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Endogenous Discounting, Precautionary Savings and the Current Account: the Case of China

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  • Tianding Zhang

    (CERDI - Centre d'études et de recherches sur le developpement international - CNRS : UMR6587 - Université d'Auvergne - Clermont-Ferrand I)

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    Abstract

    The relationship between the current account and the macroeconomic development remains an important issue in an open economy. Recently, global current account imbalances, and more specifically the large deficit in the United States and the surplus in China and other Asian economies, continue to draw considerable attention in both policy makers and academics. The macroeconomic effects induced by China's current account surplus, especially the big trade balance surpluses against the United States, and the related adjustment policy in the rebalance will affect the China's economic growth and development in the future. China's external current account surpluses are not unrelated to problems with its internal imbalances. This paper focuses on the saving channel. In particular, the objective of this paper is to study the relationship between precautionary savings and China's current account surplus.

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    Paper provided by HAL in its series Working Papers with number halshs-00556979.

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    Date of creation: 18 Jan 2011
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    Handle: RePEc:hal:wpaper:halshs-00556979

    Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00556979/en/
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    Keywords: Precautionary Savings; Current Account; Endogenous Discounting;

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    1. Jonathan David Ostry & Atish R. Ghosh, 1992. "Macroeconomic Uncertainty, Precautionary Savings and the Current Account," IMF Working Papers 92/72, International Monetary Fund.
    2. Ceyhun Bora Durdu & Enrique G. Mendoza & Marco E. Terrones, 2007. "Precautionary Demand for Foreign Assets in Sudden Stop Economies: An Assessment of the New Merchantilism," NBER Working Papers 13123, National Bureau of Economic Research, Inc.
    3. Daniel, Betty C., 1997. "Precautionary saving and persistent current account imbalance," Journal of International Economics, Elsevier, Elsevier, vol. 42(1-2), pages 179-193, February.
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