The 2010 European debt crisis has revived the discussion concerning the optimum adjustment strategy in the face of asymmetric shocks. Whereas Mundell's (1961) seminal theory on optimum currency areas suggests depreciation in the face of crisis, the most recent emergence of competitive...

Key Features:Written by the original designer of China's exchange rate system reformHighlights greatest threats to China's economic development and proposes supplementary measures that could help the exchange rate system reformEquips readers with a good understanding of China's macroeconomic...

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...