The key factor underlying China’s fast development during the last 50 years is its ability to master and accumulate new … accumulation was policy induced and not the result of the market, and began before 1979. Despite its many policy mistakes, if China … had not proceeded this way, in all likelihood it would be a much poorer country today. During the last 50 years, China has …

This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation … operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower … policy space open to China. …