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This paper critically evaluates the policy literature surrounding China's exchange rate regime. It first discusses several popularly raised contentions in relation to the dollar peg employed by China, which in fact are poorly grounded in evidence. These include notions that the RMB is clearly...
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Purchasing Power Parity (PPP) is an appealing theory of the determination of longrun equilibrium exchange rates as it is founded on the intuitive proposition that opportunities for arbitrage will not go unexploited. However, in practice, measuring PPP exchange rates is hindered by difficulties...
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WTO entry in 2001 heralded a new stage in the reform of China’s banking sector. With the reality that foreign banks would be extended national treatment by the end of 2006, China’s banks faced the imperative to reform in earnest. They began reforms from a variety of different starting points...
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This paper critically comments on the policy literature surrounding China�s exchange rate regime. It first seeks to expose as myths several popularly raised contentions regarding the dollar peg employed by China, including the belief that the RMB is clearly undervalued and that its value is...
Persistent link: https://www.econbiz.de/10005812814
The picture often painted is that foreign capital inflows in China and India are prominently linked to rapid growth at the national level, and contribute to widening income disparities at the provincial/state level. In this paper we revisit Krugman�s (1993) contention that foreign capital...
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