China's Exchange Rate Policy, Its Current Account Surplus and the Global Imbalances*
成果类型：
Article
署名作者：
Corden, W. Max
署名单位：
University of Melbourne
刊物名称：
ECONOMIC JOURNAL
ISSN/ISSBN：
0013-0133
DOI：
10.1111/j.1468-0297.2009.02319.x
发表日期：
2009
页码：
F430-F441
关键词：
摘要：
This article is stimulated by current criticisms of Chinese exchange rate policy. The concern is really about China's current account surplus. The article discusses the factors that determine the surplus, and the reasons why the surplus increased sharply from 2005. The international implications of China's surplus and growth are discussed, and how it has affected the world real interest rate, and through that the US current account deficit. The surplus has had various international relative price effects, which have produced both gainers and losers. Finally, the surplus played only a small part in determining the world credit crisis.
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