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来源类型Working Paper
规范类型报告
DOI10.3386/w16788
来源IDWorking Paper 16788
A Darwinian Perspective on \"Exchange Rate Undervaluation\"
Qingyuan Du; Shang-Jin Wei
发表日期2011-02-10
出版年2011
语种英语
摘要Though the real exchange rate is a key price for most economies, our understanding of its determinants is still incomplete. This paper studies the implications of status competition in the marriage market for the real exchange rate. In theory, a rise in the sex ratio (increasing relative surplus of men) can generate a decline in the real exchange rate (RER) through both a savings channel and an effective labor supply channel. The effects can be quantitatively large if the biological desire for a marriage partner is strong. Empirically, we show that within China, those regions with a faster increase in the sex ratio also exhibit a faster decline in the RER (the relative price of nontradables). Furthermore, across countries, those with a high sex ratio tend to have a low real exchange rate, beyond what can be explained by the Balassa-Samuelson effect, financial underdevelopment, dependence ratio, and exchange rate regime classifications. As an application, the estimation suggests that these structural factors can account for the Chinese exchange rate almost completely.
主题International Economics ; International Finance ; International Macroeconomics
URLhttps://www.nber.org/papers/w16788
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/574463
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Qingyuan Du,Shang-Jin Wei. A Darwinian Perspective on \"Exchange Rate Undervaluation\". 2011.
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