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首页> 外文期刊>Review of international economics >Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change
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Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change

机译：中国的汇率灵活性：衡量，制度转变和变化的驱动力

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摘要

With an emphasis on government intervention that hinders market forces in currency movements, this paper presents a nuanced investigation of the degree and dynamics of flexibility in China's exchange rate regime. A high-frequency data model is developed to more accurately detect the extent to which the Chinese currency is market-driven. This indicator is then utilized in a Markov switching model to examine shifts in RMB regime flexibility. The results suggest a moderate increase in exchange rate flexibility since the 2005 reform. Additionally, two switching states are captured, and possible driving factors are discussed.
机译：本文着重介绍了阻碍市场汇率波动的政府干预措施，对中国汇率制度的灵活程度和动态进行了细致的研究。开发了高频数据模型，以更准确地检测人民币在市场上的驱动程度。然后将该指标用于马尔可夫转换模型中，以检验人民币汇率制度灵活性的变化。结果表明，自2005年改革以来，汇率灵活性有所提高。此外，捕获了两个开关状态，并讨论了可能的驱动因素。

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