Most widely held works by Yin-Wong Cheung
The economic integration of Greater China : real and financial linkages and the prospects for currency union by Yin-Wong Cheung ( Book )
5 editions published in 2007 in English and held by 142 libraries worldwide
"Cheung, Chinn and Fujii provide an up-to-date assessment of mainland China's economic development and its integration with its neighboring economies, especially Hong Kong and Taiwan. This grouping is also known as Greater China." "In addition, the authors evaluate the prospects for a currency union in Greater China, the most extreme form of integration. Prospects of China's continued integration with the world economy, and the implications of policies in Beijing and other Pacific Rim capitals are also discussed."--BOOK JACKET.
China and Asia : economic and financial interactions ( Book )
10 editions published between 2008 and 2009 in English and held by 121 libraries worldwide
How do UK-based foreign exchange dealers think their market operates by Yin-Wong Cheung ( Book )
12 editions published between 1999 and 2000 in English and No Linguistic content and held by 89 libraries worldwide
Integration, cointegration and the forecast consistency of structural exchange rate models by Yin-Wong Cheung ( Book )
9 editions published between 1995 and 1997 in English and No Linguistic content and held by 86 libraries worldwide
Are macroeconomic forecasts informative? : cointegration evidence from the ASA-NBER surveys by Yin-Wong Cheung ( Book )
9 editions published between 1996 and 1999 in English and No Linguistic content and held by 86 libraries worldwide
Empirical exchange rate models of the nineties : are any fit to survive by Yin-Wong Cheung ( Book )
13 editions published between 2002 and 2004 in English and No Linguistic content and held by 82 libraries worldwide
We reassess exchange rate prediction using a wider set of models that have been proposed in the last decade. The performance of these models is compared against two reference specifications-purchasing power parity and the sticky-price monetary model. The models are estimated in first-difference and error-correction specifications, and model performance is evaluated at forecast horizons of 1, 4, and 20 quarters, using the mean squared error, direction of change metrics, and the "consistency" test of Cheung and Chinn (1998). Overall, model/specification/currency combinations that work well in one period do not necessarily work well in another period.
Traders, market microstructure, and exchange rate dynamics by Yin-Wong Cheung ( Book )
10 editions published in 1999 in English and No Linguistic content and held by 79 libraries worldwide
Market structure and the persistence of sectoral real exchange rates by Yin-Wong Cheung ( Book )
8 editions published in 1999 in English and No Linguistic content and held by 77 libraries worldwide
Macroeconomic implications of the beliefs and behavior of foreign exchange traders by Yin-Wong Cheung ( Book )
7 editions published in 1999 in English and No Linguistic content and held by 70 libraries worldwide
The Chinese economies in global context : the integration process and its determinants by Yin-Wong Cheung ( Book )
6 editions published in 2003 in English and No Linguistic content and held by 61 libraries worldwide
The linkages between the People's Republic of China (PRC) and the other Chinese economies of Hong Kong and Taiwan are assessed, and compared against those with Japan and the US. We first characterize the time series behavior of variables corresponding to three criteria of integration, namely real interest parity, uncovered interest parity, and relative purchasing power parity. There is evidence that these parity conditions tend to hold over longer periods between the PRC and all other economies, although they do not hold instantaneously. In general, the magnitude of the deviations from the parity conditions is shrinking over time. Overall, however, Hong Kong exhibits indications of a more advanced level of integration with the PRC. We also find that evidence is surprisingly positive for integration with the US. We then turn to examining the determinants of the degree of integration. Regression results suggest that the degrees of financial and real integration depend upon the extent of capital controls, foreign direct investment linkages, as well as the magnitude of exchange rate volatility.
The overvaluation of Renminbi undervaluation by Yin-Wong Cheung ( Book )
6 editions published in 2007 in English and held by 51 libraries worldwide
"We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables"--National Bureau of Economic Research web site.
The evolving role of Asia in global finance ( Book )
3 editions published in 2011 in English and Undetermined and held by 45 libraries worldwide
The process of Asias rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis, posing new opportunities and challenges to both the Asian economies and the global financial and trade systems. This volume represents a significant new endeavour to explore and understand the dynamics created by this process of transition. Specifically, it addresses the following four contemporary themes of the evolving role of Asia in global finance: (a) real and financial interactions among economies and across markets, both within Asia and beyond; (b) regional monetary cooperation in Asia; (c) the decoupling debate over Asias evolving economic and financial ties with major industrial economies; and (d) the changing roles of domestic finance and capital flows in the developing Asian economies. It sheds light on various dimensions of Asias economy and finance, ranging from business cycles, exchange rate movements, regional policy coordination, domestic financial development, capital flows, and financial market behaviour. These analyses are pooled in a book that is a must read for market participants, policymakers and academics alike.
