And exchange rate adjustment has usually been a key policy tool to ensure this re-allocation.

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More broadly, in the United States, for example, the dollar made artificially expensive by capital inflows related in part to its reserve currency status has prevented the exchange rate adjustment needed to balance our trade in goods and services.

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They recognized that this is important in China that the -- the exchange rate to absorb more of the adjustment.

WHITEHOUSE: Via Telephone

This is the value of an exchange-rate peg in an economy such as Hong Kong's: adjustment to external shocks takes place through changes to domestic prices, rather than through exchange-rate levels.

ECONOMIST: Hong Kong

The example I have in mind now is my study of the international adjustment mechanisms under fixed and floating exchange rates.

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The relationship between portfolio adjustment and the euro's exchange rate is complicated.

ECONOMIST: The international euro | The

As with an external deficit, adjustment to a related internal deficit is ultimately the same under any exchange rate regime.

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