Joseph Stiglitz observed during a recent public lecture in Hong Kong that the world is badly in need of a new reserve asset. This chapter follows up this idea and argues that China is in a unique position to contribute to the world by coming up with a new exchange rate arrangement involving just such a new reserve asset.
|Title of host publication||China, Hong Kong and the world economy: Studies on globalization|
|Number of pages||18|
|Publication status||Published - 1 Jan 2006|