The role of China's bureaucracy in its no-devaluation policy during the Asian financial crisis

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Title The role of China's bureaucracy in its no-devaluation policy during the Asian financial crisis
Author Liew, Leong H
Journal Name Japanese Journal of Political Science
Editor Takashi Inoguchi
Year Published 2003
Place of publication United Kingdom
Publisher Cambridge University Press
Abstract Analysts have generally offered two explanations for China's no-devaluation policy during the Asian financial crisis. The first is China's good economic fundamentals and the renminbi is not fully convertible. The second is China's foreign relations' imperative. China was endeavouring to seek favourable entry conditions into the WTO and improve relations with its Asian neighbours. At the same time it sought to exploit the undercurrent of resentment in Asia towards the role played by the US during the crisis. Policy making in China has become more institutionalized in the post-Deng era, but these explanations ignore the role of China's domestic bureaucratic actors in exchange rate policy making. This paper examines the exchange rate regime preferences of China's key economic ministries and their influences in exchange rate policy making and argues that Party leaders were able to adopt a no-devaluation policy throughout the crisis because China's key economic ministries actively supported or acquiesced to that policy.
Peer Reviewed Yes
Published Yes
Publisher URI http://journals.cambridge.org/action/displayJournal?jid=JJP
Alternative URI http://dx.doi.org/10.1017/S1468109903001002
Copyright Statement Copyright 2003 Cambridge University Press. The attached file is reproduced here in accordance with the copyright policy of the publisher. Please refer to the journal's website for access to the definitive, published version.
Volume 4
Issue Number 1
Edition 2003
Page from 61
Page to 76
ISSN 1468-1099
Date Accessioned 2004-02-19
Language en_AU
Subject Comparative Government and Politics
URI http://hdl.handle.net/10072/6482
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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