ABSTRACT
Since the mid-1980s, exchange rate levels of emerging Asian countries have received considerable interest in France among both economists and policy makers. In the controversy on the relocation of industrial activities in several emerging economies (the so-called délocalisations) and on the consequences of trade competition with these countries, it has often been argued that currencies of emerging Asian countries were severely undervalued on purpose and that this undervaluation was exacerbating current unemployment issues in developed economies.
