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Chinese Mercantilism: Currency Wars and How the East was Lost

  • Surjit S. Bhalla
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    The world changed on July 2, 1997 when Thailand floated the baht. Explanations abound on the origins of the crisis - indeed it is a growth industry. This study is part of that explosion. It has several objectives. Identification of the causes of the crisis is the most important goal. Why did it happen ? Why did the contagion happen ? What went wrong ? Was the East Asian miracle a mirage ? If causes are correctly identified, the correct policy response is expected to follow. If not, then developing countries may embark on another lost decade. A large part of the analysis centers around the proposition that the regime of fixed, quasi-fixed, managed exchange rates was at the core of the problem. In addition to managed exchange rates, the paper offers an additional contributory cause of the crisis - China’s mercantilist policy. [Working Paper No. 45]

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    Paper provided by eSocialSciences in its series Working Papers with number id:2751.

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    Date of creation: Aug 2010
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    Handle: RePEc:ess:wpaper:id:2751
    Note: Institutional Papers
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    1. John Fernald & Hali Edison & Prakash Loungani, 1998. "Was China the first domino? assessing links between China and the rest of emerging Asia," International Finance Discussion Papers 604, Board of Governors of the Federal Reserve System (U.S.).
    2. Young, Alwyn, 1994. "Lessons from the East Asian NICS: A contrarian view," European Economic Review, Elsevier, vol. 38(3-4), pages 964-973, April.
    3. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-62, June.
    4. repec:sae:niesru:v:149:y::i:1:p:30-52 is not listed on IDEAS
    5. Mohsin S. Khan & Zuliu Hu, 1996. "Why is China Growing so Fast?," IMF Working Papers 96/75, International Monetary Fund.
    6. Scully, Gerald W & Slottje, Daniel J, 1991. " Ranking Economic Liberty across Countries," Public Choice, Springer, vol. 69(2), pages 121-52, February.
    7. Martin Feldstein & Philippe Bacchetta, 1991. "National Saving and International Investment," NBER Chapters, in: National Saving and Economic Performance, pages 201-226 National Bureau of Economic Research, Inc.
    8. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
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