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Macroeconomic Policies: New Issues of Interdependence

  • Helmut Reisen
  • Martin Grandes
  • Nicolas Pinaud

Three novel macroeconomic policy challenges are discussed in this paper: the macroeconomic implications of China’s emergence; the implications of intensifying financial integration; and the interaction of Asia’s foreign exchange regime with monetary policy in the OECD area. First, China may now be regarded as a price maker on some international commodity and energy markets. Its global impact nowadays stretches importantly not just into goods and commodity markets, but equally into world financial markets. The acquisition by the Chinese official sector of large amounts of foreign assets has raised the country’s global cyclical, financial and macroeconomic importance. Hence, China should not just be perceived as a producer of low-priced goods, but likewise of “cheap savings”. China as a swing exporter/importer could destabilise commodity markets, with important repercussions for developing countries. Variations in China’s output gap will have important repercussions on key global ... Ce document de travail s’intéresse à trois nouveaux défis de la politique macro-économique : les implications macro-économiques de l’émergence de la Chine ; les conséquences de l’intensification de l’intégration financière ; et l’interaction entre les régimes asiatiques de taux de change avec les politiques monétaires des pays de l’OCDE. La Chine décide désormais du niveau des prix sur certains marchés internationaux des matières premières et de l’énergie. Son influence mondiale se fait nettement ressentir au-delà des marchés des biens et des matières premières, jusque sur les marchés financiers internationaux. L’acquisition par la banque centrale chinoise de larges quantités d’actifs étrangers a accru l’influence du pays sur les cycles économiques mondiaux et consolidé son importance d’un point de vue financier et macro-économique. La Chine ne doit donc plus seulement être perçue comme un pays producteur de biens à bas prix, mais aussi comme une source d’« épargne bon ...

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Paper provided by OECD Publishing in its series OECD Development Centre Working Papers with number 241.

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Date of creation: 21 Jan 2005
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Handle: RePEc:oec:devaaa:241-en
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  1. Michael P. Dooley & David Folkerts-Landau & Peter Garber, 2004. "The Revived Bretton Woods System: The Effects of Periphery Intervention and Reserve Management on Interest Rates & Exchange Rates in Center Countries," NBER Working Papers 10332, National Bureau of Economic Research, Inc.
  2. Kumar, Manmohan S & Persaud, Avinash, 2002. "Pure Contagion and Investors' Shifting Risk Appetite: Analytical Issues and Empirical Evidence," International Finance, Wiley Blackwell, vol. 5(3), pages 401-36, Winter.
  3. Guillermo A. Calvo & Enrique G. Mendoza, 1996. "Mexico's balance-of-payments crisis: a chronicle of death foretold," International Finance Discussion Papers 545, Board of Governors of the Federal Reserve System (U.S.).
  4. repec:cup:cbooks:9780521462341 is not listed on IDEAS
  5. Jeffrey A. Frankel & Nouriel Roubini, 2001. "The Role of Industrial Country Policies in Emerging Market Crises," NBER Working Papers 8634, National Bureau of Economic Research, Inc.
  6. Leonardo Leiderman & Carmen Reinhart & Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America; The Role of External Factors," IMF Working Papers 92/62, International Monetary Fund.
  7. Hsiao, Frank S. T. & Hsiao, Mei-chu W. & Yamashita, Akio, 2003. "The impact of the US economy on the Asia-Pacific region: does it matter?," Journal of Asian Economics, Elsevier, vol. 14(2), pages 219-241, April.
  8. Ronald McKinnon & Gunther Schnabl, 2004. "The Return to Soft Dollar Pegging in East Asia. Mitigating Conflicted Virtue," International Finance 0406007, EconWPA, revised 07 Jul 2004.
  9. Rudiger Dornbusch, 1985. "Policy and Performance Links between LDC Debtors and Industrial Nations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 16(2), pages 303-368.
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