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We estimate the equilibrium exchange rate (EER) of the Chinese renminbi (RMB) visa -vis the U.S. dollar from 1992 to 2008. In contrast to the recent empirical studies on the EER employing a large crosscountry analysis, we focus on the supply side real factors in estimating the EER by extending the Yoshikawa (1990) model. To better reflect China's processing(More)
In this paper we use a structural VAR model with block exogeneity to investigate if external shocks originating from the USA played a dominant role in influencing the macroeconomic fluctuations in East Asia during the period 1978-2007. The empirical results show a dynamic effect of external shocks, implying that, even though regional integration appears to(More)
In this paper, we propose, simulate and experimentally demonstrate a convenient pre-compensation method, which is capable of mitigating fiber nonlinearity in dense wavelength-division-multiplexed long-haul high-speed systems. From nonlinear Schrödinger equation, we deduce that an optical signal with quadratic phase will have better nonlinear suppression(More)
In recent years, the Renminbi (RMB) exchange rate issue has been at the centre of ongoing debate over the source of global current account imbalance, especially with the United States. The objective of this study is to contribute to the current discussion by providing some new evidence on China's exchange rate policy and the impacts of RMB(More)
Most studies of business cycle exclude the dimension of asymmetric conditional volatility. In this paper, we propose three bivariate asymmetric GARCH models to capture the properties of conditional volatility and time-varying conditional correlations of business cycle indicators in four OECD countries. Our study extends the constant conditional correlation(More)
  • Chan-Hyun Sohn, Albert K Korea, Tsui, Feng Zhang, Zhaoyong Zhang, Professor +1 other
  • 2012
This paper investigates the underpricing and long-run performance of 230 A-share IPOs issued in the Chinese markets using comparable firm * The authors wish to thank the journal Editor-in-Chief, Professor Kyung Mook Lee, and three anonymous referees for extremely valuable comments. The last author wishes to acknowledge the financial support of a Strategic(More)