The People's Republic of China's Growth, Stability, and Use of International Reserves

Joshua Aizenman, Yothin Jinjarak and Nancy P. Marion
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Yothin Jinjarak: Asian Development Bank Institute
Nancy P. Marion: Asian Development Bank Institute

No 455, ADBI Working Papers from Asian Development Bank Institute

Abstract: 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 People’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 People’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, 1983–2013, 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; structural change; financial crisis; PRC; international reserves (search for similar items in EconPapers)
JEL-codes: F32 O57 (search for similar items in EconPapers)
Pages: 28 pages
Date: 2014-01-27
New Economics Papers: this item is included in nep-opm, nep-sea and nep-tra
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Citations: View citations in EconPapers (3)

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