Download or read book International Financial Adjustment for China written by Luke Deer and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: International financial adjustment is the process whereby valuation shifts from asset price and currency changes result in relatively durable net wealth transfers across countries' international balance sheets. This paper applies a financial valuation approach to estimate the direction and the broad extent of recent international financial adjustments on China's international balance sheet. We estimate China's international balance sheet losses resulting from the valuation shifts over the period 2005-2010 and reveal that international currency shifts over the past decade have also generated a range of non-balance sheet financial and monetary adjustment pressures for China. This paper also evaluates how China's evolving international financial policy arrangements could better mitigate China's exposure to international financial adjustments. These arrangements include a more effective currency mechanism and the mechanisms to internationalize the RMB to buffer international financial valuation shocks.

Download or read book Fund and China in the international Monetary System Hardcover written by International Monetary Fund and published by International Monetary Fund. This book was released on 1999-05-07 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF economists work closely with member countries on a variety of issues. Their unique perspective on country experiences and best practices on global macroeconomic issues are often shared in the form of books on diverse topics such as cross-country comparisons, capacity building, macroeconomic policy, financial integration, and globalization.

Download or read book Reform Of The International Monetary System Chinese Perspectives And Strategies written by Xiao Li and published by World Scientific. This book was released on 2021-07-02 with total page 803 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book proposes that the short-term goal of the current reform of the international monetary system should be a combination of controlling 'imbalances' and 'the risk of the dollar', namely using the balance of payments coordination mechanism to suppress risks by exchange rate cooperation. The reforms of international reserve currencies, international financial institutions, and international financial regulation provide a good external environment for the stable development of the world economy. The book discusses the mechanisms that will continue to support the hegemony of the US dollar and the US dollar system in the future, including the commodity dollar return mechanism, the international debt repayment mechanism, the petroleum dollar pricing mechanism and the dollar rescue mechanism in financial crisis. The book predicts that the current international currency system dominated by the US dollar will remain sustainable for a long time. Finally, the book proposes four strategies for China's participation in the reform of the international monetary system.

Download or read book Global Imbalances and External Adjustment after the Crisis written by Mr.Philip R. Lane and published by International Monetary Fund. This book was released on 2014-08-12 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper has two objectives. First, it reviews the recent dynamics of global imbalances (both “flow” and “stock” imbalances), with a special focus on the shifting position of Latin America in the global distribution. Second, it examines the cross-country variation in external adjustment over 2008-2012. In particular, it shows how pre-crisis external imbalances have strong predictive power for post-crisis macroeconomic outcomes, allowing for variation across different exchange rate regimes. We emphasize that the bulk of external adjustment has taken the form of “expenditure reduction”, with “expenditure switching” only playing a limited role.

Download or read book The US China Trade Dispute written by Imad Moosa and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'Imad Moosa reminds us that there are at least two sides to a relationship – including those in trade – and that failure of a relationship is rarely due to one side alone. Moosa handles the technicalities of exchange rates dexterously but reminds us constantly of the wider context of the trade relationships that determine them.' – Paul Rule, La Trobe University, Melbourne, Australia Dealing with a topic that has attracted significant media attention, this highly accessible book provides a detailed analysis of the trade dispute between China and the US. While the Americans accuse China of damaging their economy, the Chinese claim their policies are legitimate and that the US has no right to dictate how the Chinese economy should be run. Imad Moosa addresses contentious issues including: whether the Chinese currency is undervalued, whether the undervaluation of the yuan, should it exist, is the cause of the US trade deficit with China (hence revaluation being a justifiable cure) and whether Chinese economic policies are immoral and illegal according to IMF and WTO rules. This challenging and thought provoking book will prove a stimulating read for academics, researchers, students and policymakers with an interest in international economics, international finance, political economy and Asian studies.

