Asian Competitive Devaluations

Ligang Liu · Marcus Noland · Sherman Robinson · Zhi Wang

31 citations0/0 files storedRePEc: Research Papers in Economics

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

In this paper we examine three issues. The first is the path of China's nominal and real exchange rates since 1990. As it turns out, this is more complicated than is commonly assumed, with basic results exhibiting sensitivity to the exchange rate measure used. We conclude that while China did experience a large nominal depreciation, its much higher relative inflation eroded this devaluation, and in real terms the reminbi has actually appreciated during the 1990s. The Chinese devaluation was at best a contributing factor to the Asian financial crises, not their primary cause.

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References

1999What caused the Asian currency and financial crisis?1998Paper Tigers? A Model of the Asian Crisis 1998What Caused the Asian Currency and Financial Crisis? Part II: The Policy Debate 1999Was China the first domino? Assessing links between China and other Asian economies 1998Was China the First Domino? Assessing Links between China and the Rest of Emerging Asia 1999Competitive Devaluations: A Welfare-Based Approach

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