China's Exchange Rate System Reform: Lessons for Macroeconomic Policy Management

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9789814289108: China's Exchange Rate System Reform: Lessons for Macroeconomic Policy Management

The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses:

* The transitional, medium-term and long-term designs of the reform
* China's achievements and mistakes on the reform
*China's banking reform and its lessons to other emerging economies
*Maintaining a certain trade surplus as a dynamically optimal choice for China
*China's stock market bubble and the gradual bubble squeezing strategy
*China's property inflation and its solution
*China's fiscal and monetary policies during and after the global financial tsunami
*Risk of global asset inflation, CPI inflation and cycle of exchange rate after the financial tsunami
*Likelihood of an asset bubble and then a crisis in economies outside the US during the overheated phase of the recovery

Through these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of "macroeconomic policy management" as a new and important discipline in economics.

While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful.

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From the Inside Flap:

This book is divided into two parts. The first part documents the rationales and considerations behind China's exchange rate system reform announced on 21 July 2005. It also discusses the actual implementation and achievements of the transitional reform as well as some subsequent mistakes committed by China's central bank. It also presents the author's proposed supplementary measures that could help the exchange rate system reform, and at the same time increase China's immunity and resilience against economic crises in future.

The second part provides an updated discussion on China's economic performance and macroeconomic risk since the transitional reform was announced. With updated, insightful and thorough discussions, this book equips readers with a very good understanding of China's macroeconomic state and challenges.

About the Author:

Dr. Yip is currently employed as an Associate Professor in Economics at the Nanyang Technological University in Singapore. He was born in China and grew up in Hong Kong. He obtained his first degree from the University of Hong Kong, and his Master and Ph.D. degrees from the London School of Economics. He gained extensive central banking, financial and commercial experiences through senior positions with the Hong Kong Monetary Authority, the Bank of China and the Bank of East Asia. In addition to substantial publications in high-ranking economics, finance and management journals, he has made numerous important exchange rate and macroeconomic policy recommendations in China, Hong Kong and Singapore. In particular, Dr. Yip is the original proponent of China s exchange rate system reform. His policy articles have also made substantial impacts on China s banking reform, choice of maintaining a trade surplus to finance outward investment, gradual squeezing of the stock market bubble before the global financial tsunami, use of ultra expansionary fiscal policy and substantial quantity easing to offset the impacts of the global financial tsunami, plan of using substantial public housing supply as a long-term solution of its property inflation. Dr. Yip has also published extensively on the exchange rate systems in China, Hong Kong and Singapore. In 2010 2011, he was selected as one of the 2000 intellectuals in the 21st Century by the International Biographical Centre and member of the Presidential Who s Who in the World by Marguis Who s Who.

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