Download or read book Resolving China s Corporate Debt Problem written by Wojciech Maliszewski and published by International Monetary Fund. This book was released on 2016-10-14 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate credit growth in China has been excessive in recent years. This credit boom is related to the large increase in investment after the Global Financial Crisis. Investment efficiency has fallen and the financial performance of corporates has deteriorated steadily, affecting asset quality in financial institutions. The corporate debt problem should be addressed urgently with a comprehensive strategy. Key elements should include identifying companies in financial difficulties, proactively recognizing losses in the financial system, burden sharing, corporate restructuring and governance reform, hardening budget constraints, and facilitating market entry. A proactive strategy would trade off short-term economic pain for larger longer-term gain.

Download or read book Inflation and Growth in China written by Manuel Guitián and published by International Monetary Fund. This book was released on 1996-06-24 with total page 328 pages. Available in PDF, EPUB and Kindle. Book excerpt: The conference on inflation and growth in China brough together a number of academic luminaries, distinguished officials from many different countries, and IMF staff members to focus on the relationship between inflation and growth, a subject of perennial interest and debate. The IMF's Monetary and Exchange Affairs Department was invited to play an active role in organizing the conference because of its extensive proram of technical assistance to member countries, including China, to improve their ability to implement effective monetary policies and develop sound banking systems. In addition to monetary and exchange rate policies, the conference discussions covered other critical areas of economic management, including fiscal, agricultural, and environmental policies, all of which are ingredients of a policy mix that is effective in ensuring sustainable growth. Against the background of experiences from other countries, China's reform program was examined in detail, and the papers in this volume allow readers to draw inferences about the existence and sustainabilityof a trade-off between inflation and growth. The cross-fertilization that resulted from bringing together these different experiences enriched the conference discussions immeasurably.

Download or read book China s Currency written by and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past several years, the Chinese government has maintained a policy of intervening in currency markets to limit or halt the appreciation of its currency, the renminbi (RMB) against other major currencies, especially the U.S. dollar. This policy appears to be largely intended to keep China's export industries competitive internationally and to attract foreign direct investment (FDI), which have been major factors behind China's rapid economic growth. Critics charge that this policy constitutes a form of currency manipulation that is intended to make Chinese exports cheaper, and imports into China more expensive, than they would be under a floating exchange system. Some claim that China's currency policy is a major cause of the large U.S. trade imbalance with China and the loss of numerous U.S. jobs. Many Members of Congress have urged the Obama Administration to designate China as a "currency manipulator" in order to pressure it to let the RMB appreciate, and several bills have been introduced (including H.R. 2378, S. 1254, S. 1027, and S. 3134) which seek to address China's currency policy. On September 29, 2010, the House approved an amendment in the nature of a substitute to H.R. 2378 (by a vote of 348 to 79). The bill would attempt to apply U.S. countervailing laws to certain fundamentally undervalued currencies. From July 2005 to July 2008, the RMB was allowed to gradually appreciate against the dollar, rising by about 21% over this period. However, once the effects of the global economic crisis began to become apparent, China halted appreciation of the RMB to the dollar in an effort to limit job losses in industries dependent on trade. From July 2008 to late June 2010, China kept the exchange rate of the RMB at roughly 6.83 yuan (the base unit of the RMB) to the dollar. On June 19, 2010, the Chinese central bank stated that, based on current economic conditions, it had decided to "proceed further with reform of the RMB exchange rate regime and to enhance the RMB exchange rate flexibility." Events following the announcement demonstrate that a flexible RMB exchange rate could move both up and down over short periods of time. By September 23, the RMB had appreciated by about 1.9% to 6.7 yuan. Many U.S. officials have criticized the slow pace of RMB's appreciation. Many economists have argued that RMB appreciation is an important factor in helping to rebalance the world economy. They have also urged China to implement policies to make consumer demand, rather than exports and fixed investment, the main sources of economic growth. Some see RMB appreciation as a way of boosting China's imports, which could contribute to a faster global economic recovery. While Chinese officials acknowledge the need to rebalance the economy, they have strongly resisted international pressure to appreciate and reform the currency, calling it "protectionism." Some attribute this policy to concerns by the Chinese government that implementing policy changes too rapidly could lead to social instability. While the Obama Administration has pushed China to appreciate its currency, it has also encouraged it to continue purchasing U.S. Treasury securities. China is the largest foreign holder of U.S. Treasury securities, which totaled $847 billion as of July 2010. Some analysts contend that, although an appreciation of China's currency could help boost U.S. exports to China, it could also lessen China's need to buy U.S. Treasury securities, which could push up U.S. interest rates. It could result in higher prices of Chinese-made goods for U.S. consumers, as well as for Chinese-made inputs that U.S. firms use in their production. Many economists contend that, even if China significantly appreciated its currency, the United States would still need to increase its savings and reduce domestic demand (particularly the budget deficit), and China would have to lower its savings and increase consumption, in order to reduce trade imbalances in the long run.

