The Real Exchange Rate, Sectoral Allocation and Development in China and East Asia: A Simple Exposition

Ramkishen Rajan and Javier Beverinotti

No WP/10/09, MPDD Working Paper Series from United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Abstract: Global macroeconomic imbalances are among the key issues facing policymakers, especially in the US and China which are the two major affected / contributing parties. While there has been a great deal of discussion and disagreement on this important issue, what all sides have in common is the general failure to adequately pay attention to the role of the exchange rate in allocating resources internally between tradables and nontradables. These sectoral changes can have both real and macroeconomic consequences. This paper offers a simple analytical exposition of some of the issues relating to China’s and East Asian development and their impact on global imbalances using a two-sector tradable and nontradables model.

Date: 2010-10
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Journal Article: The real exchange rate, sectoral allocation and development in China and East Asia: A simple exposition (2012)
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