{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,8]],"date-time":"2026-01-08T16:19:25Z","timestamp":1767889165042,"version":"3.49.0"},"reference-count":39,"publisher":"FapUNIFESP (SciELO)","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Brazil. J. Polit. Econ."],"published-print":{"date-parts":[[2017,12]]},"abstract":"<jats:p>ABSTRACT The aim of this paper is to analyze the impact of the Chinese foreign exchange policy on foreign trade with the European Union. After describing the importance of the exchange rate in an open economy and some of the methodologies employed to calculate its equilibrium value, we examine whether the Chinese competitiveness is due to the existence of misalignment (undervaluation) of its exchange rate, or rather, to other sources of competitiveness. For this purpose, we use a Vector Error Correction (VEC) model to estimate a long-run exports equation. The empirical results indicate that over the past few years, Chinese exports have benefited from an \u201cunfair\u201d competitive advantage resulting from the manipulation of its currency value.<\/jats:p>","DOI":"10.1590\/0101-31572017v37n04a12","type":"journal-article","created":{"date-parts":[[2018,1,16]],"date-time":"2018-01-16T10:23:05Z","timestamp":1516098185000},"page":"870-893","source":"Crossref","is-referenced-by-count":9,"title":["The impact of the Chinese exchange policy on foreign trade with the European Union"],"prefix":"10.1590","volume":"37","author":[{"given":"ANA","family":"CARDOSO","sequence":"first","affiliation":[{"name":"Universidade de Coimbra,  Portugal"}]},{"given":"ANT\u00d3NIO PORTUGAL","family":"DUARTE","sequence":"additional","affiliation":[{"name":"Universidade de Coimbra,  Portugal"}]}],"member":"530","reference":[{"key":"ref1","series-title":"China\u2019s International Competitiveness: Reassessing the Evidence","author":"Assche A.","year":"2008"},{"issue":"6","key":"ref2","doi-asserted-by":"crossref","first-page":"584","DOI":"10.1086\/258965","article-title":"The Purchasing Power Parity Doctrine: a Reappraisal","volume":"72","author":"Balassa B.","year":"1964","journal-title":"Journal of Political Economy"},{"issue":"2","key":"ref3","doi-asserted-by":"crossref","first-page":"99","DOI":"10.1111\/j.1467-9957.1965.tb00050.x","article-title":"Trade Liberalization and Revealed Comparative Advantage","volume":"33","author":"Balassa B.","year":"1965","journal-title":"Manchester Scholl of Economic and Social Studies"},{"issue":"2","key":"ref4","doi-asserted-by":"crossref","first-page":"151","DOI":"10.1016\/0304-3932(81)90040-4","article-title":"A New Approach to Decomposition of Economic Time Series into Permanent and Transitory Components with Particular Attention to Measurement of the Business Cycle","volume":"7","author":"Beveridge S.","year":"1981","journal-title":"Journal of Monetary Economics"},{"issue":"2006-13, July","key":"ref5","article-title":"The Renminbi Equilibrium Exchange Rate: an Agnostic View","author":"Bouveret A.","year":"2006","journal-title":"Observatoire Fran\u00e7ais des Conjonctures \u00c9conomiques"},{"key":"ref6","series-title":"Equilibrium Exchange Rates","volume-title":"Exchange Rates and Economic Fundamentals: A Methodological Comparison of BEERs and FEERs","author":"Clark P.","year":"1998"},{"key":"ref7","series-title":"Renminbi Undervaluation, China\u2019s Surplus, and the US Trade Deficit","author":"Cline W.","year":"2010"},{"key":"ref8","author":"Cline W.","year":"2007"},{"key":"ref9","series-title":"Estimates of Fundamental Equilibrium Exchange Rates","author":"Cline W.","year":"2010"},{"key":"ref10","series-title":"The Current Currency Situation","author":"Cline W.","year":"2011"},{"issue":"366","key":"ref11","doi-asserted-by":"crossref","first-page":"427","DOI":"10.2307\/2286348","article-title":"Distribution of the Estimators for Autoregressive Time Series with a Unit Root","volume":"74","author":"Dickey D.","year":"1979","journal-title":"Journal of American Statistical Association"},{"issue":"248","key":"ref12","article-title":"Concepts of Equilibrium Exchange Rates","author":"Driver R.","year":"2004","journal-title":"Bank of England Working Paper"},{"issue":"2","key":"ref13","doi-asserted-by":"crossref","first-page":"251","DOI":"10.2307\/1913236","article-title":"Co-integration and Error Correction: Representation, Estimation and Testing","volume":"55","author":"Engle R.","year":"1987","journal-title":"Econometrica"},{"key":"ref14","series-title":"The Threat of Currency Wars: a European Perspective","author":"Ferry J.","year":"2010"},{"key":"ref15","series-title":"On the Renminbi: The Choice between Adjustment Under a Fixed Exchange Rate and Adjustment Under a Flexible Rate","author":"Frankel J.","year":"2005"},{"key":"ref16","series-title":"Cointegration Analysis in Econometric Modelling","author":"Harris R.","year":"1995"},{"key":"ref17","series-title":"Can the Chinese Trade Surplus be Reduced Through Exchange Rate