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[null,"1.","Record Nr.",null,"UNINA9910953436103321"]
[null,null,"Autore",null,"Goldstein Morris <1944->"]
[null,null,"Titolo",null,"The future of China's exchange rate policy / / Morris Goldstein and Nicholas R. Lardy"]
[null,null,"Pubbl/distr/stampa",null,"Washington, DC, : Peterson Institute for International Economics, 2009"]
[null,null,"ISBN",null,"0-88132-516-3"]
[null,null,"Edizione",null,"[1st ed.]"]
[null,null,"Descrizione fisica",null,"1 online resource (125 p.)"]
[null,null,"Collana",null,"Policy analyses in international economics ; ; 87"]
[null,null,"Disciplina",null,"332.4/560951"]
[null,null,"Soggetti",null,"Foreign exchange rates - China"]
[{"$nulls":4},"International economic relations"]
[{"$nulls":4},"China Commerce"]
[null,null,"Lingua di pubblicazione",null,"Inglese"]
[null,null,"Formato",null,"Materiale a stampa"]
[null,null,null,"Livello bibliografico","Monografia"]
[null,null,null,"Note generali","Bibliographic Level Mode of Issuance: Monograph"]
[null,null,null,"Nota di bibliografia","Includes bibliographical references (p. 97-106) and index."]
[null,null,"Nota di contenuto",null,"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."]
[null,null,null,"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."]