English, Article edition: CHINA'S NEW EXCHANGE RATE POLICY: WILL CHINA FOLLOW JAPAN INTO A LIQUIDITY TRAP? RONALD I. MCKINNON

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Physical Description
  • article
Language
  • English

Edition details

Title
  • CHINA'S NEW EXCHANGE RATE POLICY: WILL CHINA FOLLOW JAPAN INTO A LIQUIDITY TRAP?
Author
  • RONALD I. MCKINNON
Physical Description
  • article
Notes
  • Todays' American mercantile pressure on China to appreciate the renminbi against the dollar is eerily similar to the American pressure on Japan to appreciate the yen that began over 30 years ago. There are some differences between the two cases, but downward pressure on Chinese interest rates from foreign exchange risk could lead China into a zero interest rate liquidity trap much like the one that Japan has suffered since the mid-1990s.
  • Exchange rates, China, Japan, interest rates, liquidity trap, deflation
  • RePEc:wsi:serxxx:v:50:y:2005:i:sp:p:463-474
Language
  • English
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