المستودع الأكاديمي جامعة المدينة

Trade model with an optimal exchange rate motivated by current discussion of a Chinese Renminbi float

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dc.creator Huang, Hui
dc.creator Wang, Yi
dc.creator Wang, Yiming
dc.creator Whalley, John
dc.creator Zhang, Shunming
dc.date 2005
dc.date.accessioned 2013-10-16T07:01:32Z
dc.date.available 2013-10-16T07:01:32Z
dc.date.issued 2013-10-16
dc.identifier http://hdl.handle.net/10419/18835
dc.identifier ppn:488940281
dc.identifier.uri http://koha.mediu.edu.my:8181/xmlui/handle/10419/18835
dc.description We combine a model of combined inter-spatial and inter-temporal trade between countries recently – used by Huang, Whalley and Zhang (2004) to analyze the merits of trade liberalization in services when goods trade is restricted – with a model of foreign exchange rationing due to Clarete and Whalley (1991) in which there is a fixed exchange rate with a surrender requirement for foreign exchange generated by exports. In this model, when services remain unliberalized there is an optimal trade intervention, even in the small open price-taking economy case. Given monetary policy and an endogenously determined premium value on foreign exchange, an optimal setting of the exchange rate can provide the optimal trade intervention. We suggest this model has relevance to the current situation in China where services remain unliberalized and tariff rates are bound in the WTO. Since there is an optimal exchange rate, a move to a free Renminbi float can be welfare worsening. We use numerical simulation methods to explore the properties of the model, since it has no closed form solution. Our analysis provides an intellectual counter argument to those presently advocating a free Renminbi float for China.
dc.language eng
dc.publisher
dc.relation CESifo working papers 1471
dc.rights http://www.econstor.eu/dspace/Nutzungsbedingungen
dc.subject F00
dc.subject F4
dc.subject F31
dc.subject F11
dc.subject ddc:330
dc.subject Internationaler Dienstleistungsverkehr
dc.subject Aussenhandelsliberalisierung
dc.subject Aussenwirtschaftstheorie
dc.subject Zwei-Länder-Modell
dc.subject Zeitökonomik
dc.subject Allgemeines Gleichgewicht
dc.subject Wohlfahrtseffekt
dc.subject Theorie
dc.subject Wechselkurs
dc.subject Optimalzoll
dc.subject Wechselkurssystem
dc.subject China
dc.title Trade model with an optimal exchange rate motivated by current discussion of a Chinese Renminbi float
dc.type doc-type:workingPaper


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