China's exchange rate system reform : lessons for macroeconomic policy management / Paul Yip Sau Leung.

Format:

Book

Author/Creator:

Yip, Paul Sau-Leung.

Language:

English

Subjects (All):

Foreign exchange rates--China.

Foreign exchange rates.

China--Economic conditions--2000-.

China.

China--Economic policy.

Physical Description:

1 online resource (439 p.)

Edition:

1st ed.

Place of Publication:

Singapore ; Hackensack, N.J. : World Scientific, c2011.

Language Note:

English

Summary:

The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses: The transitional, medium-term and long-term designs of the reform; China's achievements and mistakes on the reform; China's banking reform and its lessons to other emerging economies; Maintaining a certain trade surplus as a dynamically optimal choice for China; China's stock market bubble and the gradual bubble squeezing strategy; China's property inflation and its solution; China's fiscal and monetary policies during and after the global financial tsunami.

Contents:

About the Author; Preface; Brief Contents; Contents; Acknowledgements; Part I: China's Exchange Rate System Reform; Chapter 1 Macroeconomic Conditions and Debates Before the Reform; 1.1 Macroeconomic Conditions Before the Reform; 1.1.1 The Beginning of China's Persistent Trade Surplus; 1.1.2 The Asian Financial Crisis: The Beginning of the Peg to US Dollar; 1.1.3 The Weakening US Dollar Since Early 2002: Reasons and Impact; 1.1.4 Other Macroeconomic Performance Before the Reform; 1.2 Debate Before the Reform: Risk of Various Proposals

Chapter 2 Transitional and Medium-Term Designs of the Reform 2.1 The Proposed Transitional Reform; 2.1.1 Gradual Appreciation, No Major or Medium Jump in Exchange Rate and No Widening of Band; 2.1.2 A Basket of Currencies with Special Care to the Exchange Rate Against the US Dollar at the Early Stage; 2.1.3 A Narrow Exchange Rate Band at the Early Stage; 2.2 The Proposed Medium-Term Arrangements; 2.2.1 The Debating Process Before the Medium-Term Recommendation; 2.2.2 The Medium-Term Recommendation; Chapter 3 Supplementary Measures

3.1 Prolonged Asset Inflation and Then Economic Crisis: A Major Potential Threat to China's Economic Development 3.2 Supplementary Measures; 3.2.1 Banking Reform; 3.2.2 Control of Asset Inflation; 3.2.3 Variable Wage Component; 3.2.4 Capital Control; Chapter 4 The Transitional Reform in 2005; 4.1 The Reform Announced in July 2005; 4.2 Market Response at the Early Stage; 4.3 Two Important Characteristics That Contribute to the Initial Success; 4.4 Proposed Measures to Deal With the Speculative Inflows; 4.4.1 Measures That Discourage Speculative Inflows

4.4.2 Measures That Offset the Impacts of Speculative Inflows 4.5 Further Discussions on the Offsetting Measures; 4.5.1 Importance of Maintaining Capital Control at That Time; 4.5.2 The Moderate Speculative Inflows Was Still within the Central Bank's Sterilization Capacity; 4.5.3 Two Other Important Sources of Inflows; 4.5.4 Some Basic Principles to Guide the Direction of the Offsetting Measures; 4.5.5 Ways to Build in More Controllability and Adjustability on Potential Outflows; 4.6 More Following-Up Comments on the Offsetting Measures

4.6.1 Need to Scale Up the Offsetting Measures and Maintain a Trade Surplus 4.6.2 An Accounting Hurdle on the Recommended Sterilization; 4.7 Actions Taken by the Chinese Government; 4.8 The Moderate Mistake Committed by China's Central Bank Between Mid-2006 and Early 2008; Chapter 5 Further Proposals on Supplementary Measures After the Transitional Reform; 5.1 The Potential Disaster of Developing the Renminbi Forward or Futures Market at That Time; 5.1.1 The Chinese Central Bank's Initial Proposal to Develop the Renminbi Forward Market; 5.1.2 The Potential Damage

5.1.3 The Central Bank's Decision to Freeze the Development of the Renminbi Futures Market

Notes:

Description based upon print version of record.

Includes bibliographical references (p. 391-393) and index.

ISBN:

9786613433329

9781283433327

128343332X

9789814289115

9814289116

OCLC:

858228120