Asian Competitive Devaluations
Marcus Noland (),
Sherman Robinson () and
Zhi Wang ()
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Li-Gang Liu: Peterson Institute for International Economics
No wp98-2, Working Paper Series from Peterson Institute for International Economics
In this paper we examine three issues. The first is the path of China's nominal and real exchange rates since 1990. As it turns out, this is more complicated than is commonly assumed, with basic results exhibiting sensitivity to the exchange rate measure used. We conclude that while China did experience a large nominal depreciation, its much higher relative inflation eroded this devaluation, and in real terms the reminbi has actually appreciated during the 1990s. The Chinese devaluation was at best a contributing factor to the Asian financial crises, not their primary cause.
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