Readings in Renminbi (RMB) Misalignment
Course Materials and Sources of Economic Information for Public Affairs 854, Spring 2008.
Basic Readings
- Econbrowser posts on China
- "Revaluation by Stealth," Economist (January 10, 2008).
- "Chinese Exchange Rate: Yuan Step from the Edge," Economist (March 30, 2006).
- "Chinese Exchange Rate: Gently towards the heavens," Economist (March 30, 2006).
- "China and the World Economy," Economist (July 28, 2005).
- Robert C. Feenstra, Wen Hai, Wing T. Woo, Shunli Yao, "The US-China Bilateral Trade Balance: Its Size and Determinants," NBER Working
Paper No. 6598 (June 1998).
- Yingfu Xu. "China's Exchange Rate Policy," China Economic Review 11(2000)262-277..
US Government Statements and Reports
- US Treasury Department, Report to Congress on International Economic and Exchange Rate Policies (November 2005).
- Remarks by Under Secretary for International Affairs Tim Adams At AEI Seminar Working with the IMF to Strengthen Exchange Rate Surveillance
(February 2, 2006).
- Remarks by Fed Chairman Ben Bernanke, "The Chinese economy: progress and challenges," speech at the Chinese Academy of Social Sciences, Beijing, China, December 15, 2006
(Dec. 15, 2006).
- GAO, "Treasury Assessments Have Not Found Currency Manipulation, but Concerns about Exchange Rates Continue," GAO Report 05-351 (April 2005).
- CRS, "Is China a Threat to the U.S. Economy?" RL33604 (January 23, 2007).
- CRS, "China's Currency: A Summary of the Economic Issues" RS21625 (July 2007).
Additional Readings
- Testimomy of Morris Goldstein, IIE, "China's Exchange Rate Regime," before the Subcommittee on Domestic and International Monetary Policy, Trade, and Technology, Committee on Financial Services, US House of Representatives (October 1, 2003).
- John Williamson, IIE, "The Renminbi Exchange Rate and the Global Monetary System," Outline of a lecture delivered at the Central University of Finance and Economics, Beijing, China (October, 29, 2003).
- Testimony of Nicholas R. Lardy, IIE, "United States-China Ties: Reassessing the Economic Relationship," before the House Committee on International Relations, US House of Representatives (October 21, 2003).
- Morris Goldstein and Nicholas R. Lardy, IIE, "Two-Stage Currency Reform For China," Asian Wall Street Journal (September 12, 2003).
- Andy Xie, "China: The Yuan Peg Will Stay," Morgan Stanley Global Economic Forum (February 18, 2004).
- "Is the Chinese currency, the renminbi, dangerously undervalued and a threat to the global economy? Over thirty important experts offer their views. (A Symposium Of Views)", The International Economy, Spring 2003..
- IMF, "People’s Republic of China: 2006 Article IV Consultation - Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion," Country Report No. 06/394.
- IMF Regional Economic Outlook - Asia and Pacific (April 2008).
Technical/Academic Studies
- NBER Conference on China's Growing Role in World Trade (August 2007)
- IMF Conference on Global Implications of China's Trade, Investment and Growth (April 2007).
- Aziz, Jahangir and Xiangming Li, "China's Changing Trade Elasticities," IMF WP 07/266.
- Steven B. Kamin, Mario Marazzi, and John W. Schindler, "Is China "Exporting Deflation"? International Finance and Discussion Paper
2004-791 (Board of Governors of the Federal Reserve, January ).
- Tao Wang, "China: Sources of Real Exchange Rate Fluctuations" IMF Working Paper 04/18 (February 2004).
- Jin Zhongxia, "The Dynamics of Real Interest Rates, Real Exchange Rates and the Balance of Payments in China: 1980-2002," IMF Working Paper 03/67 (April 2003).
- Valerie Cerra and Sweta Saxena, "An Empirical Analysis of China's Export Behavior," IMF Working Paper 02/200 (November 2002).
- Zhang Xiaopu, "An Assessment of the RMB Exchange Rate from 1978 to 1999 ," Center for Research on Economic Development and Policy Reform Working Paper 127 (Stanford U., Feb. 2002).
- Virginie Coudert and Cécile Couharde, "Real Equilibrium Exchange Rate in China ," CEPII Working Paper 2005-01 (Paris, January 2005).
- Michael Funke and Jörg Rahn, "Just how undervalued
is the Chinese renminbi," BOFIT Discussion Papers 2000 No. 14 (Helsinki: Bank of Finland, 2004).
- Barry Bosworth, "Valuing the Renminbi," paper presented at
the Tokyo Club Research Meeting, February 9-10, 2005).
- Yin-Wong Cheung, Menzie Chinn and Eiji Fujii, "Why the RMB might be overvalued (but probably isn't)," paper presented at
the SF Fed conference on "External Imbalances and Adjustment in the Pacific Basin" (September 22-23, 2005).
- Jeffrey Frankel, "On the Renminbi: The choice between adjustment under a fixed exchange rate and adjustment under a flexible rate," NBER WP 11274.
- Barry Eichengreen, "China's Exchange Rate Regime: The Long and Short of It", Revision of a paper for Columbia University's conference on Chinese money and finance held in New York on February 2-3, 2006.
- Xiangming Li and Steven Vincent Dunaway, "Estimating China's "Equilibrium" Real Exchange Rate,"
IMF Working Paper 05-202 (Oct. 2005).
- Alan Ahearne, John Fernald, Prakash Loungani, John Schindler, "Flying Geese or Sitting Ducks: China’s Impact on the Trading Fortunes of other Asian Economies,"
Federal Reserve Board IFDP 2006-887 (Dec. 2006) .
- Jaime Marquez and John Schindler, "Exchange-Rate Effects on China’s Trade: An Interim Report,"
Federal Reserve Board IFDP 2006-861 (May 2006) .
- Dunaway, Steven, Lamin Leigh, Xiangming Li, "How Robust are Estimates of Equilibrium Real Exchange Rates: The Case of China,"
IMF Working Paper No. 06/220 (Oct. 2006) .
- Willem Thorbecke, "How Would an Appreciation of the Renminbi Affect the U.S. Trade Deficit with China?"
Berkeley Electronic Journal in Macroeconomics Vol. 6 (2006) .
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RMB/Yuan Misalignment Readings / UW Madison / mchinn@lafollette.wisc.edu / 4 May 2008
