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China's Exchange Rate Impasse and the Weak U.S. DollarRonald McKinnonStanford University - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) Gunther SchnablUniversity of Leipzig - Institute for Economic Policy; CESifo (Center for Economic Studies and Ifo Institute for Economic Research) 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 seriesDate posted: September 9, 2008Suggested CitationContact Information
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