China's exchange-rate policy has been under attack in the last years, especially in the United States. Now the critique of Beijing's policy is coming from Europe as well, and Chinese authorities are accused of boosting its own export, at others expense, by keeping its currency below its real...

The debate about whether fixed or flexible exchange-rate regimes are better suited to guaranteeing stability has received added stimulus from the macroeconomic crisis in Argentina. This paper argues that it is misleading solely to concentrate on exchange-rate policy to assess the preconditions...