@article {16262,
	title = {Book Review: C. Fred Bergsten and John Williamson, eds., Dollar Adjustment: How Far? Against Whom? (2004) Peterson Institute, Washington, DC},
	journal = {Journal of Economic Literature},
	volume = {44},
	number = {1},
	year = {2006},
	pages = {155-156},
	abstract = {In today{\textquoteright}s times, the single most debated question in international policy circles is the fate of the\&nbsp;U.S. dollar and the U.S current account. This book\&nbsp;is a collection of essays on this debate. The papers\&nbsp;were presented at a conference in Washington,\&nbsp;D.C., on May 25, 2004, organized by the Institute\&nbsp;for International Economics. The main questions\&nbsp;that were asked at the time of the conference were\&nbsp;the following: (1) How much further does the dollar need to depreciate? (2) Against which currencies does it need to depreciate? The general\&nbsp;consensus among the authors is that there is a serious misalignment of key national currencies in the\&nbsp;world. The main conclusion is that the dollar\&nbsp;needs to decline by an additional 15 percent or so\&nbsp;and most of this adjustment needs to take place\&nbsp;against Asian currencies. This will require China\&nbsp;to revalue its exchange rate against the dollar by\&nbsp;around 20 percent.},
	url = {http://dx.doi.org/10.1257/002205106776162708},
	author = {Gita Gopinath}
}
