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Debating China's Exchange Rate Policy [NOOK Book]

Overview

More than two and a half years have passed since China announced a number of changes to its foreign exchange regime in July 2005. During this period, the debate on the pros and cons of China's exchange rate policy, which had begun in earnest several years earlier, intensified. This important new book, based on an Institute conference in October 2007, takes stock of exchange rate policy in China and identifies the major policy options going forward. Specific proposals presented in the volume address how best to ...
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Debating China's Exchange Rate Policy

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Overview

More than two and a half years have passed since China announced a number of changes to its foreign exchange regime in July 2005. During this period, the debate on the pros and cons of China's exchange rate policy, which had begun in earnest several years earlier, intensified. This important new book, based on an Institute conference in October 2007, takes stock of exchange rate policy in China and identifies the major policy options going forward. Specific proposals presented in the volume address how best to eliminate any misalignment of the renminbi; how best to reduce pressures emanating from the sterilization of large reserve accumulation; how best to make capital flows the ally-not the enemy-of exchange rate policy; and what institutional arrangements and policy guidelines to put in place to reap the greatest benefits from management of China's large foreign exchange reserves. Leading experts-including three from China-have contributed to the volume. The keynote address by Wu Xiaoling, deputy governor to the People's Bank of China at the time of the conference, is also presented in the book.
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Product Details

  • ISBN-13: 9780881324860
  • Publisher: Peterson Institute for International Economics
  • Publication date: 4/15/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • File size: 7 MB

Meet the Author

Morris Goldstein, Dennis Weatherstone Senior Fellow since 1994, has held several senior staff positions at the International Monetary Fund (1970-94), including Deputy Director of its Research Department (1987-94). He has written extensively on international economic policy and on international capital markets. His books include Controlling Currency Mismatches in Emerging Markets (2004), Managed Floating Plus (2002), Assessing Financial Vulnerability: An Early Warning System for Emerging Markets (2000), The Asian Financial Crisis: Causes, Cures, and Systemic Implications (1998), The Case for an International Banking Standard (1997), and The Exchange Rate System and the IMF: A Modest Agenda (1995).

Nicholas R. Lardy, called "everybody's guru on China" by the National Journal, is a senior fellow at the Peterson Institute for International Economics. He has written numerous articles and books on the Chinese economy including: China The Balance Sheet (2006) Prospects for a US-Taiwan Free Trade Agreement (2004), Integrating China into the Global Economy (2002), and China's Unfinished Economic Revolution (1998). Lardy is a member of the Council on Foreign Relations and is a member of the editorial boards of the China Quarterly, Journal of Asian Business, China Review, and China Economic Review.

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Table of Contents

1 China's Exchange Rate Policy: An Overview of Some Key Issues Morris Goldstein Goldstein, Morris Nicholas R. Lardy Lardy, Nicholas R. 1

China's Industrial Investment Boom and the Renminbi Jonathan Anderson Anderson, Jonathan 61

Renminbi Revaluation and US Dollar Depreciation Fan Gang Fan, Gang 70

2 Monetary Policy Independence, the Currency Regime, and the Capital Account in China Eswar S. Prasad Prasad, Eswar S. 77

Some Bubbles in the Discussion of the Chinese Exchange Rate Policy Shang-Jin Wei Wei, Shang-Jin 93

The Open Economy Trilemma: An Alternative View from China's Perspective Jin Zhongxia Jin, Zhongxia 100

3 Rebalancing China's Growth Bert Hofman Hofman, Bert Louis Kuijs Kuijs, Louis 109

Approaches to Rebalancing China's Growth Kenneth Rogoff Rogoff, Kenneth 123

Domestic Imbalances and Data Ambiguities Barry Bosworth Bosworth, Barry 126

4 Estimates of the Equilibrium Exchange Rate of the Renminbi: Is There a Consensus and If Not, Why Not? William R. Cline Cline, William R. John Williamson Williamson, John 131

Equilibrium Exchange Rate of the Renminbi Jeffrey A. Frankel Frankel, Jeffrey A. 155

Toward a Balanced Approach Simon Johnson Johnson, Simon 166

5 The Management of China's International Reserves: China and a Sovereign Wealth Fund Scoreboard Edwin M. Truman Truman, Edwin M. 169

Toward a Better Understanding of Sovereign Wealth Funds Mohamed A. El-Erian El-Erian, Mohamed A. 194

Impact of China Investment Corporation on the Management of China's Foreign Assets Brad Setser Setser, Brad 201

6 The US Congress and the Chinese Renminbi Gary Clyde Hufbauer Hufbauer, Gary Clyde Claire Brunel Brunel, Claire 219

The Politics of TradeFrictions Stephen S. Roach Roach, Stephen S. 234

7 Influence of the Renminbi on Exchange Rate Policies of Other Asian Currencies Takatoshi Ito Ito, Takatoshi 239

The Regional Currency Unit and Exchange Rate Policy Cooperation in East Asia Yung Chul Park Yung, Chul Park 259

The End of Europe's Long-Standing Indifference to the Renminbi Jean Pisani-Ferry Pisani-Ferry, Jean 268

8 IMF Surveillance over China's Exchange Rate Policy Michael Mussa Mussa, Michael 279

The IMF's Approach to Surveillance Steven Dunaway Dunaway, Steven 336

9 Commentary Andrew Crockett Crockett, Andrew Fan Gang Fan, Gang C. Fred Bergsten Bergsten, C. Fred Lawrence H. Summers Summers, Lawrence H. 341

Keynote Address: China's Exchange Rate Policy and Economic Restructuring Wu Xiaoling Wu, Xiaoling 355

About the Contributors 363

Index 373

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