Capital Account Policies and the Real Exchange Rate

Olivier Jeanne

42 citations0/0 files storedNational Bureau of Economic Research

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Global Financial Crisis and Policies Monetary Policy and Economic Impact Global trade and economics

Abstract

This paper presents a simple model of how a small open economy can undervalue its real exchange rate using its capital account policies.The paper presents several properties of such policies, and proposes a rule of thumb to assess their welfare cost.The model is applied to an analysis of Chinese capital account policies.

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References

1996The Purchasing Power Parity Puzzle 2008The Real Exchange Rate and Economic Growth 2011Growing Like China 2011Overborrowing and Systemic Externalities in the Business Cycle 2001Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?2009Financial Integration, Financial Development, and Global Imbalances 2006The Social Cost of Foreign Exchange Reserves 2008Why Are Saving Rates of Urban Households in China Rising?

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2012Capital Controls with International Reserve Accumulation: Can This Be Optimal?2014International Financial Crises 2016Does reserve accumulation crowd out investment?2011A Theory of Capital Controls as Dynamic Terms-of-Trade Manipulation

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