IDEAS home Printed from https://ideas.repec.org/a/prs/recofi/ecofi_0987-3368_2004_num_77_4_4177.html
   My bibliography  Save this article

Le yuan et le G20

Author

Listed:
  • Agnès Bénassy-Quéré
  • Amina Lahrèche-Révil
  • Valérie Mignon

Abstract

[fre] Dans cet article, les auteurs cherchent à déterminer la marge d’appréciation du yuan, et à analyser les conséquences qu’aurait, pour la parité euro-dollar, un réajustement du taux de change du yuan et des monnaies asiatiques. Tout d’abord, cet article rappelle les origines du régime de change fixe en Chine, dont le choix est indissociable de la stratégie de développement chinoise, fondée sur une ouverture privilégiant les exportations. Puis, il propose deux mesures alternatives du taux de change d’équilibre du yuan, l’une fondée sur l’hypothèse que le yuan doit se comporter comme l’ensemble des monnaies des pays du G20, l’autre fondée sur l’hypothèse que les monnaies du G20 ont chacune une dynamique d’ajustement propre. Enfin, les auteurs étudient l’impact qu’aurait un réajustement du yuan et des autres monnaies asiatiques sur les déséquilibres mondiaux, mesurés par les distorsions de change subies par ces pays. Différents scénarios permettent de quantifier les conséquences d’une éventuelle coopération monétaire en Asie. . Classification JEL : F31, F36, O24, O53 [eng] The Yuan and the G20 . In this article, authors try to calculate the Yuan’s rise margin and to analyse the impacts of an exchange rate adjustment of Yuan and other Asian currency on the Euro-Dollar’s parity. First, this article describes the origins of the fixed exchange rate in China. This choice is an integral part of the Chinese development strategy which is based on exports incentives. This article shows 2 alternative assessments of the Yuan’s equilibrium exchange rate. The first assumption supposes that the Yuan changes as the all G20 currencies. The second assumption supposes that each G20 currency has its own adjustment’s dynamic. At last, the authors study the impact of a Yuan’s and other Asian currencies’ realignment on the international balances measured by the exchange imbalances suffered by these countries. Some scenarios allow to assume consequences of an Asian monetary co-operation. . JEL classification : F31, F36, O24, O53

Suggested Citation

  • Agnès Bénassy-Quéré & Amina Lahrèche-Révil & Valérie Mignon, 2004. "Le yuan et le G20," Revue d'Économie Financière, Programme National Persée, vol. 77(4), pages 127-146.
  • Handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_77_4_4177
    Note: DOI:10.3406/ecofi.2004.4177
    as

    Download full text from publisher

    File URL: https://doi.org/10.3406/ecofi.2004.4177
    Download Restriction: no

    File URL: https://www.persee.fr/doc/ecofi_0987-3368_2004_num_77_4_4177
    Download Restriction: no

    References listed on IDEAS

    as
    1. Agnès Bénassy-Quéré & Lionel Fontagné & Michel Fouquin, 2003. "Heureux dollar," La Lettre du CEPII, CEPII research center, issue 225.
    2. Kakkar, Vikas & Ogaki, Masao, 1999. "Real exchange rates and nontradables: A relative price approach," Journal of Empirical Finance, Elsevier, vol. 6(2), pages 193-215, April.
    3. Sylviane GUILLAUMONT JEANNENEY & Ping HUA, 2001. "The Balassa-Samuelson effect and inflation in the Chinese provinces," Working Papers 200106, CERDI.
    4. Enrique Alberola, 2003. "Misalignment, liabilities dollarization and exchange rate adjustment in Latin America," Working Papers 0309, Banco de España;Working Papers Homepage.
    5. Gilda C Fernandez & Cem Karacadag & Rupa Duttagupta, 2004. "From Fixed to Float; Operational Aspects of Moving towards Exchange Rate Flexibility," IMF Working Papers 04/126, International Monetary Fund.
    6. Michel Aglietta & Bronka Rzepkowski, 2004. "Les banques centrales asiatiques et le dollar," La Lettre du CEPII, CEPII research center, issue 230.
    7. Cheung, Yin-Wong & Chinn, Menzie D. & Fujii, Eiji, 2006. "The Chinese economies in global context: The integration process and its determinants," Journal of the Japanese and International Economies, Elsevier, vol. 20(1), pages 128-153, March.
    8. Balazs Egert & Amina Lahrèche-Révil & Kirsten Lommatzsch, 2004. "The Stock-Flow Approach to the Real Exchange Rate of CEE Transition Economies," Working Papers 2004-15, CEPII research center.
    9. Eichengreen, Barry, 2004. "Chinese Currency Controversies," CEPR Discussion Papers 4375, C.E.P.R. Discussion Papers.
    10. International Monetary Fund, 2002. "Lithuania; History and Future of the Currency Board Arrangement," IMF Working Papers 02/127, International Monetary Fund.
    11. Agnès Bénassy-Quéré & Pascale Duran-Vigneron & Amina Lahrèche-Revil & Mignon, Valerie, 2004. "Burden Sharing and Exchange-Rate Misalignments within the Group of Twenty," Working Papers 2004-13, CEPII research center.
    12. Se-Eun Jeong & Jacques Mazier, 2003. "Exchange Rate Regimes and Equilibrium Exchange Rates in East Asia," Revue économique, Presses de Sciences-Po, vol. 54(5), pages 1161-1182.
    13. Enrique Alberola & Susana Garcia-Cervero & Humberto López & Angel Ubide, 2005. "Quo vadis Euro?," International Finance 0507004, EconWPA.
    14. Francoise Lemoine & Deniz Unal-Kesenci, 2002. "Chine : spécialisation internationale et rattrapage technologique," Economie Internationale, CEPII research center, issue 92, pages 11-40.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:prs:recofi:ecofi_0987-3368_2004_num_77_4_4177. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Equipe PERSEE). General contact details of provider: https://www.persee.fr/collection/ecofi .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.