AUTHOR'S BIO
Ronald McKinnon
Ronald McKinnon is Professor of Economics at Stanford University. His latest book is Exchange Rates Under the East Asian Dollar Standard.
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The Problem with “China Bashing”
Ronald McKinnon Series: Frontiers of Growth 2006-06-08Pressure on China today to push up the value of the yuan against the dollar is eerily similar to the pressure on Japan 30 years ago to make the yen appreciate. Back then, “Japan bashing” came to mean the threat of US trade sanctions unless Japan softened competitive pressure on American industries. By 1995, the Japanese economy had become so depressed by the overvalued yen ( endaka fukyo ) that the Americans relented and announced a new “strong dollar” policy. Now “China bashing” has taken over, and the result could be just as bad, if not worse. ... read Comments: 0 Recommended: 0 Read: 25840
