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Abstract.  Assessments of a country's real exchange rate relative to its 'equilibrium' value as suggested by 'fundamental' determinants have received increasing attention. Using China as an example, the present paper illustrates models commonly used to derive equilibrium real exchange rate estimates. The large variance in the estimates raises serious questions about the robustness of these results. The basic conclusion is that, at least for China, small changes in model specifications, explanatory variable definitions, and time periods used in estimation can lead to very substantial differences in equilibrium real exchange rate estimates. Therefore, such estimates should be treated with great caution.

Intro -- Contents -- Foreword -- Preface -- Acknowledgments -- PART I FINANCIAL SECTOR REFORMS: BANKING -- 1 Banking Sector Reform in India -- 2 Reforming China's Banking System: How Much Can Foreign Strategic Investment Help? -- 3 The Banking System Structure in China and India -- PART II FINANCIAL SECTOR REFORMS: SECURITIES MARKETS -- 4 Development of the Securities Market in India -- 5 Development of Securities Markets: The Indian Experience -- 6 Accelerating the External and Internal Opening Up of China's Securities Industry -- PART III FINANCIAL INTEGRATION -- 7 Domestic Financial Liberalization and International Financial Integration: An Indian Perspective -- 8 Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China -- PART IV OTHER POLICIES SUSTAINING GROWTH -- 9 Some Apparent Puzzles for Contemporary Monetary Policy -- 10 Fiscal Policy in China -- 11 Labor Mobility in China and India: The Role of Hukou, Caste, and Community -- PART V INDO-CHINA ECONOMIC COOPERATION -- 12 Indian Economic Development and India-China Cooperation -- 13 India-China Economic Cooperation.