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Building on the scholarship of the highly successful 2003 volume, Dollar Overvaluation and the World Economy, this book assesses the progress that has been made to date in correcting the sizable misalignments of key national currencies that developed in the late 1990s and early 2000s. The book examines whether a dollar decline is needed for the United States and the rest of the world to achieve sustainable current account positions and what the impact of a major dollar realignment would be on economies around the world. It also features new ideas on the effectiveness of intervention in moving exchange rates in a desired direction. The book brings together perspectives from government, industry, and academia.

Preface

Overview

1. Designing A Dollar Policy
C Fred Bergsten and John Williamson

2. Current Account Objectives: Who Should Adjust?
John Williamson

3. The Needed Changes in Bilateral Exchange Rates
Simon Wren-Lewis

4. Burden Sharing and Exchange Rate Misalignments Within the Group of Twenty
Agnes Benassy-Quere, Pascale Duran-Vigeron, Amina Lahreche-Revil, and Valerie Mignon
Comment Ellen Hughes-Comwick
Comment Jim O'Neill

5. Exchange Rate Adjustments Needed to Reduce Global Payments Imbalance
Michael Mussa

6. The Impact of Trade on US Job Loss, 2000-2003
Martin Neil Baily and Robert Z. Lawrence

7. Locked in a Close-Embrace? Canada's Current Account Adjustment Vis-a-vis the United States
Paul Masson

8. The Yen and the Japanese Economy, 2004
Takatoshi Ito

9. China and the Renminbi Exchange Rate
Morris Goldstein
Comment Peter Garber

10. Intervention When Exchange Rate Misalignments Are Large
Chistopher Kubelec

11. Exchange Rate Policy Strategies and Foreign Exchange Interventions in the Group of Three Economies
Marcel Fratzscher
Comment Martin Evans

About the Contributors

Index