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Full Description
The author of this book is the original proponent of China's exchange rate system reform announced in 2005. This book discusses:Through these discussions, the author hopes to share his knowledge on macroeconomic policy management accumulated over the past thirty five years. In particular, he would like to share his insights on macroeconomic policy management before, during and after an asset inflation era or a crisis period. He would also like to warn policy makers and financial investors on the likelihood of an asset bubble and then a crisis in economies outside the US. The author hopes this book could eventually stimulate the emergence of "macroeconomic policy management" as a new and important discipline in economics.While the focus of the book is on macroeconomic policy management, it also offers important lessons and strategies on share and property investments. Thus, economists, policy makers, central bank officials, economics students, business and finance professionals, individual investors and academia in other disciplines will find the book useful.
Contents
Theoretical Design and Actual Implementation of the Reform: Macroeconomic Conditions and Debate Before the Reform; Transitional, Medium-Term and Long-Term Designs of the Reform; Supplementary Measures that Could Help the Reform; First Stage Reforms During the Transitional Period; Second Stage Reforms; China's Economic Performance and Macroeconomic Risk After the Transitional Reform: Impacts of Capital Inflows and the Related Policy Measures; China's Foreign Reserves and External Trade: Some Misconceptions and Their Policy Implications; China's Stock Market Bubble and Her Lessons of Bubble Squeezing Strategies; China's Property Inflation and Its Solution; General Price Inflation in 2007; Global and Domestic Economic Slowdown in 2008-10: Role of Fiscal and Monetary Policies; Conclusions, Outlooks and Lessons: Risk of Rampant Asset Inflation and Big Cycle of Exchange Rate During the Recovery Period; The Chance of An Eventually Successful or Unsuccessful Exchange Rate System Reform in China; Lessons to Other Economies on Exchange Rate System Reform, Banking Reform, Asset Inflation and Avoidance of Economic Crises; China's Experience as Evidence to Economic Theories and Debates.
