Huang, Hui; Wang, Yi; Yiming, Wang; Whalley, John; … - 2005
requirement for foreign exchange generated by exports. In this model, when services remain unliberalized there is an optimal trade … model has relevance to the current situation in China where services remain unliberalized and tariff rates are bound in the … WTO. Since there is an optimal exchange rate, a move to a free Renminbi float can be welfare worsening. We use numerical …