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The US-Sino Currency Dispute: New Insights from Economics, Politics and Law

Aggregate demand is in short supply in most parts of the globe. The Chinese policy of halting the rise of the renembi against the dollar in 2008 was thus perceived by some as a 1930s�s style beggar-thy-neighbour policy. Commentators such as Paul
Krugman as well members of Congress have argued that it is time to "get tough" with China over its exchange rate manipulation.In this Ebook, Simon Evenett, Co-Director of CEPR�s International Trade and Regional Economics Programme, has brought together some answers. The twenty eight chapters summarise the latest research on the behaviour of the renminbi and the role it has played in global imbalances, whether China�s exchange rate policy is consistent with WTO rules, and most important, the likely responses of China and its trading partners to the dispute over balances and exchange rate policies.

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Evenett, S (2010), ‘The US-Sino Currency Dispute: New Insights from Economics, Politics and Law‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Evenett, S (2010), ‘Executive Summary: The US-Sino Currency Dispute: New Insights from Economics, Politics, and Law‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Bergsten, F (2010), ‘Correcting the Chinese exchange rate: an action plan‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Yu, Y (2010), ‘A trade war is entirely unnecessary‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Huang, Y (2010), ‘What caused China’s current-account surplus?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Barfield, C (2010), ‘Congress and Chinese currency legislation‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Wyplosz, C (2010), ‘Is an undervalued renminbi the source of global imbalances?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Deardoff, A (2010), ‘A trade theorist’s take on global imbalance‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Frankel, J (2010), ‘The renminbi since 2005‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Reisen, H (2010), ‘Is China’s currency overvalued?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Subramanian, A (2010), ‘New PPP-based estimates of renminbi undervaluation and policy implications‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Schott, P (2010), ‘The 2005 to 2008 appreciation of the yuan and US trade‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Koivu, T and A García-Herrero (2010), ‘Impact of China’s exchange-rate policy on trade in Asia‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Sykes, A and R Staiger (2010), ‘Currency ‘manipulation’ and world trade: a caution‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Miranda, J (2010), ‘Currency undervaluation as a violation of GATT Article XV:4‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Trachtman, J (2010), ‘Yuan to fight about it? The WTO legality of China’s exchange regime‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Waibel, M (2010), ‘Retaliating against exchange rate manipulation under WTO rules‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Ahn, D (2010), ‘Is the Chinese exchange-rate regime ‘WTO-legal’?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Magnus, J and T Brightbill (2010), ‘China's currency regime is legitimately challengeable as a subsidy under ASCM rules‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Francois, J (2010), ‘Deconstructing Sino-US codependence: revaluation, tariffs, exports and jobs‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Levy, P (2010), ‘US policy approaches to Chinese currency‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Evenett, S (2010), ‘Is the 1971 ‘import surcharge’ a useful precedent?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Ito, T and J Corbett (2010), ‘What should the US and China learn from the past US-Japan conflict?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Messerlin, P (2010), ‘Should Europe join the US in condemning Chinese currency manipulation?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Godement, F (2010), ‘China: revisiting the issue of mercantilism‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Small, A (2010), ‘Beijing blinks first – the currency debate in diplomatic context‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Breslin, S (2010), ‘Great expectations: (Competing) domestic drivers of Chinese policy deliberations‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Suominen, K (2010), ‘Absent revaluation, retaliation? Reactions to US restrictions on Chinese exports‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Prasad, E (2010), ‘China's holdings of US government debt: A dagger pointed at the heart of the US economy?‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0

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Chinn, M, E Fujii and Y Cheung (2010), ‘Measuring misalignment: Latest estimates for the Chinese renminbi‘, in Evenett, S (eds), The US-Sino Currency Dispute: New Insights from Economics, Politics and Law, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/us-sino-currency-dispute-new-insights-economics-politics-and-law-0