China’s post-crisis policy dilemma: multi-sectoral comparative static macroeconomics
Although the “country runs” of the Asian crisis stopped at the Chinese border, their effects nonetheless included a realignment of real exchange rates and a rise in the risk premium demanded of investments in China. To examine alternative Chinese policy responses, this paper introduces a multi-country, multi-commodity comparative static macroeconomic model. Simulations suggest that, although the maintenance of fixed parity with the US dollar may have been necessary during the crisis, its...[Show more]
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