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Capital and Interest - A Critical History of Economic Theory by Eugen von Böhm-Bawerk, William Smart PDF

By Eugen von Böhm-Bawerk, William Smart

Concerning the AUTHOR:
Eugen Ritter von Böhm-Bawerk was once an Austrian economist who made very important contributions to the advance of the Austrian university of economics.

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1 INTRODUCTION The value of China’s currency, the renminbi (RMB), has become a contentious issue. Many argue that the currency is undervalued and has been the main source for the country’s large current account surpluses especially with the United States (US). There has been mounting external pressure on China to allow the RMB to appreciate against the US dollar. A number of economists also argue that the exchange rate regime in China should change to market-based floating from heavy intervention in the foreign exchange market.

Special economic zones were actually set up in many developing countries before China’s experiment. indd 33 03/07/2012 10:39 34 19. 20. 21. 22. 23. 24. Asian responses to the global financial crisis in the sense that the first zones should become ‘role models’ for the next tiers of zones, and the original zones would graduate and transform. Of course, by luck or by design, the success of the first tier of zones can also be linked to the part played by investment from Taiwan and Hong Kong, and other overseas Chinese.

However, to our surprise, they are not dealt with in a unified framework. indd 36 03/07/2012 10:39 The renminbi debate 37 We employ a vector autoregressive (VAR) model to assess the role of the exchange rate in Japan and China. We then present empirical evidence that shows some important differences between the experiences of Japan and China. Currency appreciation in Japan appears to reduce current account surpluses and induce economic downturn, as the Chinese government argues. On the other hand, RMB appreciation is not likely to have any significant effects on the current account balance, while (insignificantly) raising real income instead of reducing it.

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Capital and Interest - A Critical History of Economic Theory by Eugen von Böhm-Bawerk, William Smart


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