Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/212911 
Year of Publication: 
2019
Series/Report no.: 
BOFIT Discussion Papers No. 3/2019
Publisher: 
Bank of Finland, Institute for Economies in Transition (BOFIT), Helsinki
Abstract: 
We conduct a meta-regression analysis of 69 studies that generated 937 renminbi (RMB) misalignment estimates. The Bayesian Model Averaging (BMA) approach is adopted to allow for model selection and sampling uncertainties in assessing effects of study characteristics on these RMB misalignment estimates. Misalignment estimates are found to be influenced by the eight selected study characteristic types in our median probability model. The RMB misalignment estimate from models with various hypothetical combinations of study characteristics, however, is mostly insignificantly different from zero. It is also shown that the set of significant study characteristics is sensitive to the use of the least squares estimation method and the choice of benchmark study characteristics.
Subjects: 
Bayesian Model Averaging (BMA)
clustering effects
median probability model specification
RMB undervaluation
study characteristics
JEL: 
C83
F31
F41
Persistent Identifier of the first edition: 
ISBN: 
978-952-323-265-5
Document Type: 
Working Paper

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