Internationaliser la monnaie tout en s’endettant massivement: le cas de la Chine

Alicia Garcia Herrero

Revue d'économie financière, 2015, vol. n° 119, issue 3, 121-140

Abstract: This article reviews the steps that China has taken towards financial reform with particular attention to capital account liberalization and internationalizing the use of the Renminbi (RMB). After a slowdown in the reform momentum during the global financial crisis, there is a clear push towards reform, especially as regards RMB internationalization. During the same period, though, China?s debt has doubled reaching levels which are clearly above those of most emerging markets. This clearly increases the risks imbedded in financial reform and, in particular, capital account liberalization. At this juncture, though, China has no option but to press for reform since it will allow China to better allocate its savings notwithstanding the cost of accepting a higher equilibrium interest rate, especially for the borrowers. Classification JEL: E58, F31, F32, G15, G18, P34.

JEL-codes: E58 F31 F32 G15 G18 P34 (search for similar items in EconPapers)
Date: 2015
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