세계불균형 (global imbalances): 중국의 위안화 대 미국의 재정적자

초록

The purpose of this paper is to argue the following two things; First, appreciation of the Chinese yuan has substantially limited power to reduce the trade deficit in the U.S., even though U.S. has a large trade deficit with China. The appreciation of yen through the Plaza Accord in the mid-1980s had not made a large role in reducing the large trade deficit in the U.S. A large part of the trade deficit in the U.S. could be attributed to the fact that multi-national enterprises moved their production facilities to China due to the low labor cost in China, not to the undervaluation of the Chinese yuan. The foreign-invested enterprises (FIEs) in China account for over 60% of China's total export and the exports from the FIEs go mostly to the U.S. Second, the solution to reduce the trade deficit in the U. S. is not outside of the U.S., but is inside of the U.S. It should reduce the fiscal deficit. It is also necessary to raise the private saving rates. The trade surplus in China is the result of the high private saving rates and low government deficit.

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