skip to content
Preview this item
ClosePreview this item
Checking...

"Currency manipulation" and world trade

Author: Robert W Staiger; A O Sykes; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2008.
Series: Working paper series (National Bureau of Economic Research), no. 14600.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Central bank intervention in foreign exchange markets may, under some conditions, stimulate exports and retard imports. In the past few years, this issue has moved to center stage because of the foreign exchange policies of China. China has regularly intervened to prevent the RMB from appreciating relative to other currencies, and over the same period has developed large global and bilateral trade surpluses.  Read more...
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy online

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Robert W Staiger; A O Sykes; National Bureau of Economic Research.
OCLC Number: 291091138
Description: 1 online resource (42 pages).
Series Title: Working paper series (National Bureau of Economic Research), no. 14600.
Responsibility: Robert W. Staiger, Alan O. Sykes.

Abstract:

Central bank intervention in foreign exchange markets may, under some conditions, stimulate exports and retard imports. In the past few years, this issue has moved to center stage because of the foreign exchange policies of China. China has regularly intervened to prevent the RMB from appreciating relative to other currencies, and over the same period has developed large global and bilateral trade surpluses. Numerous public officials and commentators argue that China has engaged in impermissible "currency manipulation," and various proposals for stiff action against China have been advanced. This paper clarifies the theoretical relationship between exchange rate policy and international trade, and addresses the question of what content can be given to the concept of "currency manipulation" as a measure that may impair the commitments made in trade agreements. Our conclusions are at odds with much of what is currently being said by proponents of counter-measures against China. For example, it is often asserted that China's currency policies have real effects that are equivalent to an export subsidy. In fact, however, if prices are flexible the effect of exchange rate intervention parallels that of a uniform import tariff and export subsidy, which will have no real effect on trade, an implication of Lerner's symmetry theorem. With sticky prices, the real effects of exchange rate intervention and the translation of that intervention into trade-policy equivalents depend critically on how traded goods and services are priced. The real effects of China's policies are potentially quite complex, are not readily translated into trade-policy equivalents, and are dependent on the time frame over which they are evaluated (because prices are less "sticky" over a longer time frame).

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/291091138> # "Currency manipulation" and world trade
    a schema:CreativeWork, schema:Book, schema:MediaObject ;
   library:oclcnum "291091138" ;
   library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/172835783#Place/cambridge_mass> ; # Cambridge, Mass.
   library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
   schema:about <http://id.worldcat.org/fast/1206073> ; # China
   schema:about <http://experiment.worldcat.org/entity/work/data/172835783#Topic/foreign_exchange_government_policy_economic_aspects> ; # Foreign exchange--Government policy--Economic aspects
   schema:about <http://dewey.info/class/330/> ;
   schema:about <http://id.worldcat.org/fast/931824> ; # Foreign exchange rates--Government policy
   schema:about <http://id.loc.gov/authorities/subjects/sh87004890> ; # International trade
   schema:about <http://id.worldcat.org/fast/977128> ; # International trade
   schema:about <http://experiment.worldcat.org/entity/work/data/172835783#Topic/foreign_exchange_rates_government_policy_china> ; # Foreign exchange rates--Government policy--China
   schema:bookFormat schema:EBook ;
   schema:contributor <http://viaf.org/viaf/64160267> ; # A. O. Sykes
   schema:contributor <http://viaf.org/viaf/135446122> ; # National Bureau of Economic Research.
   schema:copyrightYear "2008" ;
   schema:creator <http://viaf.org/viaf/19916629> ; # Robert W. Staiger
   schema:datePublished "2008" ;
   schema:description "Central bank intervention in foreign exchange markets may, under some conditions, stimulate exports and retard imports. In the past few years, this issue has moved to center stage because of the foreign exchange policies of China. China has regularly intervened to prevent the RMB from appreciating relative to other currencies, and over the same period has developed large global and bilateral trade surpluses. Numerous public officials and commentators argue that China has engaged in impermissible "currency manipulation," and various proposals for stiff action against China have been advanced. This paper clarifies the theoretical relationship between exchange rate policy and international trade, and addresses the question of what content can be given to the concept of "currency manipulation" as a measure that may impair the commitments made in trade agreements. Our conclusions are at odds with much of what is currently being said by proponents of counter-measures against China. For example, it is often asserted that China's currency policies have real effects that are equivalent to an export subsidy. In fact, however, if prices are flexible the effect of exchange rate intervention parallels that of a uniform import tariff and export subsidy, which will have no real effect on trade, an implication of Lerner's symmetry theorem. With sticky prices, the real effects of exchange rate intervention and the translation of that intervention into trade-policy equivalents depend critically on how traded goods and services are priced. The real effects of China's policies are potentially quite complex, are not readily translated into trade-policy equivalents, and are dependent on the time frame over which they are evaluated (because prices are less "sticky" over a longer time frame)."@en ;
   schema:exampleOfWork <http://worldcat.org/entity/work/id/172835783> ;
   schema:inLanguage "en" ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/172835783#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
   schema:isPartOf <http://experiment.worldcat.org/entity/work/data/172835783#Series/nber_working_paper_series> ; # NBER working paper series ;
   schema:name ""Currency manipulation" and world trade"@en ;
   schema:productID "291091138" ;
   schema:publication <http://www.worldcat.org/title/-/oclc/291091138#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2008> ;
   schema:publisher <http://experiment.worldcat.org/entity/work/data/172835783#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
   schema:url <http://ezproxy.eui.eu/login?url=http://www.nber.org/papers/w14600> ;
   schema:url <http://papers.nber.org/papers/w14600> ;
   wdrs:describedby <http://www.worldcat.org/title/-/oclc/291091138> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/172835783#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
   schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/172835783#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
   schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/172835783#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/291091138> ; # "Currency manipulation" and world trade
   schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/172835783#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
   schema:hasPart <http://www.worldcat.org/oclc/291091138> ; # "Currency manipulation" and world trade
   schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/172835783#Topic/foreign_exchange_government_policy_economic_aspects> # Foreign exchange--Government policy--Economic aspects
    a schema:Intangible ;
   schema:hasPart <http://id.loc.gov/authorities/subjects/sh85050496> ;
   schema:name "Foreign exchange--Government policy--Economic aspects"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/172835783#Topic/foreign_exchange_rates_government_policy_china> # Foreign exchange rates--Government policy--China
    a schema:Intangible ;
   schema:hasPart <http://id.loc.gov/authorities/subjects/sh91004893> ;
   schema:name "Foreign exchange rates--Government policy--China"@en ;
    .

<http://id.loc.gov/authorities/subjects/sh87004890> # International trade
    a schema:Intangible ;
   schema:name "International trade"@en ;
    .

<http://id.worldcat.org/fast/1206073> # China
    a schema:Place ;
   schema:name "China" ;
    .

<http://id.worldcat.org/fast/931824> # Foreign exchange rates--Government policy
    a schema:Intangible ;
   schema:name "Foreign exchange rates--Government policy"@en ;
    .

<http://id.worldcat.org/fast/977128> # International trade
    a schema:Intangible ;
   schema:name "International trade"@en ;
    .

<http://viaf.org/viaf/135446122> # National Bureau of Economic Research.
    a schema:Organization ;
   schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/19916629> # Robert W. Staiger
    a schema:Person ;
   schema:familyName "Staiger" ;
   schema:givenName "Robert W." ;
   schema:name "Robert W. Staiger" ;
    .

<http://viaf.org/viaf/64160267> # A. O. Sykes
    a schema:Person ;
   schema:familyName "Sykes" ;
   schema:givenName "A. O." ;
   schema:name "A. O. Sykes" ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.