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2. Unconventional Monetary Policy, Spillovers, and Liftoff: Implications for Northeast Asia
- Author:
- Marcus Noland
- Publication Date:
- 11-2015
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- Unconventional monetary policy (UMP) has had predictable effects. How exit plays out is scenario-dependent. Quantitative easing has had the predictable effect of encouraging currency depreciation and some partner countries may have attempted to offset these exchange rate effects. Korea presents a particularly interesting case: it is relatively small and relatively open and integrated, in both trade and financial terms, with the United States and Japan, two practitioners of UMP. Authorities have acted to limit the won's appreciation primarily against the currency of China, not the US or Japan. Nevertheless, Korea's policy is a source of tension with the US. Under legislation currently being considered, the currency manipulation issue could potentially interfere with Korean efforts to attract direct investment from the US and create an obstacle to Korea joining the Trans-Pacific Partnership.
- Topic:
- Economics, International Trade and Finance, Political Economy, Monetary Policy, and Foreign Direct Investment
- Political Geography:
- Asia
3. China's Long March Toward Economic Rebalancing
- Author:
- Hongying Wang
- Publication Date:
- 04-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- China's role in the global imbalance is closely linked to its domestic imbalance. Chinese policy makers have long been aware of the dual imbalance and the imperative to shift to economic growth driven by domestic consumption. They have taken limited steps in changing the development model, but political obstacles have slowed the pace of reform. The new leadership seems serious about deepening economic reform despite political resistance, but without political reform, the prospect of success remains dim.
- Topic:
- Economics, International Trade and Finance, Monetary Policy, and Governance
- Political Geography:
- China and Asia
4. Understanding Differences in Growth Performance in Latin America and Developing Countries between the Asian and Global Financial Crises
- Author:
- Roberto Alvarez and José De Gregorio
- Publication Date:
- 11-2014
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Latin American performance during the global financial crisis was unprecedented. Many developing and emerging countries successfully weathered the worst crisis since the Great Depression. Was it good luck? Was it good policies? In this paper we compare growth during the Asian and global financial crises and find that a looser monetary policy played an important role in mitigating crisis. We also find that higher private credit, more financial openness, less trade openness, and greater exchange rate intervention worsened economic performance. Our analysis of Latin American countries confirms that effective macroeconomic management was key to good economic performance. Finally, we present evidence from a sample of 31 emerging markets that high terms of trade had a positive impact on resilience.
- Topic:
- Emerging Markets, International Trade and Finance, Monetary Policy, and Financial Crisis
- Political Geography:
- Asia and Latin America
5. Power Shift and Renminbi Internationalization: Recommendations for the G20
- Author:
- Raluca Diana Ardelean and Mengun Zhang
- Publication Date:
- 07-2014
- Content Type:
- Policy Brief
- Institution:
- Centre for International Governance Innovation
- Abstract:
- China has gained substantial economic power in recent years, becoming the second-largest trading nation after the United States and the largest goods-trading nation since 2012 (Eichengreen 2014). It is also currently the largest source of savings and the largest potential source of capital for international investment (ibid.). Measured by GDP, China is now the second-largest economy in the world (see Figure 1), and the World Bank surmises it is likely to surpass the United States in 2014 (World Bank 2014). Because of China's growing economic importance, a shift in power is reasonably assumed. As its economic power grows, internationalization of the RMB has become a key policy goal for China, especially after the 2008 financial crisis (Zhang 2009; Park 2010; China Securities Regulatory Commission [CSRC] 2014). This goal demonstrates China's desire for better integration and representation in the international economic community and signals its willingness to perform internal financial reforms and take more responsibility in global economic affairs.
- Topic:
- Economics, International Trade and Finance, and Monetary Policy
- Political Geography:
- United States, China, and Asia