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ID:
117921
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2013.
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| Summary/Abstract |
International commentators seem to have a consensus view that the Chinese yuan is substantially undervalued and the Chinese monetary authority must take speedy actions to redress the currency misalignment by rapid nominal revaluation. This paper argues for a gradualist but comprehensive strategy for adjusting the renminbi's exchange rate. Taking into consideration the facts that the yuan's undervaluation is caused by an array of domestic and international factors and that the Chinese central bank cannot effectively invest its growing holdings of foreign reserves, we develop a framework to provide a theoretical underpinning for the optimal strategy for the renminbi's gradual revaluation. With this strategy, the renminbi undervaluation problem is gradually redressed through a combination of nominal appreciation and higher inflation plus some other structural and macroeconomic policies. This strategy can also allow absorption of external imbalances, hence strengthening the foundation of China's long-term growth.
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| 2 |
ID:
088796
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| 3 |
ID:
106395
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2011.
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| Summary/Abstract |
This paper examines the impact of the global financial crisis on Cambodia, and the lessons learned. Cambodia is an interesting case study: After extremely rapid economic growth during 2000-07, it experienced a sharp growth collapse in 2008-09. This highlighted a number of peculiar vulnerabilities, including a narrow economic base, a pre-crisis asset price boom, a fragile financial system, and the limited array of defensive economic policy levers available to the government. The economy has begun to rebound since early 2010, and the crisis episode provides the government with an opportunity to place the country's economic growth trajectory on a more sustainable footing. Apart from diversifying the economy and creating the preconditions for de-dollarization, we also consider policies that could improve the business climate and make growth more inclusive.
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