Reserve accumulation and exchange rate policy in China: The authoritarian elite's aim of political survival

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• 作者：Elena Seghezza^a ; ^{seghezza@unige.it} ; Pierluigi Morelli^b ; Giovanni B. Pittaluga^c
• 关键词：China ; Foreign reserves ; Exchange rate policy ; Authoritarina regimes
• 刊名：European Journal of Political Economy
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：46
• 期：Complete
• 页码：40-51
• 全文大小：385 K
• 卷排序：46

文摘

In the last decades China accumulated a huge amount of foreign exchange reserves. In this way the elite pursued the political survival of themselves and the regime. The main instrument of this policy was the real undervaluation of Renminbi. These policy choices determined a redistribution of income, with winners and losers. The elite controlled the winners' and losers' behavior by influencing their collective action costs.