RMB Internal and External Equilibrium Theory: A Collection of Financial Studies

Author: Bu Yongxiang, Qin Wanshun
Publisher:
Publish Date: 2006-07-01
Features: Some parts of this book have won 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 University of Finance and Economics' China Fiscal and Financial Policy Research Center, and other awards such as the National Outstanding Doctoral Thesis of 2005. Some parts are also the results of the National Social Science Fund's "Nineth Five-Year Plan" key project. This book is based on the analytical framework of open-economy macroeconomics, taking the perspective of macroeconomic internal and external equilibrium to study China's RMB exchange rate policy, monetary policy, and their coordination. The first part analyzes the level of the equilibrium exchange rate of the RMB under open-economy 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 float, 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-economy 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.