By C. Fred Bergsten and John Williamson; The Institute for International Economics; November 2004

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.

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Book Contents (PDFs):

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

About the Author:

C. Fred Bergsten has been director of the Institute for International Economics since its creation in 1981. He is chairman of the "Shadow G-8," which advises the G-8 countries on their annual summit meetings. He was chairman of the Competitiveness Policy Council, which was created by Congress, throughout its existence from 1991 to 1995 and chairman of the APEC Eminent Persons Group throughout its existence from 1993 to 1995. He was assistant secretary for international affairs of the US Treasury (1977-81); assistant for international economic affairs to the National Security Council (1969-71); and a senior fellow at the Brookings Institution (1972-76), the Carnegie Endowment for International Peace (1981), and the Council on Foreign Relations (1967-68). He is the author, coauthor, or editor of numerous books on a wide range of international economic issues, including Dollar Overvaluation and the World Economy (2003), No More Bashing: Building a New Japan-United States Economic Relationship (2001), Global Economic Leadership and the Group of Seven (1996), The Dilemmas of the Dollar (2d ed, 1996), and America in the World Economy: A Strategy for the 1990s (1988).

John Williamson has been Senior fellow at the Institute for International Economics since 1981. He was project director for the UN High-Level Panel on Financing for Development (the Zedillo Report) in 2001; on leave as Chief Economist for South Asia at the World Bank during 1996-99; Economics professor at Pontifica Universidade Católica do Rio de Janeiro (1978-81), University of Warwick (1970-77), Massachusetts Institute of Technology (1967, 1980), University of York (1963-68), and Princeton University (1962-63); Adviser to the International Monetary Fund (1972-74); and Economic Consultant to the UK Treasury (1968-70). He is author or editor of numerous studies on international monetary and developing-world debt issues, including Delivering on Debt Relief: From IMF Gold to a New Aid Architecture (2002), Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option (2000), The Crawling Band as an Exchange Rate Regime (1996), What Role for Currency Boards? (1995), Estimating Equilibrium Exchange Rates (1994), The Political Economy of Policy Reform (1993), Economic Consequences of Soviet Disintegration (1993), Trade and Payments After Soviet Disintegration (1992), From Soviet Disunion to Eastern Economic Community? with Oleh Havrylyshyn (1991), Currency Convertibility in Eastern Europe (1991), Latin American Adjustment: How Much Has Happened? (1990), and Targets and Indicators: A Blueprint for the International Coordination of Economic Policy with Marcus Miller (1987).

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