other shock-prone countries. This paper provides new evidence on these contentious issues, and discusses policy implications …

general equilibrium multi-country model of the world economy, showing that the effects on China’s economic activity are … of the world, and, only to a lesser extent, from the United States and the euro area. However, the overall GDP impact of … the Chinese stimulus on the rest of the world is limited. These results warn that a fiscal policydriven increase in China …