关键词: 本币升值, 影响因素分析, 新兴市场国家, 国际经验比较

Abstract: Uhis paper investigates the fundamental factors driving the local currency revaluation in the major emerging economies.We find that among all the factors,trade account surplus,financial account surplus,and rapid GDP growth are the major underlying ones.The empirical study based on panel data of sample economies supports our finding.The propositions would have important policy implications for China as an emerging economy facing pressure of Renminbi revaluation: Chinese government should consider the above factors firstly and carefully when making macroeconomic policies against Renminbi revaluation.

Key words: local currency revaluation, emerging market economies, international comparison