Internationalisation of the Chinese RMB and its Role as an Anchor Currency in East Asia: a VAR Model

Student: De miguel lechuga Alberto eugenio

Educational Programme: Politics. Economics. Philosophy (Master)

Final Grade: 9

Year of Graduation: 2020

In this paper, we tested the hypothesis of the existence of a ‘RMB bloc’ in East Asia, namely, a group of East Asian countries whose currencies have the Chinese Renminbi as a de facto anchor currency. In an attempt to overcome many of the limitations posed by Frankel-Wei models used in the precedent literature, such as collinearity and endogeneity problems, we used a VAR model. In view of our results, it seems sound to affirm that a de facto RMB bloc has begun to form throughout recent years in EA, especially after the Global Financial Crisis of 2008.

Full text (added May 25, 2020)

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