We jointly estimate credit and fiscal multipliers in China. We use the tenure of the provincial party secretary … from 0.17 to zero over the same periods. Our results suggest that reducing credit growth in China is unlikely to disrupt …

carries risks. International experience suggests that China's credit growth is on a dangerous trajectory, with increasing … risks of a disruptive adjustment and/or a marked growth slowdown. Several China-specific factors-high savings, current …

tradable industries and that output volatility is much greater in China than in industrial economies. We find that the driving … force behind our simulation results is strongly related to the non-uniform nature of credit market imperfections in China …

A cross-country comparative analysis shows that there is substantial room for further integration of China into global …, notably the foreign exchange market. Even though the increased integration of China into international capital markets would … increase its exposure to the global financial cycle, the costs in terms of monetary autonomy would not be large given China …