rates. We set up a two-country two-sector model for the US-China with two asymmetries. First, we assume that the size of … China initially is one third of the US but its size becomes half of the US in the next ten years consistent with the fast … growth expectations in China. Secondly, we assume that China initially runs a net export surplus against the US. Then we …

external adjustment vis-à-vis the rest of China and the world. Specifically, we find strong empirical support for the view that … differential access of private and state-owned enterprises to finance is a key driver of China's surpluses. We discuss implications …

In recent years China has experienced two forms of extreme macroeconomic imbalance: an expenditure imbalance in the …; risk of capital loss on the foreign exchange holdings; and the threat of retaliation by China's trading partners. A …

's Republic of China (PRC). In particular, we investigate to what extent reforms pertaining to the financial sector, social … protection, and healthcare may contribute to a rebalancing of the PRC's persistent current account imbalances. Our forecasting …-funded healthcare are also found to contribute to a rebalancing of the PRC economy …

Over the last decade, the internal and external macroeconomic imbalances in China have risen to unprecedented levels …. In 2008, China's national savings rate soared to over 53 percent of its GDP, whereas its current account surplus exceeded …, the accession of China to the World Trade Organization has dramatically amplified the effects of these structural …

China's financial conundr ... …

This working paper assesses the progress made in improving China's exchange rate policies over the past five years … (that is, since 2002). I first discuss four indicators of progress on China's external imbalance and its exchange rate … policies - namely, the change in (and level of) China's global current account position, movements in the real effective …

We analyse global and euro area imbalances by focusing on China and Germany as large surplus and creditor countries. In …

In this paper we evaluate the current account patterns of China and Germany. We point out that China’s current account … China has mostly been characterized by sizable surpluses. We further find that both China and Germany’s current account … account trends in future decades. Demographic transitions in China and Germany are projected to reduce their surpluses, and …

interesting implications for how one views the huge US current account deficit and how the emergence of China’s savings surplus … also at a lower growth rate than without the China effect. Moreover, we argue that the lower real interest rates resulting …