A Darwinian Perspective on 'Exchange Rate Undervaluation'

Qingyuan Du, S. Wei
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引用次数: 22

Abstract

This paper studies how status competition for marriage partners can generate surprising effects on the real exchange rate (RER). In theory, a rise in the sex ratio (increasing relative surplus of men) can generate a decline in the RER. The effect can be quantitatively large if the biological desire for a marriage partner is strong. We also provide within-China and cross-country empirical evidence to support the theory. As an application, our cross-country estimation suggests that sex ratio as well as other factors in the existing literature can account for the recent evolution in Chinese RER almost completely.
“汇率低估”的达尔文视角
本文研究了婚姻伴侣的地位竞争如何对实际汇率(RER)产生惊人的影响。理论上,性别比的上升(男性相对盈余的增加)会导致RER的下降。如果对婚姻伴侣的生理渴望很强烈,这种影响在数量上就会很大。我们还提供了国内和跨国的经验证据来支持这一理论。作为一项应用,我们的跨国估计表明,性别比例以及现有文献中的其他因素几乎可以完全解释中国RER的近期演变。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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