF THE RENMINBI DECREASE IMPORTS TO THE UNITED STATES FROM CHINA?

作者：Yu Miaojie^*

来源：Contemporary Economic Policy, 2012, 30(4): 533-547.

DOI：10.1111/j.1465-7287.2011.00260.x

In 2005, China abated its fixed exchange rate against the U.S. dollar and began to appreciate the Renminbi (RMB). In this paper, I explore the effect of the appreciation of the RMB on imports to the United States from China by augmenting the gravity model with the exchange rate. Using an industrial panel data set during the period 20022008 and controlling for the endogeneity of the bilateral exchange rate, this extensive empirical analysis suggests that the appreciation of the RMB against the U.S. dollar significantly reduced imports to the United States from China. This finding is robust to a variety of econometric methods and to coverage in different periods. (JEL F1, F2)

• 出版日期2012-10
• 单位北京大学