| 来源类型 | Discussion paper
|
| 规范类型 | 论文
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| 来源ID | DP5798
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| DP5798 Coordination and Lock-In: Competition with Switching Costs and Network Effects |
| Paul Klemperer; Joseph Farrell
|
| 发表日期 | 2006-08-18
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| 出版年 | 2006
|
| 语种 | 英语
|
| 摘要 | In the face of huge balance of payments surpluses and internal inflationary pressures, China has been in a classic conflict between internal and external balance under its dollar currency peg. Over the longer term, China?s large, modernizing, and diverse economy will need exchange rate flexibility and, eventually, convertibility with open capital markets. A feasible and attractive exit strategy from the essentially fixed RMB exchange rate would be a two-stage approach, consistent with the steps already taken since July 2005, but going beyond them. First, establish a limited trading band for the RMB relative to a basket of major trading partner currencies. Set the band so that it allows some initial revaluation of the RMB against the dollar, manage the basket rate within the band if necessary, and widen the band over time as domestic foreign exchange markets develop. Second, put on hold ad hoc measures of financial account liberalization. They will be less helpful for relieving exchange rate pressures once the RMB/basket rate is allowed to move flexibly within a band, and they are best postponed until domestic foreign exchange markets develop further, the exchange rate is fully flexible, and the domestic financial system has been strengthened and placed on a market-oriented basis. |
| 主题 | International Macroeconomics
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| 关键词 | Renminbi
China currency
China balance of payments
Fixed exchange rate exit strategy
|
| URL | https://cepr.org/publications/dp5798
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| 来源智库 | Centre for Economic Policy Research (United Kingdom)
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| 资源类型 | 智库出版物
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| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534636
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推荐引用方式
GB/T 7714 |
Paul Klemperer,Joseph Farrell. DP5798 Coordination and Lock-In: Competition with Switching Costs and Network Effects. 2006.
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