The Peopleâ€™s Republic of Chinaâ€™s Growth, Stability, and Use of International Reserves
Yothin Jinjarak and
Nancy P. Marion
Macroeconomics Working Papers from East Asian Bureau of Economic Research
In the run-up to the financial crisis, the world economy was characterized by large and growing current account imbalances. Since the onset of the crisis, the Peopleâ€™s Republic of China and the United States have rebalanced. As a share of gross domestic product, their current account imbalances are now less than half their pre-crisis levels. For the Peopleâ€™s Republic of China, the reduction in its current account surplus post-crisis suggests a structural change. Panel regressions for a sample of almost 100 economies over the thirty-year period, 1983â€“2013, confirm that the relationship between current account balances and economic variables such as performance, structure, wealth, and the exchange rate, changed in important ways after the financial crisis.
Keywords: current account imbalances; financial crisis; China; PRC (search for similar items in EconPapers)
JEL-codes: F32 O57 (search for similar items in EconPapers)
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Working Paper: The Peopleâ€™s Republic of Chinaâ€™s Growth, Stability, and Use of International Reserves (2014)
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