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AN EARLY WARNING OF AN IMPENDING CURRENCY CRISIS IN CHINA

机译:对中国即将发生的货币危机的早期警告

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摘要

Are there early warnings of an impending financial crisis in China? Our analysis using the Kaminsky-Lizondo-Reinhart (KLR) signal approach reveals that the probability of China having a currency crisis in the 24 months to October 2017 could be increased assuming no remedial action by the authorities to avert an impending crisis. Notwithstanding the above, our analysis shows that nine out of 15 economic indicators are effective in predicting a currency crisis. Loss function of policymakers and evaluation of usefulness are then employed to verify their validity. The results show that bank deposits and M2/international reserves are the most powerful indicators.
机译:是否有中国即将发生金融危机的预警?我们使用Kaminsky-Lizondo-Reinhart(KLR)信号方法进行的分析表明,假设当局没有采取补救措施来避免即将来临的危机,中国在截至2017年10月的24个月内发生货币危机的可能性可能会增加。尽管如此,我们的分析显示15个经济指标中有9个可以有效预测货币危机。然后采用决策者的损失职能和有用性评估来验证其有效性。结果表明,银行存款和M2 /国际储备是最有力的指标。

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