Currency Manipulation versus Current Account Manipulation

Preprint OPEN
Junning Cai;
(2005)
  • Subject: currency manipulation; current account; exchange rate; RMB controversies
    • jel: jel:F31 | jel:E52 | jel:F32

It is said that a country’s currency peg can become currency manipulation representing protracted government intervention in the foreign exchange market that gives it unfair competitive advantage in international trade yet prevents effective balance of payments in its t... View more
  • References (6)

    Adams, Timothy D. (2005). “The U.S. view on IMF reform,” Remarks at the Conference on IMF Reform, Institute for International Economics, Washington, DC, September 23, 2005.

    Bergsten, F.C. (2004). “IMF and exchange rates,” Testimony in Congressional Oversight of the IMF and World Bank, Hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, May 19, 2004.

    Blanchard, Olivier, Giavazzi, F., and F. Sa (2005). “The U.S. current account and the dollar,” NBER Working Paper No. 11137.

    Dooley, Michael, David Folkerts-Landau, and Peter Garber (2003). “An essay on the revived Bretton Woods system,” NBER Working Paper No. 9971.

    McKinnon, Ronald (2003b). “China's exchange rate,” Asian Wall Street Journal, 27, June 2003.

    1 −θ 2x −θ1m 1x  would be positive (i.e.,ω32 > 0) , which, according to equation (A.82),

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