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Currency Conflict and Trade Policy: A New Strategy for the United States

Author

Listed:
  • C. Fred Bergsten

    (Peterson Institute for International Economics)

  • Joseph E. Gagnon

    (Peterson Institute for International Economics)

Abstract

Conflicts over currency valuations are a recurrent feature of the modern global economy. To strengthen their international competitiveness, many countries resort to buying foreign currencies to make their exports cheaper and their imports more expensive. In the first decade of the 21st century, for example, China's currency manipulation practices were so flagrant that they produced a backlash in the United States and other trading partners, prompting threats of retaliation. How damaging is the practice of currency manipulation--and how extensive is the problem? This book by C. Fred Bergsten and Joseph E. Gagnon--two leading experts on trade, investment, and the effects of currency manipulation--traces the history, causes, and effects of currency manipulation and analyzes a range of policy responses that the United States could adopt. The book is an indispensable guide to a complex and serious problem and what might be done to solve it.

Suggested Citation

  • C. Fred Bergsten & Joseph E. Gagnon, 2017. "Currency Conflict and Trade Policy: A New Strategy for the United States," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 7267, October.
    • Handle: RePEc:iie:ppress:7267
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    Citations

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    Cited by:

    1. Sumner, Scott, 2020. "Currency Manipulation, Saving Manipulation, and the Current Account Balance," Working Papers 07761, George Mason University, Mercatus Center.
    2. Michael D. Bordo & Robert N. McCauley, 2019. "Triffin: Dilemma or Myth?," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 67(4), pages 824-851, December.
    3. David Autor & David Dorn & Gordon Hanson & Kaveh Majlesi, 2020. "Importing Political Polarization? The Electoral Consequences of Rising Trade Exposure," American Economic Review, American Economic Association, vol. 110(10), pages 3139-3183, October.
    4. Joseph E. Gagnon, 2017. "Do Governments Drive Global Trade Imbalances?," Working Paper Series WP17-15, Peterson Institute for International Economics.
    5. David Autor & David Dorn & Gordon Hanson, 2021. "On the Persistence of the China Shock," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 52(2 (Fall)), pages 381-476.
    6. Chinn, Menzie D. & Ito, Hiro, 2022. "A Requiem for “Blame It on Beijing” interpreting rotating global current account surpluses," Journal of International Money and Finance, Elsevier, vol. 121(C).
    7. C. Fred Bergsten, 2018. "China and the United States: The Contest for Global Economic Leadership," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 26(5), pages 12-37, September.
    8. Kathryn M. E. Dominguez, 2020. "Revisiting Exchange Rate Rules," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 68(3), pages 693-719, September.
    9. Thorbecke, Willem, 2018. "The exposure of U.S. manufacturing industries to exchange rates," International Review of Economics & Finance, Elsevier, vol. 58(C), pages 538-549.
    10. Adam S. Posen, 2018. "Economics‐based Principles for a Post‐conflict China–US Commercial Regime," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 26(5), pages 2-11, September.
    11. Gardini, Laura & Radi, Davide & Schmitt, Noemi & Sushko, Iryna & Westerhoff, Frank, 2022. "Currency manipulation and currency wars: Analyzing the dynamics of competitive central bank interventions," Journal of Economic Dynamics and Control, Elsevier, vol. 145(C).
    12. Obstfeld, Maurice, 2020. "Harry Johnson’s “Case for Flexible Exchange Rates†– 50 Years Later," CEPR Discussion Papers 14488, C.E.P.R. Discussion Papers.
    13. Kathryn M. E. Dominguez, 0. "Revisiting Exchange Rate Rules," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 0, pages 1-27.
    14. Kumhof, Michael & Sokol, Andrej & Rungcharoenkitkul, Phurichai, 2020. "How Does International Capital Flow?," CEPR Discussion Papers 15526, C.E.P.R. Discussion Papers.
    15. Joseph E Gagnon & Philip Turner, 2019. "Monetary and Exchange Rate Policies for Sustained Growth in Asia," National Institute of Economic and Social Research (NIESR) Discussion Papers 497, National Institute of Economic and Social Research.
    16. Yeboah, Samuel, 2023. "Unravelling the Tapestry: Understanding the Factors Shaping Current Account Imbalances in Ghana," MPRA Paper 117638, University Library of Munich, Germany, revised 06 Jun 2023.
    17. Eduardo Levy Yeyati & Federico Sturzenegger, 2022. "Exchange Rate Regimes 20 years later: The prevalence of floats," Working Papers 166, Universidad de San Andres, Departamento de Economia, revised Nov 2023.
    18. Eduardo Levy-Yeyati & Federico Sturzenegger, 2022. "Classifying Exchange Rate Regimes: 20 Years Later," Working Papers 182, Red Nacional de Investigadores en Economía (RedNIE).
    19. Stiglitz, Joseph E., 2018. "Trump and Globalization," Journal of Policy Modeling, Elsevier, vol. 40(3), pages 515-528.
    20. Zhelev, Paskal, 2022. "The Foreign Exchange Policy of China – Is the Country a “Currency Manipulator”?," MPRA Paper 116735, University Library of Munich, Germany.
    21. Ryan M. Weldzius, 2021. "The end of currency manipulation? Global production networks and exchange rate outcomes," Economics and Politics, Wiley Blackwell, vol. 33(3), pages 514-532, November.
    22. Maurice Obstfeld, 2020. "Harry Johnson's “Case for flexible exchange rates”—50 years later," Manchester School, University of Manchester, vol. 88(S1), pages 86-113, September.
    23. Lawrence L. Kreicher & Robert N. McCauley, 2021. "Managing the Dollar Over Its Cycles," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 49(2), pages 143-158, June.
    24. Daniel Fried, 2023. "The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04," Working Papers 58764, Congressional Budget Office.
    25. Jan Philipp Fritsche & Patrick Christian Harms, 2020. "Better off without the Euro? A Structural VAR Assessment of European Monetary Policy," Discussion Papers of DIW Berlin 1907, DIW Berlin, German Institute for Economic Research.

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