Theory of Internal and External Equilibrium of the Renminbi

Author: Bu Yongxiang, Qin Wanshun / Country:
Publisher:
Publish Date: 2006-07-01
Features: Some parts of this book have won awards such as the Third National Foreign Trade and Economic Cooperation Research Achievement Award (Third Prize), the First Huang Da-Yuan-Mundell Outstanding Doctoral Thesis Award from the China Financial Policy Research Center of Renmin University of China, and the National Outstanding Doctoral Thesis Award in 2005. Some parts are also the results of the "Nineth Five-Year Plan" key project of the National Social Science Fund of China. The book is based on the analytical framework of open economy macroeconomics, taking the perspective of macroeconomic internal and external equilibrium to study China's exchange rate policy, monetary policy, and their coordination. The first part analyzes the level of the equilibrium exchange rate of the RMB under open economic conditions, explores the factors determining the RMB exchange rate and the macroeconomic effects of exchange rate changes, analyzes the optimal timing for the RMB to implement a truly managed floating system, the future reform direction and key influencing factors of the RMB exchange rate mechanism, and estimates the future trend of the RMB exchange rate level. The second part studies the theory of monetary policy under open economic conditions, compiles the China Monetary Policy Condition Index, and discusses the coordination between the RMB monetary policy and exchange rate policy, analyzing the future direction of the RMB monetary policy.