, speculative bubbles and post-bubble secular stagnation. To prevent a similar scenario for China capital controls, a tighter … constitute long-term appreciation expectations on yuan and yen, which have made China and Japan vulnerable to U.S. interest rate … cuts and appreciation expectation shocks. For both China and Japan - at different points of time - self-fulfilling runs …

China’s currency policy is one of the most hotly debated subjects in recent international monetary history. This … current framework, assesses the IMF-consistency of China’s policies, and reviews proposed reforms of the framework. We … conclude that it would not appear that China is in breach of its obligations under Article IV, Section 1, but that legitimate …