Abstract

Explores the policy of currency undervaluation in Asian economies and considers the effects of currency misalignment on the global scale. Discusses the determinants of economic growth; currency valuation, savings, and the current account; measuring currency valuation; the yin and yang of investment; whether the real exchange rate is endogenous; Rashomon rules—U.S. dollar, Euro dollar …; currency valuation and growth; policy failures and growth miracles; mercantilism and miracles; institutions versus exchange rate policy; currency undervaluation—a time-tested policy for growth; economics of the yen and the renminbi; and changing times, changing views. Bhalla is Chairman of Oxus Investments.

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