npj Breast Cancer

• Record Nr.: UNINA9910769165303321
• Pubbl/distr/stampa: England
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Periodico

The future of China's exchange rate policy / / Morris Goldstein and Nicholas R. Lardy

• Record Nr.: UNINA9910953436103321
• Autore: Goldstein Morris <1944->
• Pubbl/distr/stampa: Washington, DC, : Peterson Institute for International Economics, 2009
• ISBN: 0-88132-516-3
• Edizione: [1st ed.]
• Descrizione fisica: 1 online resource (125 p.)
• Collana: Policy analyses in international economics ; ; 87
• Altri autori (Persone): LardyNicholas R
• Disciplina: 332.4/560951
• Soggetti: Foreign exchange rates - China; International economic relations; China Commerce
• Lingua di pubblicazione: Inglese
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Note generali: Bibliographic Level Mode of Issuance: Monograph
• Nota di bibliografia: Includes bibliographical references (p. 97-106) and index.
• Nota di contenuto: 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.
• Sommario/riassunto: 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.