Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/26431
Authors: 
McKinnon, Ronald
Schnabl, Gunther
Year of Publication: 
2008
Series/Report no.: 
CESifo working paper 2386
Abstract: 
Since 2004, China has been backed into a situation where the renminbi is expected to go ever higher against the dollar, and this one-way bet has led to a loss of domestic monetary control. Combined with a more general flight from the U.S. dollar, the resulting monetary explosion in China contributes to the worldwide increase in primary commodity priceswith excess liquidity reminiscent of the global inflation generated by the weak dollar in the 1970s.
Subjects: 
Inflation
exchange rates
macro policies
current account imbalances
JEL: 
E31
E61
F31
Document Type: 
Working Paper

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