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The People’s Republic of China’s Growth, Stability, and Use of International Reserves

Author

Listed:
  • Joshua Aizenman

    (Asian Development Bank Institute (ADBI))

  • Yothin Jinjarak
  • Nancy P. Marion

Abstract

In the run-up to the financial crisis, the world economy was characterized by large and growing current account imbalances. Since the onset of the crisis, the People’s Republic of China and the United States have rebalanced. As a share of gross domestic product, their current account imbalances are now less than half their pre-crisis levels. For the People’s Republic of China, the reduction in its current account surplus post-crisis suggests a structural change. Panel regressions for a sample of almost 100 economies over the thirty-year period, 1983–2013, confirm that the relationship between current account balances and economic variables such as performance, structure, wealth, and the exchange rate, changed in important ways after the financial crisis.

Suggested Citation

  • Joshua Aizenman & Yothin Jinjarak & Nancy P. Marion, 2014. "The People’s Republic of China’s Growth, Stability, and Use of International Reserves," Macroeconomics Working Papers 23966, East Asian Bureau of Economic Research.
    • Handle: RePEc:eab:macroe:23966
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    File URL: http://www.eaber.org/node/23966
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    Cited by:

    1. Luis Cabezas & José De Gregorio, 2018. "Accumulation of Reserves in Emerging and Developing Countries: Mercantilism vs. Insurance," Working Papers wp467, University of Chile, Department of Economics.
    2. Andrea Fracasso, 2015. "Economic Rebalancing and Growth: the Japanese experience and China’s prospects," DEM Discussion Papers 2015/07, Department of Economics and Management.

    More about this item

    Keywords

    current account imbalances; financial crisis; China; PRC;
    All these keywords.

    JEL classification:

    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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