When measuring the nominal effective exchange rate （NEER）, three factors should be considered： direct import competition, direct export competition and third market competuion. The traditional NEER methodology usin...When measuring the nominal effective exchange rate （NEER）, three factors should be considered： direct import competition, direct export competition and third market competuion. The traditional NEER methodology using aggregated export trade data underestimates the competition between countries producing homogeneous goods, so that the weight of the effective exchange rates is too reliant on trade scale. Based on 2002 6-digit items of the Harmonized Commodity Description and Coding System, this paper employs the competitive stress index to adjust the weighting system of the renminbi NEER for third market competition. In the new weighting system, European countries and some emerging economies have higher weights compared with some of the developed countries, including the USA, Japan and resources-dominated eeonomies~ This research will facilitate the understanding of changes in China＇s export competitiveness.展开更多
基金financed by the National Social Science Fund"G20 and Global Governance"(11AGJ001)
文摘When measuring the nominal effective exchange rate （NEER）, three factors should be considered： direct import competition, direct export competition and third market competuion. The traditional NEER methodology using aggregated export trade data underestimates the competition between countries producing homogeneous goods, so that the weight of the effective exchange rates is too reliant on trade scale. Based on 2002 6-digit items of the Harmonized Commodity Description and Coding System, this paper employs the competitive stress index to adjust the weighting system of the renminbi NEER for third market competition. In the new weighting system, European countries and some emerging economies have higher weights compared with some of the developed countries, including the USA, Japan and resources-dominated eeonomies~ This research will facilitate the understanding of changes in China＇s export competitiveness.
