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Asian Competitive Devaluations

  • Li-Gang Liu

    (Peterson Institute for International Economics)

  • Marcus Noland


    (Peterson Institute for International Economics)

  • Sherman Robinson

    (Peterson Institute for International Economics)

  • Zhi Wang

    (Peterson Institute for International Economics)

In this paper we examine three issues. The first is the path of China's nominal and real exchange rates since 1990. As it turns out, this is more complicated than is commonly assumed, with basic results exhibiting sensitivity to the exchange rate measure used. We conclude that while China did experience a large nominal depreciation, its much higher relative inflation eroded this devaluation, and in real terms the reminbi has actually appreciated during the 1990s. The Chinese devaluation was at best a contributing factor to the Asian financial crises, not their primary cause.

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Paper provided by Peterson Institute for International Economics in its series Working Paper Series with number wp98-2.

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Date of creation: 1998
Date of revision:
Handle: RePEc:iie:wpaper:wp98-2
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