The Asian Crisis and Economic Change in China

Yongzheng Yang and Rodney Tyers

The Japanese Economic Review, 2001, vol. 52, issue 4, 491-510

Abstract: During the Asian crisis, China’s healthy reserves and low debt helped avoid a “country run”, yet China did experience an apparently autonomous rise in private savings, a rise in capital outflow and a slowdown in growth. We employ global general equilibrium analysis to examine the relative contributions of external and internal shocks in China during the crisis. The savings rise appears to have been dominant domestically and, by coincidence, was a significant contributor to the international effects of the crisis. The successful defence of fixed US$ parity, however, made the combined shocks more contractionary than if the exchange rate regime had been more flexible. JEL Classification Numbers: C68, E65, F41, O11.

Date: 2001
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