The global currency system is likely to change significantly after the global financial crisis, but decline of the U.S. dollar may be a gradual process. These would impact the Peoples Republic of Chinas (PRC) renminbi policy, which, in turn, may generate feedbacks on the global system. The PRC...

In this paper we attempt to explain the China Puzzle: coexistence of accelerating economic growth and worsening growth outlook. The root cause lies in Chinas unique liberalization approach, i.e., the combination of complete liberalization of product markets and continued distortions in factor...