| Title:
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THE FUTURE OF CHINA`S EXCHANGE RATE POLICY
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| By: |
Morris Goldstein, Nicholas R. Lardy |
| Format: |
Paperback |
| List price:
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£17.99 |
| Our price: |
£14.39 |
| Discount: |
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| You save:
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£3.60 |
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| ISBN 10: |
0881324167 |
| ISBN 13: |
9780881324167 |
| Availability: |
Usually dispatched within 1-3 weeks.
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| Stock: |
Currently 0 available |
| Publisher: |
THE PETERSON INSTITUTE FOR INTERNATIONAL ECONOMICS |
| Pub. date: |
1 June, 2008 |
| Pages: |
124 |
| Description: |
Presents specific proposals for how China's exchange rate and capital account policies might be modified over the medium term. This book contrasts the features of a "stay the course" policy with those of a bolder "three stage" approach that seeks to reduce more rapidly the current undervaluation of the renminbi. |
| Synopsis: |
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 development is especially surprising since in the first twenty-five years of economic reform China's trade and current account surpluses were quite small by East Asian standards, averaging less than 2 percent of GDP.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 appreciation of the renminbi 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 that would seek to maintain recent progress and to reduce even further the undervaluation of the renminbi. |
| Publication: |
US |
| Imprint: |
The Peterson Institute for International Economics |
| Returns: |
Returnable |