Analysis on structural changes and imbalances of the world economy

• Project/Area Number: 20530263
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Single-year Grants
• Section: 一般
• Research Field: Public finance/Monetary economics
• Research Institution: Kwansei Gakuin University (2010-2011); University of Tsukuba (2008-2009)
• Principal Investigator: FUJII Eiji 関西学院大学, 経済学部, 教授 (20321961)
• Project Period (FY): 2008 – 2011
• Project Status: Completed (Fiscal Year 2011)
• Budget Amount: ¥3,770,000 (Direct Cost: ¥2,900,000、Indirect Cost: ¥870,000); Fiscal Year 2011: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2010: ¥1,040,000 (Direct Cost: ¥800,000、Indirect Cost: ¥240,000); Fiscal Year 2009: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000); Fiscal Year 2008: ¥910,000 (Direct Cost: ¥700,000、Indirect Cost: ¥210,000)
• Keywords: 経常収支 / 為替レート / ミスアラインメント / 不均衡 / 実質為替レート / 人民元 / 構造変化

Research Abstract

A central economic challenge that the world faces is to how to re-balance the global current account imbalance. This research analyzes the problem and related policy issues from a perspective of currency misalignment. We find that the oft-used currency misalignment estimates are not robust to modifications in methodologies, assumptions, and data revisions. Based on these, we argue that a fundamental revision is necessary to the ongoing policy discussion for resolution of the problem.

Research Products

• [Journal Article] Exchnage rate mislaignment estimates? Sources of differences (2011)
  • Author(s): Y. W. Cheung, Eiji Fujii
  • Journal Title: CESifo Working Paper Series Volume: No.3555 Pages: 1-48
• [Journal Article] Exchange Rate Misalignment Estimates-Sources of Differences (2011)
  • Author(s): Eiji Fujii, Y-.W.Cheung
  • Journal Title: CESifo Working Paper Series Volume: 3555 Pages: 1-48
• [Journal Article] Measuring renminbi mislaignment : Where do we stand? (2010)
  • Author(s): Y-W. Cheung, Menzie Chinn, Eiji Fujii
  • Journal Title: Korea and the World Economy Volume: Vol.11 Pages: 263-296
  • Peer Reviewed
• [Journal Article] Measuring Renminbi Misalignment : Where Do We Stand? (2010)
  • Author(s): Yin-Wong Cheung, Menzie Chinn, Eiji Fujii
  • Journal Title: Korea and the World Economy v.11 n.2 Pages: 263-296
  • Peer Reviewed
• [Journal Article] Measuring Renminbi Misalignment : Where Do We Stand? (2010)
  • Author(s): Y.W.Cheung, et al.
  • Journal Title: Korea and the World Economy Volume: 11(2) Pages: 263-296
  • Peer Reviewed
• [Journal Article] Pitfalls in Measuring Exchange Rate Misalignment : The Yuan and Other Currencies (2009)
  • Author(s): Yin-Wong Cheung, Menzie Chinn, Eiji Fujii
  • Journal Title: Open Economies Review v.20 Pages: 183-206
  • Peer Reviewed
• [Presentation] The Penn effect, Workshop on Global interdependence, decoupling, and re-coupling (2011)
  • Author(s): Eiji Fujii
  • Organizer: Venice Summer Institute
  • Place of Presentation: Venice Summer Institute
  • Year and Date: 2011-07-23
• [Presentation] The Penn effect (2011)
  • Author(s): Eiji Fujii
  • Organizer: Workshop on "Global interdependence, Decoupling, and Re-coupling"
  • Place of Presentation: Venice International University, Venice, Italy
  • Year and Date: 2011-07-23
• [Presentation] A note on the debate over renminbi undervaluation (2009)
  • Author(s): 藤井英次
  • Organizer: 第7回現代政策研究会議
  • Place of Presentation: 関西社会経済研究所
  • Year and Date: 2009-02-21
• [Presentation] A Note on the Debate over Renminbi Undervaluation (2009)
  • Author(s): 藤井英次
  • Organizer: 第7回現代政策研究会議
  • Place of Presentation: 関西社会経済研究所
  • Year and Date: 2009-02-21
• [Book] Asia and China in the Global Economy (2011)
  • Author(s): Y. W. Cheung, Menzie Chinn, Eiji Fujii
• [Book] Asia and China in the Global Economy (2011)
  • Author(s): Eiji Fujii, Y-.W.Cheung, Menzie Chinn
  • Publisher: World Scientific
• [Book] China's growing role in world trade (2010)
  • Author(s): Y. W. Cheung, Menzie Chinn, Eiji Fujii
  • Publisher: The University of Chicago Press
• [Book] China's Current Account and Exchange Rate(China's Growing Role in World Trade)(in Robert Feenstra and Shiang-Jin Wei (eds.)) (2010)
  • Author(s): Yin-Wong Cheung, Menzie Chinn, Eiji Fujii
  • Publisher: University of Chicago Press for NBER
• [Book] China's Growing Role in World Trade (2010)
  • Author(s): Y.W.Cheung, et al.
  • Publisher: The University of Chicago Press