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May 30, 2017

A Few Words on China’s “New” Exchange Rate Regime A Few Words on China’s “New” Exchange Rate Regime

The return of the "fix" doesn't answer the more fundamental question of how China intends to manage its currency.

January 19, 2011

U.S.-China Exchange Rate Thicket

China’s exchange rate policy will dominate the economic dialogue between the United States and China during President Hu’s state visit to Washington. There’s scant hope differences can be resolved, s…

September 5, 2017

Looking Back at the Impact of Real Exchange Rate Moves on Exports Looking Back at the Impact of Real Exchange Rate Moves on Exports

G-3 exchange rate moves over the past four years have had expected impacts on trade flows

December 5, 2005

Saudi Arabia
IMF ignores exchange rate surveillance …

For Saudi Arabia. Just how is the continuation of Saudi Arabia's dollar peg consistent with the IMF's long-term expectations for oil prices ($40-55 a barrel?) and the dollar (tend to depreciate ov…

June 9, 2017

Yes Virginia, Exchange Rates Matter (The Case of Japan) Yes Virginia, Exchange Rates Matter (The Case of Japan)

Since the end of 2012, the yen has depreciated significantly and the dollar has appreciated significantly. Enough time has passed to look at how U.S. and Japanese exports have responded to these exch…

February 19, 2013

Financial Markets
The G-7, the G-20 and Exchange Rates

For those interested in policy coordination and exchange rate policy, last week was both entertaining and informative.  U.S. Treasury official Lael Brainard’s G-20 background briefing last Monday, in…

February 17, 2010

United States
China’s Exchange Rate Policy: The Heat Is On

International pressure must continue on China to allow its currency to appreciate, which would provide an important boost to the global economic recovery, writes CFR’s Steven Dunaway.

March 16, 2007

United States
regional_balance_smaller Jen v. Setser on exchange rates and global adjustment

It is fair to say that I see the world very differently than Dr. Jen.  He thinks imbalances are a natural byproduct of globalization.    I think they are a natural byproduct of undervalued exchange r…

January 29, 2007

Capital freedom, not exchange rate freedom …

That, more or less, is the conclusion of today’s Wall Street Journal oped on China.     I loved the title – talking of the People’s Investment Company is far more catchy than talking of a sovereig…

February 3, 2006

Emerging Markets
Should the IMF be silent on exchange rates?

Treasury Under Secretary Tim Adams thinks the IMF should take exchange rate surveillance more seriously.   So do IThe IMF annual check-ups were originally focused on a country's exchange rate and…