Скачать Dollar Adjustment: How Far? Against What? (Special Report): C. Fred Bergsten, John Williamson бесплатно
Dollar Adjustment: How Far? Against What? (Special Report): C. Fred Bergsten, John Williamson
Peterson Institute | ISBN: 0881323780 | 2004-11-30 | PDF (OCR) | 294 pages | 1.28 Mb
Building on the scholarship of the highly successful 2003 volume, Dollar Overvaluation and the World Economy, this book assesses the progress that has been made to date in correcting the sizable misalignments of key national currencies that developed in the late 1990s and early 2000s. The book examines whether a dollar decline is needed for the United States and the rest of the world to achieve sustainable current account positions and what the impact of a major dollar realignment would be on economies around the world. It also features new ideas on the effectiveness of intervention in moving exchange rates in a desired direction. The book brings together perspectives from government, industry, and academia.
Summary: Tell us something we dont already know Fred
Gotta love economists. This book is like one of those rush to market books after a major news event--that's stale 6 months later.
The only saving grace is that the authors are respectable economists (oxymoron?) who have published monographs about currencies.
Otherwise, just surf the web and see how Asia likes currency intervention and others float. Which raises the question: why fixed versus floating? See the works of Robert A. Mundell, who won the Nobel in 1999. In short, with a floating currency and free capital flows, fiscal policy can't affect overall demand because changes in government spending trigger changes in interest rates, exchange rates, and trade flows that are offsetting (sterilized). Can it be that Asian countries want more control over their economy (rightly or wrongly)?