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FAN, GANG
(2)
answer(s).
Srl
Item
1
ID:
121740
Intraregional cross-holding of reserve currencies: a proposal for Asia to deal with the global reserve risks
/ Fan, Gang; Wang, Bijun; Huang, Yiping
Huang, Yiping
Journal Article
0 Rating(s) & 0 Review(s)
Publication
2013.
Summary/Abstract
Economists have put forward various proposals to deal with the growing risks of the global reserve currency system. In this paper we recommend that Asian economies hold each other's currencies as part of their foreign reserves. Different from crisis-fighting currency swap arrangements or crisis-rescuing fund mechanisms, this mechanism means that reserves would be held, with a regular arrangement in place and on an ongoing basis. We propose that the global reserve system should be pushed in the direction of diversification, which could be a transitional step toward a new single reserve system. This mechanism would not necessitate any currency being a globally accepted reserve currency but would mean that every currency carried some weight in the reserve system. Establishment of such a system would require significant development of regional bond markets and facilitation of macroeconomic surveillance among the economies.
Key Words
Asia
;
US Dollar
;
Cross - Holding of Regional Currencies
;
Global Reserve System
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2
ID:
097829
What caused the sharp downturn in the Chinese economy during th
/ He, Liping; Fan, Gang; Yang, Panpan
He, Liping
Journal Article
0 Rating(s) & 0 Review(s)
Publication
2010.
Summary/Abstract
In responding to a view that attributes sharp downturns in the Chinese economy in late 2008 and early 2009 to the "collapse of external demand," the present paper scrutinizes three relevant issues: How have large Chinese importers behaved in a demand-price setting? How have Chinese commodity imports and exports interacted in recent years? Did the downturns in China's export growth come earlier and were they deeper than those in Chinese import growth? All answers appear to suggest a conclusion contrary to the abovementioned view: sharp downturns in China's trade and economy during the recent global financial crisis were, to a large extent, caused by certain domestic factors, or by factors that should not be regarded as entirely "external." Insomuch as globalization has advanced, a large economy like China's today faces new potential sources of macroeconomic disturbances, from inside and outside.
Key Words
Global Financial Crisis
;
Macroeconomic Fluctuation
;
Trade Linkage
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