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All Outputs (3)

Oral Intervention in China: Efficacy of Chinese Exchange Rate Communications (2016)
Journal Article
Zhang, Z., Li, H., & Zhang, C. (2016). Oral Intervention in China: Efficacy of Chinese Exchange Rate Communications. International Review of Financial Analysis, 49, 24-34. https://doi.org/10.1016/j.irfa.2016.11.006

This paper analyses China's oral intervention and the efficacy of exchange rate communications by the Chinese monetary authorities. Applying the event study approach, we find that exchange rate communication could help the authorities to impact the C... Read More about Oral Intervention in China: Efficacy of Chinese Exchange Rate Communications.

China's Intervention in the Central Parity Rate: A Bayesian Tobit Analysis (2016)
Journal Article
Li, H., Zhang, Z., & Zhang, C. (2017). China's Intervention in the Central Parity Rate: A Bayesian Tobit Analysis. Research in International Business and Finance, 39(Part A), 612-624. https://doi.org/10.1016/j.ribaf.2016.07.017

This paper investigates China’s daily foreign exchange intervention through the setting and adjustment of the central parity rate, using daily data from July 22, 2005 to July 22, 2013. Applying a Bayes Tobit model, we find evidence that China’s daily... Read More about China's Intervention in the Central Parity Rate: A Bayesian Tobit Analysis.

Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change (2016)
Journal Article
Dixon, R., Zhang, Z., & Dai, Y. (2016). Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change. Review of International Economics, 24(5), 875-892. https://doi.org/10.1111/roie.12226

With an emphasis on government intervention that hinders market forces in currency movements, this paper presents a nuanced investigation of the degree and dynamics of flexibility in China's exchange rate regime. A high-frequency data model is develo... Read More about Exchange Rate Flexibility in China: Measurement, Regime Shifts and Driving Forces of Change.