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Dollar Adjustment: How Far? Against
What? |
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| C. Fred Bergsten and John Williamson,
editors |
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Building on the scholarship of
the highly successful 2003 volume, Dollar Overvaluation and the World Economy,
this book assesses the progress made to date in correcting the sizable misalignments
of key national currencies that developed in the late 1990s and early 2000s. The
book examines whether a dollar decline is needed for the United States and the
rest of the world to achieve sustainable current account positions and what the
impact of a major dollar realignment would be on economies around the world. It
also features new ideas on the effectiveness of intervention in moving exchange
rates in a desired direction. The book brings together perspectives from government,
industry, and academia.
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| I. Overview |
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Designing a
Dollar Policy |
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| II. How Much
Adjustment? |
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Current Account
Objectives: Who Should Adjust? |
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The Needed
Changes in Bilateral Exchange Rates |
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Burden Sharing
and Exchange Rate Misalignments Within the Group of Twenty |
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| III. The
Impact of a Major Dollar Realignment |
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Exchange Rate
Adjustments Needed to Reduce Global Payments Imbalances |
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The
Impact of Trade on US Job Loss, 2000-03 |
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Locked
in a Close Embrace? Canada's Current Account Adjustment Vis-à-vis the United
States |
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The Yen and
the Japanese Economy, 2004 |
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China
and the Renminbi Exchange Rate |
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| IV.
The Use of Intervention to Achieve Desired Currency Values |
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Intervention
When Exchange Rate Misalignments are Large |
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Exchange
Rate Policy Strategies and Foreign Exchange Interventions in the Group of Three
Economies |
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Institute for International
Economics, November 2004 |
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