Download or read book The Long Game written by Rush Doshi and published by Oxford University Press. This book was released on 2021-06-11 with total page 433 pages. Available in PDF, EPUB and Kindle. Book excerpt: For more than a century, no US adversary or coalition of adversaries - not Nazi Germany, Imperial Japan, or the Soviet Union - has ever reached sixty percent of US GDP. China is the sole exception, and it is fast emerging into a global superpower that could rival, if not eclipse, the United States. What does China want, does it have a grand strategy to achieve it, and what should the United States do about it? In The Long Game, Rush Doshi draws from a rich base of Chinese primary sources, including decades worth of party documents, leaked materials, memoirs by party leaders, and a careful analysis of China's conduct to provide a history of China's grand strategy since the end of the Cold War. Taking readers behind the Party's closed doors, he uncovers Beijing's long, methodical game to displace America from its hegemonic position in both the East Asia regional and global orders through three sequential "strategies of displacement." Beginning in the 1980s, China focused for two decades on "hiding capabilities and biding time." After the 2008 Global Financial Crisis, it became more assertive regionally, following a policy of "actively accomplishing something." Finally, in the aftermath populist elections of 2016, China shifted to an even more aggressive strategy for undermining US hegemony, adopting the phrase "great changes unseen in century." After charting how China's long game has evolved, Doshi offers a comprehensive yet asymmetric plan for an effective US response. Ironically, his proposed approach takes a page from Beijing's own strategic playbook to undermine China's ambitions and strengthen American order without competing dollar-for-dollar, ship-for-ship, or loan-for-loan.

Download or read book Beyond Adjustment written by Mr.Paul Streeten and published by International Monetary Fund. This book was released on 1988-09-15 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book, edited by Paul Streeten, examines the ends and means of adjustment, aspects of trade policy, and lessons from the experience of South and East Asia, as well as comparing the debt situations of Asian and Latin American countries.

Download or read book China s Exchange Rate and International Adjustment in Wages Prices and Interest Rates written by Ronald I. McKinnon and published by . This book was released on 2006 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book China s Rise written by Lixing Zou and published by World Scientific Publishing Company Incorporated. This book was released on 2014-09 with total page 448 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreword -- Preface -- The logical basis of development-oriented finance -- Seizing the major contradiction in development -- Realistically exploring the solution to problems -- Cultural foundation of development-oriented finance -- Philosophical outlook on development-oriented finance -- Rational judgment of development trend and dynamics in the 21st century -- The theoretical contents of development-oriented finance -- Planning is a core competitive edge -- Building the credit market constitutes the fourth driver for economic development -- Organizational credit enhancement accelerates the construction of market credit system -- Portfolio financing, banking's efficient two-edged tool -- Perceptions on financial socialization -- The operation mechanism of development-oriented finance -- The operational mechanism : government entrance, financing process and marketing exit -- Sources of funding: financial bonds supplemented with other raised funds -- Governance structure : democratic funds and financial management -- The management style : market-based and standardized management mode -- The reform of development-oriented financial institute -- Global financial crisis promotes world order change and international strategy adjustment -- China's finance under the background of global changes -- The study of the development-oriented financial institute to functioning as a commercial bank -- Promoting the healthy development of the financial institution to a state of commercial operation -- A preliminary study of financial diplomacy -- Properly handle five relations to ensure the stable and rapid economic development of china -- Bibliography -- Epilogue -- Index.

