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The United States and the PRC: Macroeconomic Imbalances and Economic Diplomacy

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  • Levy, Philip

    (Asian Development Bank Institute)

Abstract

The People’s Republic of China (PRC)’s current account surplus, its growing foreign exchange reserves, and its shifting policies on exchange rate adjustment have become a central preoccupation of United States (US) trade policy. The paper considers the evolving political economy of the US policy stance and of the PRC’s response; it assesses the opportunity costs of an approach that has sometimes focused on the exchange rate to the exclusion of other issues; and it explores the ramifications for economic governance in the short- and medium-run.

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File URL: http://www.adbi.org/files/2011.12.01.wp328.us.prc.macroeconomic.imbalances.economic.diplomacy.pdf
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Bibliographic Info

Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 328.

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Length: 36 pages
Date of creation: 02 Dec 2011
Date of revision:
Handle: RePEc:ris:adbiwp:0328

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Keywords: macroeconomic imbalances; exchange rate adjustment; prc; united states; exchange rate adjustment;

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  1. Barry Eichengreen & Gisela Rua, 2011. "Exchange Rates and Global Rebalancing," Macroeconomics Working Papers 23258, East Asian Bureau of Economic Research.
  2. Yiping Huang & Kunyu Tao, 2011. "Causes of and Remedies for the People’s Republic of China’s External Imbalances : The Role of Factor Market Distortion," Macroeconomics Working Papers 23257, East Asian Bureau of Economic Research.
  3. Ray C. Fair, 2010. "Estimated Macroeconomic Effects of a Chinese Yuan Appreciation," Cowles Foundation Discussion Papers 1755, Cowles Foundation for Research in Economics, Yale University.
  4. Qingyuan Du & Shang-Jin Wei, 2010. "A Sexually Unbalanced Model of Current Account Imbalances," NBER Working Papers 16000, National Bureau of Economic Research, Inc.
  5. Thorbecke, Willem & Komoto, Ginalyn, 2010. "Investigating the Effect of Exchange Rate Changes on Transpacific Rebalancing," ADBI Working Papers 247, Asian Development Bank Institute.
  6. Ray C Fair, 2010. "Estimated Macroeconomic Effects of a Chinese Yuan Appreciation," Business Economics, Palgrave Macmillan, vol. 45(4), pages 233-243, October.
  7. William R. Cline & John Williamson, 2011. "Estimates of Fundamental Equilibrium Exchange Rates, May 2011," Policy Briefs PB11-5, Peterson Institute for International Economics.
  8. María Jes�s Herrerias & Vicente Orts, 2010. "Is the Export-led Growth Hypothesis Enough to Account for China's Growth?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 18(s1), pages 34-51.
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