The Chinese Renaissance and the Transpacific Macroeconomic Imbalances

Dilip K. Das

Chapter 4 in The Chinese Economic Renaissance, 2008, pp 160-197 from Palgrave Macmillan

Abstract: Abstract Global macroeconomic imbalances are not new. The global economy has faced external payment imbalances of disturbing dimensions and related adjustment difficulties before. China has a large and growing merchandise trade and current account surplus vis-à-vis the US. Although the current transpacific macroeconomic imbalance is of an unprecedented magnitude, has persisted for a long while, and threatens to endure further and exacerbate, during the postwar period a substantial number of similar episodes of large and persistent imbalances occurred. Whether the transpacific imbalance could be a threat to the global economy at some time in the present or near future has generated an impassioned debate in the profession. It has generated a good deal of popular interest as well; Martin Wolf of the Financial Times launched a website on this theme under the rubric of “what is happening is extraordinary.”

Keywords: Current Account; Bilateral Trade; Chinese Economic; Current Account Deficit; Current Account Surplus (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-22744-6_4

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DOI: 10.1057/9780230227446_4

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