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Der Festkurs als merkantilistische Handelspolitik : Chinas Währungs- und Geldpolitik im Umfeld globaler Ungleichgewichte

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  • Schnabl, Gunther

Abstract

Der Druck auf die chinesische Regierung, die Wechselkursbindung des chinesischen Yuan an den US Dollar aufzugeben, ist groß. Seitdem der Dollar unter kontinuierlichem Abwertungsdruck steht, wird in den westlichen Industriestaaten Chinas Festkurs einer merkantilistischen Handelspolitik gleichgesetzt. Aus der Sicht Chinas erscheint der Festkurs hingegen vorteilhaft. Aufgrund der Dollarisierung internationaler Zahlungsströme in Ostasien und eines hohen Bestandes an Dollar-Auslandsvermögen trägt die Wechselkursbindung zur makroökonomischen Stabilität Chinas und ganz Ostasiens bei. Es bleibt die Gefahr der Inflation, die über den Festkurs importiert wird. Der Überhitzung könnten eine Aufwertung des Yuan oder eine restriktivere Finanz- und Geldpolitik in den USA entgegen wirken.

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  • Schnabl, Gunther, 2005. "Der Festkurs als merkantilistische Handelspolitik : Chinas Währungs- und Geldpolitik im Umfeld globaler Ungleichgewichte," Tübinger Diskussionsbeiträge 291, University of Tübingen, School of Business and Economics.
    • Handle: RePEc:zbw:tuedps:291
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    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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