The People’s Republic of China and Global Imbalances from a View of Sectorial Reforms

Hiro Ito and Ulrich Volz

No 393, ADBI Working Papers from Asian Development Bank Institute

Abstract: This paper examines the impact of sectorial reforms on current account imbalances, with a special focus on the People’s Republic of China (PRC). In particular, we investigate to what extent reforms pertaining to the financial sector, social protection, and healthcare may contribute to a rebalancing of the PRC’s persistent current account imbalances. Our forecasting results suggest that reforming the financial sector would be a significant contributor to the country’s rebalancing with an effect much larger than that of capital account liberalization. Strengthened provisions of social protection and publicly-funded healthcare are also found to contribute to a rebalancing of the PRC economy.

Keywords: global imbalances; prc; current account balance; budget deficit; financial liberalization; social sector reform (search for similar items in EconPapers)
JEL-codes: F32 F41 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2012-11-05
New Economics Papers: this item is included in nep-sea and nep-tra
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Citations: View citations in EconPapers (1)

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