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Comments on: “Is the Chinese growth miracle built to last?” and “Will the renminbi become a world currency?”
| Content Provider | Semantic Scholar |
|---|---|
| Author | Sheldon, Ian M. |
| Copyright Year | 2009 |
| Abstract | Based on their titles alone, there would seem to be little immediate connection between these two very interesting and useful papers. Closer reading, however, suggests that in fact both are analyzing the same basic problem, albeit from quite different standpoints: the importance of developing an independent monetary policy in China and the concomitant reform of its financial system. In the first paper, the focus is on the costs of China's current growthmodel as they relate to development of its financial sector, and theextent towhichassociatedpolicy distortions such asmaintenanceof afixed exchange ratemay limit China's ability to dealwith internal and external shocks to its economy. This is in contrast to recent papers by Lardy (2007), Blanchard and Giavazzi (2006), and Hofman and Kuijs (2007), that have focused more on the rebalancing of and sustainability of China's growth. In the second paper, the author argues thatwhile China's lowand stable inflation, and its large and growing share ofworld trade and output augurwell, amajor constraint on future internationalization of the renminbi (RMB) is the lack of development of China's financial sector. |
| Starting Page | 136 |
| Ending Page | 139 |
| Page Count | 4 |
| File Format | PDF HTM / HTML |
| DOI | 10.1016/j.chieco.2008.05.006 |
| Alternate Webpage(s) | https://aede.osu.edu/sites/aede/files/publication_files/Comments%20on-%20%E2%80%9CIs%20the%20Chinese%20growth%20miracle%20built%20to%20last.pdf |
| Alternate Webpage(s) | https://doi.org/10.1016/j.chieco.2008.05.006 |
| Volume Number | 20 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
