Based on simulations of an original DGE model of the US, Chinese and Euro area economies with financial frictions and various monetary regimes, the paper shows that the contribution of China in global rebalancing should primarily rely on structural policies aiming at reducing aggregate savings...

Multilateral trade liberalization has made little progress over the last period, but preferential agreements have multiplied. Recent economic literature helps to understand the current negotiation game. New economic and political conditions, in particular the gaining influence of emerging...