Download or read book External Adjustment written by Maurice Obstfeld and published by . This book was released on 2004 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Gross stocks of foreign assets have increased rapidly relative to national outputs since 1990, and the short-run capital gains and losses on those assets can amount to significant fractions of GDP. These fluctuations in asset values render the national income and product account measure of the current account balance increasingly inadequate as a summary of the change in a country's net foreign assets. Nonetheless, unusually large current account imbalances, especially deficits, should remain high on policymakers' list of concerns, even for the richer and less credit-constrained countries. Extreme imbalances signal the need for large and perhaps abrupt real exchange rate changes in the future, changes that might have undesired political and financial consequences given the incompleteness of domestic and international asset markets. Furthermore, of the two sources of the change in net foreign assets -- the current account and the capital gain on the net foreign asset position -- the former is better understood and more amenable to policy influence. Systematic government attempts to manipulate international asset values in order to change the net foreign asset position could have a destabilizing effect on market expectations"--NBER website

Download or read book China s Economic Rise written by Congressional Research Service and published by Createspace Independent Publishing Platform. This book was released on 2017-09-17 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Prior to the initiation of economic reforms and trade liberalization 36 years ago, China maintained policies that kept the economy very poor, stagnant, centrally-controlled, vastly inefficient, and relatively isolated from the global economy. Since opening up to foreign trade and investment and implementing free market reforms in 1979, China has been among the world's fastest-growing economies, with real annual gross domestic product (GDP) growth averaging nearly 10% through 2016. In recent years, China has emerged as a major global economic power. It is now the world's largest economy (on a purchasing power parity basis), manufacturer, merchandise trader, and holder of foreign exchange reserves.The global economic crisis that began in 2008 greatly affected China's economy. China's exports, imports, and foreign direct investment (FDI) inflows declined, GDP growth slowed, and millions of Chinese workers reportedly lost their jobs. The Chinese government responded by implementing a $586 billion economic stimulus package and loosening monetary policies to increase bank lending. Such policies enabled China to effectively weather the effects of the sharp global fall in demand for Chinese products, but may have contributed to overcapacity in several industries and increased debt by Chinese firms and local government. China's economy has slowed in recent years. Real GDP growth has slowed in each of the past six years, dropping from 10.6% in 2010 to 6.7% in 2016, and is projected to slow to 5.7% by 2022.The Chinese government has attempted to steer the economy to a "new normal" of slower, but more stable and sustainable, economic growth. Yet, concerns have deepened in recent years over the health of the Chinese economy. On August 11, 2015, the Chinese government announced that the daily reference rate of the renminbi (RMB) would become more "market-oriented." Over the next three days, the RMB depreciated against the dollar and led to charges that China's goal was to boost exports to help stimulate the economy (which some suspect is in worse shape than indicated by official Chinese economic statistics). Concerns over the state of the Chinese economy appear to have often contributed to volatility in global stock indexes in recent years.The ability of China to maintain a rapidly growing economy in the long run will likely depend largely on the ability of the Chinese government to implement comprehensive economic reforms that more quickly hasten China's transition to a free market economy; rebalance the Chinese economy by making consumer demand, rather than exporting and fixed investment, the main engine of economic growth; boost productivity and innovation; address growing income disparities; and enhance environmental protection. The Chinese government has acknowledged that its current economic growth model needs to be altered and has announced several initiatives to address various economic challenges. In November 2013, the Communist Party of China held the Third Plenum of its 18th Party Congress, which outlined a number of broad policy reforms to boost competition and economic efficiency. For example, the communique stated that the market would now play a "decisive" role in allocating resources in the economy. At the same time, however, the communique emphasized the continued important role of the state sector in China's economy. In addition, many foreign firms have complained that the business climate in China has worsened in recent years. Thus, it remains unclear how committed the Chinese government is to implementing new comprehensive economic reforms.China's economic rise has significant implications for the United States and hence is of major interest to Congress. This report provides background on China's economic rise; describes its current economic structure; identifies the challenges China faces to maintain economic growth; and discusses the challenges, opportunities, and implications of China's economic rise.

