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Has China benefited from a fixed exchange rate and should it continue this policy considering its recent economic difficulties?

Essay Question:

Has China benefited from a fixed exchange rate and should it continue this policy considering its recent economic difficulties?

The aim of this assignment is to examine issues in international political economy. Thus, the focus of the essay should be on theories relevant to the specific assignment question (exchange rate regimes). Moreover, empirical evidence has to be included to explain and justify arguments. One key to analysing and explaining concepts in sufficient depth is for the essay to draw on the relevant literature from the reading list for the unit.

Must Use Reading List:

ü  Allegret et al (2003) ‘Financial liberalization and stability of the financial system in emerging markets: the institutional dimension of financial crises’, Review of International Political Economy, 10:1, pp.73-92.

ü  Cohen, B.J. (2008) ‘The international monetary system: diffusion and ambiguity’, International Affairs, 84:3, 455-470.

ü  Peng, M. and Meyer, K. (2016) `Chapter 7: Exchange rates`, in International Business, Andover: Cengage Learning. (page 184-211)

ü  Pilbeam, K. (2013) ‘International Finance’, Basingstoke: Palgrave Macmillan.

ü  Chapter 1: The Foreign Exchange Market’. (page 2-29)

ü  Chapter 6: Purchasing Power Parity Theory and Floating Exchange Rate Experience. (page 125-146)

ü  Chapter 10: Fixed, Floating and Managed Exchange Rates. (page 232-252)

ü  Chapter 11: The international Monetary System. (page 257-296)

ü  Ravenhill, J. (2014) ‘Chapter 7: The evolution of the International Monetary and Financial System’, in Global Political Economy, Oxford: Oxford University Press. (page 173-198)

ü  Pauly, L.W. (2011) ‘The political economy of global financial crises’ in John Ravenhill (ed), Global Political Economy, Oxford: Oxford University Press. 4th edition: 

ü  Rogoff, K The Implications of Globalization of World Financial Markets. Online: http://scholar.harvard.edu/files/rogoff/files/bokpaper.pdf

ü  Crotty, J. (2009) Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’. Cambridge Journal of Economics, 33(4), 563-580.

ü  Reinart, C.M. and Rogoff, K.S. (2009). The Aftermath of Financial Crises. The American Economic Review, 99(2). 466-472.

ü  Helleiner, E. (2011) Understanding the 2007-2008 global financial crisis: Lessons for scholars of international political economy. Annual Review of Political Science, 14, 67-87.

ü  Crotty, J. (2009) Structural causes of the global financial crisis: a critical assessment of the ‘new financial architecture’. Cambridge Journal of Economics, 33(4), 563-580.

ü  Reinart, C.M. and Rogoff, K.S. (2009). The Aftermath of Financial Crises. The American Economic Review, 99(2). 466-472.

ü  Helleiner, E. (2011) Understanding the 2007-2008 global financial crisis: Lessons for scholars of international political economy. Annual Review of Political Science, 14, 67-87.

ü  McNally and Gruin (2017) A novel pathway to power? Contestation and adaptation in China`s internationalization of the RMB. Review of International Political Economy, 24(4), 599-628. (focus on whole paper but mainly page 609-611; page 611; page 612; page 614-619).

ü  -Bowles et al (2017) Renminbi appreciation and Global Value Chains in China: exploring the linkages. Online: https://doi.org/10.1080/01436597.2017.1401921 – focus on whole paper but

mainly page 4-5; 7-9; page 11-12

ü  Liao and McDowell (2016) No Reservations - International Order and Demand for the Renminbi as a Reserve Currency. International Studies Quarterly, 60(2), 272-293 – focus on whole paper but mainly page 272-273; page 276-277; page 285

ü  New York Times (2010) Paul Krugman Blog: Taking on China. Online: http://www.nytimes.com/2010/03/15/opinion/15krugman.html

ü  New York Times (2015) Paul Krugman Blog: China is not China 2010. Online:

https://krugman.blogs.nytimes.com/2015/08/13/china-2015-is-not-china-2010/

ü  Financial Times (2018) ‘China will keep tight leash on foreign exchange’

ü  Financial Times (2018) ‘Renminbi flies after Beijing removes shackles’

ü  Financial Times (2018) ‘Chinese exporters’ nerves fray as renminbi surges’

ü  Financial Times (2017) ‘China needs to come clean on its exchange rate policy’

ü  Guardian (2016) ‘China`s exchange rate trap’


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