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Une explication des motivations rationnelles de la Chine au surendettement de l'économie américaine
[Chinese incentives of american overindebtness]

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Author Info
Jambu, Marc-Antoine
Abstract

The current financial and economic crisis is not du to the Dollar paradox. That's why the growing "Global Imbalances" remains an interesting issue. By mixing theories from the litterature of Foreign Direct Investment in China and the Collateral theory developped in [Dooley, Folkerts-Landau, Garber, (2004)], webuild a model which give an explanation of the American Tresory Bonds reserve held by the Chinese Central Bank. We show that the Chinese governement doesn't really need to worry about the solvability of the American economy. Moreover Chinese governement has rational intensives for american overindebtness. The main limit of this strategy consist in less human capital accumulation expectations from the FDI positive externalities. Besides we show how inflation pressures, du to incomplete sterilisation of the chinese monetary policy, can be moderate by positive productivity and quality shocks. To finish we conclude that Chinese governement has no insentive to protect intellectual property rights, whereas WTO commitments have to be assumed.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 14460.

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Date of creation: 02 Apr 2009
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Handle: RePEc:pra:mprapa:14460

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Related research
Keywords: FDI; Global imbalances; Collateral Theory;

Find related papers by JEL classification:
E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
E2 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment
E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements

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This page was last updated on 2009-11-30.

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