China's financial openness, as measured by cross border flows and asset ownership, peaked during its 2000s growth surge, as did downward pressure on global interest rates and price levels. This was despite China's restriction of financial inflows to approved FDI and tight controls on private...

Proximity to short yield zero lower bounds has challenged the inflation targeting central banks of the advanced regions. Central to this development are three-decade declining trends in long yields and underlying real, equilibrium interest rates that have flattened yield curves, restricting...

China’s financial openness, measured by cross border flows and asset ownership, peaked during its growth surge. We analyze its international effects and the roles of capital controls that restricted financial inflows to approved FDI limited private outflows. We use a global macro model with...