Accountability and Oversight of U. S. Exchange Rate Policy

Overview

The dispute over Chinese exchange rate policy within the United States has generated a series of legislative proposals to restrict the discretion of the Treasury Department in determining currency manipulation and to reform the department's accountability to the US Congress. This book reviews Treasury's reports to Congress on exchange rate policy-introduced by the Exchange Rates and International Economic Policy Coordination Act of 1988-and Congress's treatment of them. It finds that the accountability process ...
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Accountability and Oversight of US Exchange Rate Policy

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Overview

The dispute over Chinese exchange rate policy within the United States has generated a series of legislative proposals to restrict the discretion of the Treasury Department in determining currency manipulation and to reform the department's accountability to the US Congress. This book reviews Treasury's reports to Congress on exchange rate policy-introduced by the Exchange Rates and International Economic Policy Coordination Act of 1988-and Congress's treatment of them. It finds that the accountability process has often not worked well in practice: Coverage of the reports has sometimes been lacking, and Congress has not always conducted firm oversight. Several recommendations can improve guidance to the Treasury and congressional oversight. These include (1) refining the criteria used to determine currency manipulation, (2) explicitly harnessing US decisions on manipulation to the International Monetary Fund's rules on exchange rates, (3) clarifying the general objectives of US exchange rate policy, and (4) institutionalizing multicommittee oversight of exchange rate policy by Congress. Furthermore, as they develop legislation targeting manipulation, legislators should not lose sight of the broader purposes of the 1988 Act relating to the overall value of the dollar and its impact on the US economy.
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Product Details

  • ISBN-13: 9780881324198
  • Publisher: Peterson Institute for International Economics
  • Publication date: 6/30/2008
  • Series: Policy Analyses in International Economics Ser.
  • Edition description: New Edition
  • Pages: 112
  • Product dimensions: 6.00 (w) x 8.97 (h) x 0.34 (d)

Table of Contents


Preface     xi
Acknowledgments     xv
Introduction     1
Premises     3
Comparative Perspective     6
Organization of the Study     9
Foundations of Accountability     11
Definition and Prerequisites     11
Debate over the Role of Congress     13
Executive Discretion and Congressional Oversight     14
The Exchange Rates and International Economic Policy Coordination Act of 1988     17
Origins     17
Key Elements     19
Comparison with IMF Language     22
Review of the Reports     23
Findings of Manipulation, 1988-94     24
Mexican Peso Crisis of 1994-95     34
Asian Financial Crisis of 1997-98     36
Japanese Yen     37
Europe's Monetary Union     38
Fiscal Policy     39
China, 2000-2007     44
Assessment     52
Appendix 4A     56
Congressional Oversight     65
Appendix 5A     69
Recommendations     85
Preparation of the Reports     85
General Objectives     87
Current Account Balances andReal Effective Exchange Rates     88
Manipulation     89
Countermeasures     91
Reinforcing the IMF     93
Multilateral Fairness and Coordination     95
Report Consolidation     96
Congressional Oversight     96
Conclusion     99
Exchange Rates and International Economic Policy Coordination Act of 1988     103
Articles of Agreement of the International Monetary Fund     109
IMF Guidelines for Bilateral Surveillance over Members' Exchange Rate Policy     111
References     113
Index     119
Tables
Overview of the US Treasury's reports on international economic and exchange rate policy, 1988-2007     56
Congressional hearings on exchange rate reports, 1988-2007     69
Exchange rate bills submitted to the 110th Congress, 1st Session, January-December 2007     77
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