Abstract

http://ssrn.com/abstract=1264942
 
 

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China's Exchange Rate Impasse and the Weak U.S. Dollar


Ronald McKinnon


Stanford University - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)

Gunther Schnabl


University of Leipzig - Institute for Economic Policy; CESifo (Center for Economic Studies and Ifo Institute)

September 2008

CESifo Working Paper Series No. 2386

Abstract:     
Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China contributes to the worldwide increase in primary commodity prices - with excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s.

Number of Pages in PDF File: 28

Keywords: inflation, exchange rates, macro policies, current account imbalances

JEL Classification: E31, E61, F31

working papers series





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Date posted: September 9, 2008  

Suggested Citation

McKinnon, Ronald and Schnabl, Gunther, China's Exchange Rate Impasse and the Weak U.S. Dollar (September 2008). CESifo Working Paper Series No. 2386. Available at SSRN: http://ssrn.com/abstract=1264942

Contact Information

Ronald McKinnon
Stanford University - Department of Economics ( email )
Landau Economics Building
579 Serra Mall
Stanford, CA 94305-6072
United States
650-723-3721 (Phone)
650-493-7018 (Fax)
CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Poschinger Str. 5
Munich, DE-81679
Germany
Gunther Schnabl (Contact Author)
University of Leipzig - Institute for Economic Policy ( email )
Institute for Economic Policy
Grimmaische Straße 12
Leipzig, 04109
Germany
HOME PAGE: http://www.uni-leipzig.de/iwp
CESifo (Center for Economic Studies and Ifo Institute)
Poschinger Str. 5
Munich, DE-81679
Germany
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