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China’s Growth, Stability, and Use of International Reserves

Aizenman, Joshua and Jinjarak, Yothin and Marion, Nancy (2014) 'China’s Growth, Stability, and Use of International Reserves.' Open Economies Review, 25 (3). pp. 407-428.

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Abstract

Since the onset of the global crisis, China and the U.S. current-account imbalances are now less than half their pre-crisis levels. For China, the reduction in its current-account surplus post-crisis suggests a structural change. Panel regressions almost 100 countries over 1983-2013 confirm that the relationship between current-account balances and economic variables changed in important ways after the financial crisis. For China, the reduction in its current-account surplus post-crisis suggests a structural change. The rebalancing of China’s current account has been also associated with a decline in its reserves-to-GDP ratio and greater outward FDI that, in turn, mitigates reserve hoarding.

Item Type: Articles
SOAS Departments & Centres: Faculty of Law and Social Sciences > School of Finance and Management
Faculty of Law and Social Sciences > School of Finance and Management > Centre for Financial and Management Studies (CeFiMS)
ISSN: 1573708X
Depositing User: Yothin Jinjarak
Date Deposited: 13 Jan 2014 09:45
URI: http://eprints.soas.ac.uk/id/eprint/17888

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