Policy?","author":"Herrero A.G.","year":"2007"},{"issue":"1","key":"ref18","doi-asserted-by":"crossref","first-page":"1","DOI":"10.2307\/2953682","article-title":"Postwar Business Cycles: An Empirical Investigation","volume":"29","author":"Hodrick R.","year":"1997","journal-title":"Journal of Money, Credit and Banking"},{"key":"ref19","article-title":"Likelihood - Based Inference in Cointegrated Vector Autoregressive Models","author":"Johansen S.","year":"1995","journal-title":"Advanced Texts in Econometrics"},{"key":"ref20","first-page":"11","article-title":"A Structural and Macroeconomic Approach to RMB\u2019s Valuation","author":"Ligang L.","year":"2004","journal-title":"Journal of China and World Economy"},{"key":"ref21","series-title":"Trade Policy Research, Special Edition: Global Value Chains - Impacts and Implications","first-page":"127","volume-title":"China\u2019s Role in Global Production Networks","author":"Ma A.","year":"2011"},{"key":"ref22","series-title":"A Economia Chinesa e a sua Integra\u00e7\u00e3o na Economia Mundial","author":"Martins C.","year":"2005"},{"key":"ref23","series-title":"A Dream of Asian Empire","author":"Miller T.","year":"2014"},{"key":"ref24","series-title":"Exchange Rate Misalignment: Concepts and Measurement for Developing Countries","first-page":"65","volume-title":"Estimating Equilibrium Exchange Rates: An Overview","author":"Montiel P.","year":"1999"},{"key":"ref25","series-title":"Macroeconomics in Emerging Markets","author":"Montiel P.","year":"2011","edition":"2nd edition"},{"key":"ref26","series-title":"Estudos Sobre a China VIII","volume-title":"O Novo Papel da China Como Motor de Crescimento e da Integra\u00e7\u00e3o no Leste Asi\u00e1tico","volume":"2","author":"Pereira R.","year":"2006"},{"issue":"79","key":"ref27","article-title":"The Chinese Approach to Capital Inflows: Patterns and Possible Explanations","author":"Prasad E.","year":"2005","journal-title":"IMF Working Paper"},{"key":"ref28","series-title":"What\u2019s So Special About China\u2019s Exports?","author":"Rodrik D.","year":"2006"},{"key":"ref29","first-page":"647","article-title":"The Purchasing Power Parity Puzzle","volume":"XXXIV","author":"Rogoff K.","year":"1996","journal-title":"Journal of Economic Literature"},{"key":"ref30","series-title":"China Trip Report","author":"Roubini N.","year":"2005"},{"key":"ref31","article-title":"Xi rejeita hegemonia e quer mais atua\u00e7\u00e3o em quest\u00f5es globais","author":"Safatle C.","year":"2014","journal-title":"Valor Econ\u00f4mico"},{"key":"ref32","series-title":"The collected Scientific Papers of Paul A. Samuelson","volume-title":"Theoretical Notes on Trade Problems","volume":"II","author":"Samuelson P.","year":"1964"},{"key":"ref33","series-title":"Are Currency Appreciations Contractionary in China?","author":"Shi J.","year":"2006"},{"key":"ref34","series-title":"Models of Equilibrium Real Exchange Rates Revisited: A Selective Review of the Literature","author":"Siregar R.","year":"2006"},{"issue":"4","key":"ref35","doi-asserted-by":"crossref","first-page":"103","DOI":"10.1016\/j.chieco.2004.10.001","article-title":"Policy Strategies to Deal with Reevaluation Pressures on the Renminbi","volume":"16","author":"Sun H.","year":"2005","journal-title":"China Economic Review"},{"issue":"3","key":"ref36","doi-asserted-by":"crossref","first-page":"67","DOI":"10.1016\/j.chieco.2004.06.003","article-title":"RMB Revaluation Will Serve China\u2019s Self-Interest","volume":"15","author":"Tung C.","year":"2004","journal-title":"China Economic Review"},{"key":"ref37","author":"Williamson J.","year":"1983"},{"issue":"2","key":"ref38","doi-asserted-by":"crossref","first-page":"276","DOI":"10.1016\/S1043-951X(02)00073-1","article-title":"Does Comparative Advantage Explains Export Patterns in China?","volume":"13","author":"Yue C.","year":"2002","journal-title":"China Economic Review"},{"key":"ref39","series-title":"China Growth and Integration into the World Economy: Prospects and Challenges","volume-title":"Exchange Rate Dynamics","author":"Wang T","year":"2004"}],"container-title":["Brazilian Journal of Political Economy"],"original-title":[],"link":[{"URL":"http:\/\/www.scielo.br\/pdf\/rep\/v37n4\/1809-4538-rep-37-04-870.pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2018,1,20]],"date-time":"2018-01-20T23:13:27Z","timestamp":1516490007000},"score":1,"resource":{"primary":{"URL":"http:\/\/www.scielo.br\/scielo.php?script=sci_arttext&pid=S0101-31572017000400870&lng=en&tlng=en"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2017,12]]},"references-count":39,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2017,12]]}},"alternative-id":["S0101-31572017000400870"],"URL":"https:\/\/doi.org\/10.1590\/0101-31572017v37n04a12","relation":{},"ISSN":["1809-4538","0101-3157"],"issn-type":[{"value":"1809-4538","type":"electronic"},{"value":"0101-3157","type":"print"}],"subject":[],"published":{"date-parts":[[2017,12]]}}}