Further investigation of the uncertain unit root in GNP by Yin-Wong Cheung ( Book )
7 editions published between 1995 and 1996 in English and held by 38 libraries worldwide
An output perspective on a Northeast Asia currency union by Yin-Wong Cheung ( Book )
6 editions published in 2004 in English and held by 34 libraries worldwide
China's current account and exchange rate by Yin-Wong Cheung ( Book )
7 editions published in 2009 in English and held by 34 libraries worldwide
We examine whether the Chinese exchange rate is misaligned and how Chinese trade flows respond to the exchange rate and to economic activity. We find, first, that the Chinese currency, the renminbi (RMB), is substantially below the value predicted by estimates based upon a cross-country sample, when using the 2006 vintage of the World Development Indicators. The economic magnitude of the mis-alignment is substantial -- on the order of 50 percent in log terms. However, the misalignment is typically not statistically significant, in the sense of being more than two standard errors away from the conditional mean. However, this finding disappears completely when using the most recent 2008 vintage of data; then the estimated undervaluation is on the order of 10 percent. Second, we find that Chinese multilateral trade flows respond to relative prices -- as represented by a trade weighted exchange rate -- but the relationship is not always precisely estimated. In addition, the direction of the effects is sometimes different from what is expected a priori. For instance, Chinese ordinary imports actually rise in response to a RMB depreciation; however, Chinese exports appear to respond to RMB depreciation in the expected manner, as long as a supply variable is included. In that sense, Chinese trade is not exceptional. Furthermore, Chinese trade with the United States appears to behave in a standard manner -- especially after the expansion in the Chinese manufacturing capital stock is accounted for. Thus, the China-US trade balance should respond to real exchange rate and relative income movements in the anticipated manner. However, in neither the case of multilateral nor bilateral trade flows should one expect quantitatively large effects arising from exchange rate changes. And, of course, these results are not informative with regard to the question of how a change in the RMB/USD exchange rate would affect the overall US trade deficit. Finally, we stress the fact that considerable uncertainty surrounds both our estimates of RMB misalignment and the responsiveness of trade flows to movements in exchange rates and output levels. In particular, the results for trade elasticities are sensitive to econometric specification, accounting for supply effects, and for the inclusion of time trends.
Pitfalls in measuring exchange rate misalignment the yuan and other currencies by Yin-Wong Cheung ( Book )
4 editions published in 2008 in English and held by 31 libraries worldwide
We evaluate whether the Renminbi (RMB) is misaligned, relying upon conventional statistical methods of inference. A framework built around the relationship between relative price and relative output levels is used. We find that, once sampling uncertainty and serial correlation are accounted for, there is little statistical evidence that the RMB is undervalued, even though the point estimates usually indicate economically significant misalignment. The result is robust to various choices of country samples and sample periods, as well as to the inclusion of control variables. We then update the results using the latest vintage of the data to demonstrate how fragile the results are. We find that whatever misalignment we detected in our previous work disappears in this data set.
On cross-country differences in the persistence of real exchange rates by Yin-Wong Cheung ( Book )
6 editions published between 1997 and 1999 in English and held by 27 libraries worldwide
Equity price dynamics before and after the introduction of the euro : a note by Yin-Wong Cheung ( Book )
6 editions published in 2001 in English and held by 19 libraries worldwide
Testing for output convergence : a re-examination by Yin-Wong Cheung ( Book )
6 editions published in 2000 in English and held by 16 libraries worldwide
The performance of trading rules on four Asian currency exchange rates by Yin-Wong Cheung ( Book )
5 editions published between 1996 and 1997 in English and held by 12 libraries worldwide
Analysis of variance Asia Balance of payments Capital market China China--Hong Kong Commerce Commerce--Econometric models Dividends East Asia Econometrics Economic forecasting--Econometric models Economic history Economic policy Economic surveys Estimation theory Foreign exchange Foreign-exchange brokers Foreign exchange market Foreign exchange rates Foreign exchange rates--Econometric models Foreign exchange rates--Forecasting Foreign exchange rates--Mathematical models Germany Great Britain Gross national product--Econometric models Industrial organization (Economic theory) Industrial organization (Economic theory)--Econometric models International economic integration International economic relations Japan Japan--Tokyo Macroeconomics Malaysia Microeconomics Monetary policy--Econometric models Monetary unions OECD countries Purchasing power parity Purchasing power parity--Econometric models Rate of return--Econometric models Renminbi Singapore Stock exchanges Stock exchanges--Econometric models Stocks--Prices Stocks--Prices--Mathematical models Taiwan Time-series analysis United States
Cheung, Y.-W. fl.1990-
Cheung, Yin-wong fl.1990-