Politique du change et développement des exportations manufacturées en Chine
[eng] This paper shows how the modalities of exchange rate policy (exchange arrangements as well as rate variations) contribute to explain the strong real depreciation of the Chinese currency. It relies on an explicative model of the real exchange rate which incorporates, besides devaluation, monetary policy and price controls. It then tests the response of manufactured exports to the change of real exchange rate. [fre] L'article montre comment les modalités de la politique de change, dans sa double dimension (réglementation des opérations et taux de change), contribue à expliquer la forte dépréciation réelle de la monnaie. Il se fonde sur un modèle explicatif du taux de change réel qui intègre, à côté de la dévaluation, la politique monétaire et le contrôle des prix. Il teste ensuite la sensibilité des exportations de biens manufacturés à la variation du taux de change réel.
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Volume (Year): 47 (1996)
Issue (Month): 3 ()
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- Feltenstein, Andrew & Ha, Jiming, 1991. "Measurement of repressed inflation in China : The lack of coordination between monetary policy and price controls," Journal of Development Economics, Elsevier, vol. 36(2), pages 279-294, October.
- Richard Portes & Anita Santorum, 1987.
"Money and the Consumption Goods Market in China,"
NBER Working Papers
2143, National Bureau of Economic Research, Inc.
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