The weak renminbi is not just America’s problem
By Arvind Subramanian (FT)
Published: March 17 2010 23:37
What is needed is a new rule in the WTO proscribing undervalued exchange rates. The irony is that export subsidies and import tariffs are individually disciplined in the WTO but their lethal combination in “an undervalued exchange rate” is not.
I wonder what Dani Rodrik would say.
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