Investigating the effect of exchange-rate changes in Japan, China, east Asia, and Europe

Willem Thorbecke 26 February 2013

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Policymakers are concerned about currency wars and competitive devaluations. Many complain that trading partners are artificially lowering their exchange rates through quantitative easing and managed exchange rates in order to gain price competitiveness for their exporters.

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Topics:  Exchange rates

Tags:  US, Europe, China, Japan, Eurozone crisis

China and the end of extrapolation

George Magnus 31 January 2013

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That the Chinese economy is slowing down as it quickly matures should come as no surprise. The global economic conditions of the two decades leading up to the financial crisis were exceptional; things are far more sober now.

Many of China’s development achievements are unrepeatable. Only once can you:

  • Join the WTO;
  • Accomplish rural-urban labour transfer;
  • Fulfill high secondary school enrollment;
  • Boost the investment share of GDP to 50%.

In spite of the current upward bounce in the economy, slower underlying growth is inevitable.

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Topics:  Development

Tags:  growth, China, Communist Party, middle-income trap

Exchange-rate volatility is a problem for trade … especially when financial development is low

Jérôme Héricourt, Sandra Poncet 19 January 2013

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The increasing volatility of exchange rates after the fall of the Bretton Woods agreements has been a constant source of concern for both policymakers and academics. Developed countries fought hard in the 1980s to limit US dollar fluctuation (one thinks of the Plaza and Louvre’s agreements, respectively in 1985 and 1987), and some European countries took an even more radical decision by giving up their national currency for the euro in 1999.

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Topics:  Exchange rates International trade

Tags:  China, trade, exchange-rate volatility

Capital controls: Gates versus walls

Michael W Klein 17 January 2013

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Capital controls are no longer considered rogue policies.

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Topics:  Macroeconomic policy

Tags:  China, South Korea, capital controls, Brazil

Trade liberalization and embedded institutional reform: Evidence from Chinese exporters

Amit Khandelwal, Shang-Jin Wei, Peter K. Schott ,

Date Published

Sun, 12/02/2012

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productivity, China, misallocation, multifibre agreement

Growth slowdowns redux: Avoiding the middle-income trap

Barry Eichengreen, Donghyun Park, Kwanho Shin 11 January 2013

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The rapid economic growth of so-called emerging markets is one of the leading storylines of our age. Arguably, it is the most important economic development affecting the world’s population in the first decade of the 21st century. Rapid economic growth has lifted millions out of poverty. It has accounted for the vast majority of global growth in a period when the advanced countries have struggled economically and financially.

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Topics:  Development

Tags:  China, middle income gap, slowdown

The appreciating renminbi

Philippe Bacchetta, Kenza Benhima, Yannick Kalantzis 09 January 2013

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In the recent US presidential campaign, China was accused again of currency manipulation. In other words, the Chinese central bank is accused of maintaining the exchange rate at an artificially low level compared to its equilibrium value, including heavy intervention in the foreign exchange market. There has been a fierce debate on this issue in recent years, including on VoxEU.org (e.g., Persaud 2011, Reisen 2011, Reisen et al. 2011, Storesletten et al. 2010).

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Topics:  Exchange rates

Tags:  China, Currency manipulation, Currency wars

Trade liberalisation and embedded institutional reform: Evidence from Chinese exporters

Amit Khandelwal, Peter K. Schott , Shang-Jin Wei 15 January 2013

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Economists traditionally assess the welfare losses of trade barriers without considering the underlying institutions that support them. In fact, these institutions may amplify welfare losses substantially. Corrupt customs agents, bureaucratic red tape and the withholding of goods in bonded warehouses may favour some firms at the expense of others, resulting in a substantial misallocation of resources. Anecdotal evidence along these lines is easy to spot.

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Topics:  Institutions and economics International trade

Tags:  China, import quota, export licence

China’s pure exporter subsidies: Protectionism by exporting

Fabrice Defever, Alejandro Riaño 04 January 2013

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On 17 September last year, the US requested consultations with China concerning a wide range of export-contingent measures – grants, tax preferences and interest-rate subsidies, totalling at least $1 billion – in apparent violation of the WTO’s Agreement on Subsidies and Countervailing Measures, China’s accession protocol and article XVI of the GATT. The EU joined the consultations shortly after on 28 September.

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Topics:  International trade

Tags:  China, WTO, trade, welfare

Value-added exchange rates

Rudolfs Bems, Robert Johnson 06 December 2012

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Real effective exchange rates (REERs) are widely used to gauge competitiveness. Yet conventional REERs, based on gross trade flows and consumer price indexes (CPIs), are not well suited to that role when imports are used to produce exports – i.e., with vertical specialisation in trade.

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Topics:  Competition policy Global economy International trade

Tags:  competitiveness, Germany, global imbalances, China, globalisation, trade, supply chains, iPhone

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