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 …€™s Republic of China, the reduction in its current account surplus post-crisis suggests a structural change. Panel regressions for …

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 …€™s Republic of China, the reduction in its current account surplus post-crisis suggests a structural change. Panel regressions for …