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| 1 |
ID:
086594
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| Publication |
2009.
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| Summary/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 growth model as they relate to development of its financial sector, and the extent to which associated policy distortions such as maintenance of a fixed exchange rate may limit China's ability to deal with internal and external shocks to its economy.
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| 2 |
ID:
086593
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| Publication |
2009.
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| Summary/Abstract |
China has emerged as a major power in the world economy, so it seems natural to consider whether its currency will also have a major role. At present the renminbi is not used internationally. We look at the factors that contribute to the international use of currencies, and focus on the aspects of China's financial system that would have to change before the renminbi emerged as an important regional or world currency. Even with significant reforms, two questions would remain: whether the authorities would want to encourage its international use, and whether an economy with substantial party control could gain international acceptance for its currency.
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