Modelling the post-reform Chinese Economy
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Martin, Will
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National Centre for Development Studies, Australian National University
Abstract
The system of dual-tier pricing developed in post-reform China includes an
important role for secondary market prices in guiding resource allocation
and stimulating adjustment. This paper draws on recent theoretical
literature on dual-tier pricing systems to specify a computable general
equilibrium model of the Chinese economy. Particular attention is paid to
the foreign exchange system where the interaction of an overvalued official
exchange rate, the foreign exchange retention scheme and secondary
markets for foreign exchange affect the performance of the entire economy.
Key results of an illustrative simulation experiment for devaluation of the
official exchange rate are presented.
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Economic Policy, Chinese Economic Reform
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