Téléchargez le livre : Gaining Currency

Gaining Currency

The Rise of the Renminbi

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Oxford University Press


Paru le : 2016-09-13



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Description
In Gaining Currency, leading China scholar Eswar S. Prasad describes how the renminbi (RMB) is taking the world by storm and explains its role in reshaping global finance. This book sets the recent rise of the RMB, China's currency since 1949, against a sweeping historical backdrop. China issued the world's first paper currency in the 7th century. In the 13th century, Kublai Khan issued the first-ever currency to circulate widely despite not being backed by commodities or precious metals. China also experienced some of the earliest episodes of hyperinflation currency wars. Gaining Currency reveals the interconnections linking China's growing economic might, its expanding international influence, and the rise of its currency. If China plays its cards right by adopting reforms that put its economy and financial markets on the right track, the RMB could rival even the euro and the Japanese yen. Prasad shows, however, that while China has successfully adopted a unique playbook for promoting the RMB, many pitfalls lie ahead for its economy and currency that could limit the RMB's ascendance. The Chinese leadership is pursuing financial liberalization and limited market-oriented reforms, but it has unequivocally repudiated political, legal, and institutional reforms. Therefore, Prasad argues, while the RMB is likely to become a significant reserve currency, it will not attain "safe haven" status as a currency to which investors turn during crises. In short, the hype predicting the RMB's inevitable rise to global dominance is overblown. Gaining Currency makes a compelling case that, for all its promise, the RMB does not pose a serious challenge to the U.S. dollar's dominance in international finance.
Pages
208 pages
Collection
n.c
Parution
2016-09-13
Marque
Oxford University Press
EAN papier
9780190631055
EAN PDF
9780190631062
Informations sur l'ebook
Nombre pages copiables
0
Nombre pages imprimables
0
Taille du fichier
22886 Ko
Ce livre est accessible aux handicaps Voir les informations sur l'accessibilité
Prix
33,66 €
EAN EPUB
9780190631079
Informations sur l'ebook
Nombre pages copiables
0
Nombre pages imprimables
0
Taille du fichier
14377 Ko
Ce livre est accessible aux handicaps Voir les informations sur l'accessibilité
Prix
33,66 €
Eswar S. Prasad, Tolani Senior Professor of Trade Policy in the Dyson School at Cornell University, holds the New Century Chair in International Economics at the Brookings Institution and is a research associate at the National Bureau of Economic Research. He is a former head of the IMF's China Division and author of The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance.

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