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Der Festkurs als merkantilistische Handelspolitik : Chinas Währungs- und Geldpolitik im Umfeld globaler Ungleichgewichte

Listed author(s):
  • Schnabl, Gunther

Der Druck auf die chinesische Regierung, die Wechselkursbindung des chinesischen Yuan an den US Dollar aufzugeben, ist groß. Seitdem der Dollar unter kontinuierlichem Abwertungsdruck steht, wird in den westlichen Industriestaaten Chinas Festkurs einer merkantilistischen Handelspolitik gleichgesetzt. Aus der Sicht Chinas erscheint der Festkurs hingegen vorteilhaft. Aufgrund der Dollarisierung internationaler Zahlungsströme in Ostasien und eines hohen Bestandes an Dollar-Auslandsvermögen trägt die Wechselkursbindung zur makroökonomischen Stabilität Chinas und ganz Ostasiens bei. Es bleibt die Gefahr der Inflation, die über den Festkurs importiert wird. Der Überhitzung könnten eine Aufwertung des Yuan oder eine restriktivere Finanz- und Geldpolitik in den USA entgegen wirken.

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Paper provided by University of Tübingen, School of Business and Economics in its series Tübinger Diskussionsbeiträge with number 291.

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Date of creation: 2005
Handle: RePEc:zbw:tuedps:291
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  1. Michael P. Dooley & David Folkerts-Landau & Peter M. Garber, 2005. "An essay on the revived Bretton Woods system," Proceedings, Federal Reserve Bank of San Francisco, issue Feb, pages -.
  2. Schnabl, Gunther & Baur, Dirk, 2001. "Purchasing power parity: Granger causality tests for the yen-dollar exchange rate," Tübinger Diskussionsbeiträge 213, University of Tübingen, School of Business and Economics.
  3. Reinhart, Carmen & Calvo, Guillermo, 2002. "Fear of floating," MPRA Paper 14000, University Library of Munich, Germany.
  4. Ronald McKinnon & Gunther Schnabl, 2003. "Synchronized Business Cycles in East Asia and Fluctuations in the Yen/Dollar Exchange Rate," Working Papers 022003, Hong Kong Institute for Monetary Research.
  5. Ronald McKinnon & Gunther Schnabl, 2003. "China: A Stabilizing or Deflationary Influence in East Asia? THe Problem of Conflict Virtue," Working Papers 232003, Hong Kong Institute for Monetary Research.
  6. John Williamson, 2000. "Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa60, January.
  7. Rishi Goyal & Ronald McKinnon, 2003. "Japan's Negative Risk Premium in Interest Rates: The Liquidity Trap and the Fall in Bank Lending," The World Economy, Wiley Blackwell, vol. 26(3), pages 339-363, 03.
  8. Ronald McKinnon & Gunther Schnabl, 2004. "The East Asian Dollar Standard, Fear of Floating, and Original Sin," Review of Development Economics, Wiley Blackwell, vol. 8(3), pages 331-360, 08.
  9. Kawai, Masahiro, 2002. "Exchange Rate Arrangements in East Asia: Lessons from the 1997-98 Currency Crisis," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 20(S1), pages 167-204, December.
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