Download or read book International Macroeconomics in the Wake of the Global Financial Crisis written by Laurent Ferrara and published by Springer. This book was released on 2018-06-13 with total page 300 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high economic uncertainty and growing inequalities following the global financial crisis. Central banks are of considerable importance in this debate since understanding the sluggishness of the recovery process as well as its implications for the natural interest rate are key to assessing output gaps and the monetary policy stance. The authors argue that a more dynamic domestic and external aggregate demand helps to raise the inflation rate, easing the constraint deriving from the zero lower bound and allowing monetary policy to depart from its current ultra-accommodative position. Beyond macroeconomic factors, the book also discusses a supportive financial environment as a precondition for the rebound of global economic activity, stressing that understanding capital flows is a prerequisite for economic-policy decisions.

Download or read book China s High Speed Rail Development written by Martha Lawrence and published by World Bank Publications. This book was released on 2019-06-24 with total page 101 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, China has built 25,000 km of dedicated highspeed railway—more than the rest of the world combined. What can we learn from this remarkable experience? China’s High-Speed Rail Development examines the Chinese experience to draw lessons for countries considering investing in high-speed rail. The report scrutinizes the planning and delivery mechanisms that enabled the rapid construction of the high-speed rail system. It highlights the role of long-term planning, consistent plan execution, and a joint venture structure that ensures active participation of provincial and local governments in project planning and financing. Traffic on China’s high-speed trains has grown to 1.7 billion passengers a year. The study examines the characteristics of the markets for which high-speed rail is competitive in China. It discusses the pricing and service design considerations that go into making high-speed rail services competitive with other modes and factors such as good urban connectivity that make the service attractive to customers. One of the most remarkable aspects of the Chinese experience is the rapid pace of high-quality construction. The report looks at the role of strong capacity development within and cooperation among China Railway Corporation, rail manufacturers, universities, research institutions, laboratories, and engineering centers that allowed for rapid technological advancement and localization of technology. It describes the project delivery structures and incentives for delivering quality and timely results. Finally, the report analyzes the financial and economic sustainability of the investment in high-speed rail. It finds that a developing country can price high-speed rail services affordably and still achieve financial viability, but this requires very high passenger density. Economic viability similarly depends on high passenger density.

Download or read book Strategic Adjustment and the Rise of China written by Robert S. Ross and published by Cornell University Press. This book was released on 2017-06-20 with total page 268 pages. Available in PDF, EPUB and Kindle. Book excerpt: Strategic Adjustment and the Rise of China demonstrates how structural and domestic variables influence how East Asian states adjust their strategy in light of the rise of China, including how China manages its own emerging role as a regional great power. The contributors note that the shifting regional balance of power has fueled escalating tensions in East Asia and suggest that adjustment challenges are exacerbated by the politics of policymaking. International and domestic pressures on policymaking are reflected in maritime territorial disputes and in the broader range of regional security issues created by the rise of China.Adjusting to power shifts and managing a new regional order in the face of inevitable domestic pressure, including nationalism, is a challenging process. Both the United States and China have had to adjust to China's expanded capabilities. China has sought an expanded influence in maritime East Asia; the United States has responded by consolidating its alliances and expanding its naval presence in East Asia. The region's smaller countries have also adjusted to the rise of China. They have sought greater cooperation with China, even as they try to sustain cooperation with the United States. As China continues to rise and challenge the regional security order, the contributors consider whether the region is destined to experience increased conflict and confrontation.ContributorsIan Bowers, Norwegian Defence University College and Norwegian Institute for Defence Studies Daniel W. Drezner, Tufts University, Brookings Institution, and Washington Post Taylor M. Fravel, Massachusetts Institute of Technology Bjørn Elias Mikalsen Grønning, Norwegian Defence University College and Norwegian Institute for Defence Studies Chung-in Moon, Yonsei University and Chairman, Presidential Committee on Northeast Asia Cooperation Initiative, Republic of Korea James Reilly, University of Sydney Robert S. Ross, Boston College and Harvard University Randall L. Schweller, The Ohio State University ystein Tunsjø, Norwegian Defence University College and the Norwegian Institute for Defence Studies Wang Dong, Peking University