In this paper we study how 103 bilateral Regional Trade Agreements (RTAs) shape bilateral trade flows over time. The analysis of quarterly trade flows from 1982 Q4 to 2018 Q4 shows dynamic differences between RTAs and among trading partners. Results show that countries benefit unevenly from...

Who has been in the driving seat promoting internationalization of the Chinese renminbi? Why has this actor been pushing it? How has the project managed to acquire support from other domestic actors? This study addresses these issues, highlighting the leading role of the Chinese central bank in...

We study the effects of Chinese monetary policy shocks on China's major trading partners in East Asia by estimating structural vector autoregressive (SVAR) models for six economies in the region. We find that a monetary expansion in Mainland China leads to an increase in real GDP (temporary) and...

The author examines China's monetary policy in the light of the sterilization process of the excess liquidity caused by the permanent foreign exchange rate intervention. The tools of the neutralization of the monetary oversupply, its effectiveness and its costs are also investigated. With the...

Remarks at the Economic Club of New York, New York City.

Remarks at the Economic Club of New York, New York City.

Remarks at the IIF Annual Meeting of Latin America Chief Executives, Santiago, Chile.

Remarks at the Economic Club of New York, New York City.

Remarks at the Economic Club of New York, New York City.