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The future of China's exchange rate policy / Morris Goldstein and Nicholas R. Lardy.
- Format:
- Book
- Author/Creator:
- Goldstein, Morris, 1944-
- Series:
- Policy analyses in international economics ; 87.
- Policy analyses in international economics ; 87
- Language:
- English
- Subjects (All):
- Foreign exchange rates--China.
- Foreign exchange rates.
- International economic relations.
- China--Commerce.
- China.
- Physical Description:
- 1 online resource (125 p.)
- Edition:
- 1st ed.
- Place of Publication:
- Washington, DC : Peterson Institute for International Economics, 2009.
- Language Note:
- English
- Summary:
- Over the past five years China has emerged as the world's largest global surplus economy; indeed by 2007-08 the size of its surplus relative to its GDP was of a magnitude unprecedented for a large trading economy. This study provides a comprehensive analysis of the key economic challenges facing the Chinese authorities in light of the still undervalued exchange rate, the large build-up of foreign-exchange reserves, and more recently, the sharp decline in economic growth. It analyzes the implications of China's exchange-rate policy for the effectiveness of monetary policy, the transition to a commercially oriented banking system, the evolving structure of output and demand, and the risk of protectionism abroad. The policy-options portion of the study takes account of the significant real-effective of the RMB over the past fifteen months and will contrast the pros and cons of a "stay-the-course" policy with that of a bolder, "three-stage" approach.
- Contents:
- Evolution of China's exchange rate in the reform era
- Transition to an equilibrium exchange rate
- Developments since mid-2005
- Challenges facing the Chinese authorities under the existing currency regime
- Independence of monetary policy
- Rebalancing economic growth
- Potential effects of Renminbi appreciation on China's banking system
- External adjustment, global imbalances, and the risk of protectionism
- Policy implications and options
- The stay-the-course strategy
- The three-stage approach.
- Notes:
- Bibliographic Level Mode of Issuance: Monograph
- Includes bibliographical references (p. 97-106) and index.
- ISBN:
- 0-88132-516-3
- OCLC:
- 648759772
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