[DOWNLOAD] "IMF Policy Discussion Paper: Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China" by Eswar Prasad, Qing Wang & Thomas Rumbaugh # Book PDF Kindle ePub Free
eBook details
- Title: IMF Policy Discussion Paper: Putting the Cart Before the Horse? Capital Account Liberalization and Exchange Rate Flexibility in China
- Author : Eswar Prasad, Qing Wang & Thomas Rumbaugh
- Release Date : January 01, 2005
- Genre: Business & Personal Finance,Books,
- Pages : * pages
- Size : 25596 KB
Description
This paper reviews the issues involved in moving towards greater exchange rate flexibility and capital account liberalization in China. A more flexible exchange rate regime would allow China to operate a more independent monetary policy, providing a useful buffer against domestic and external shocks. At the same time, weaknesses in China's financial system suggest that capital account liberalization poses significant risks and should be a lower priority in the short term. This paper concludes that greater exchange rate flexibility is in China's own interest and that, along with a more stable and robust financial system, it should be regarded as a prerequisite for undertaking a substantial liberalization of the capital account.
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