Competitive Dragon, Crouching Celtic Tiger

Dirk Ehnts submits:

I have recently written about Germany and commented on the question whether it was innovation or policy that is driving the competitiveness of German firms. In my opinion, policy plays a strong role in putting a lot of costs on German workers, who had to face declining real wages for many years. China’s mechanism to increase the competitiveness of domestic firms is a different one. (The following paragraphs build on a joint paper with Finn Körner.)

China manipulates its currency by fixing it against the US dollar. Yes, fixing an exchange rate already is currency manipulation, since the motivation behind this is to control the external value of your currency (while the internal value of your currency might float and become a problem). The

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