Chinas Exchange Rate Policy in the Light of the German Experience with an Undervalued Deutschmark
This paper deals with the present undervaluation policy in China in the light of the German experiences with the undervaluation of the Deutschmark under Bretton Woods conditions. In Germany, there was a 20 years lasting academic and public debate on the needs for appreciation because of the high costs of having an undervalued currency. These costs referred, I. E, to inflation import, overheating the economy, and distortion of the internal production structure of the country --this seeming to be a similar situation in present China. From the German experience it is argued that flexible nominal exchange rates for large economies like China could better reduce the costs of the adjustment needs of real exchange rates than adjustments via internal inflation. Furthermore, if China as a new Global Player fulfills some necessary conditions for sound economic performance the RMB could possibly change the international monetary order towards a 3-polar monetary system.
exchange rate policy China Germany
Wolf Sch(a)fe
国际会议
竞争与伙伴关系：中国与欧盟经济贸易关系热点问题国际学术研讨会
北京
英文
66-74
2008-04-12（万方平台首次上网日期，不代表论文的发表时间）