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The People’s Republic of China and Global Imbalances from a View of Sectorial Reforms

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  • Ito, Hiro

    (Asian Development Bank Institute)

  • Volz, Ulrich

    (Asian Development Bank Institute)

Abstract

This paper examines the impact of sectorial reforms on current account imbalances, with a special focus on the People’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 results suggest that reforming the financial sector would be a significant contributor to the country’s rebalancing with an effect much larger than that of capital account liberalization. Strengthened provisions of social protection and publicly-funded healthcare are also found to contribute to a rebalancing of the PRC economy.

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File URL: http://www.adbi.org/files/2012.11.02.wp393.prc.global.imbalances.sectorial.reforms.pdf
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Bibliographic Info

Paper provided by Asian Development Bank Institute in its series ADBI Working Papers with number 393.

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Length: 38 pages
Date of creation: 05 Nov 2012
Date of revision:
Handle: RePEc:ris:adbiwp:0393

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Keywords: global imbalances; prc; current account balance; budget deficit; financial liberalization; social sector reform;

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References

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  1. Menzie D. Chinn & Eswar S. Prasad, 2000. "Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration," NBER Working Papers 7581, National Bureau of Economic Research, Inc.
  2. Emanuele Baldacci & Ding Ding & David Coady & Giovanni Callegari & Pietro Tommasino & Jaejoon Woo & Manmohan S. Kumar, 2010. "Public Expenditureson Social Programs and Household Consumption in China," IMF Working Papers 10/69, International Monetary Fund.
  3. Martin Feldstein & Charles Horioka, 1979. "Domestic Savings and International Capital Flows," NBER Working Papers 0310, National Bureau of Economic Research, Inc.
  4. Eswar S. Prasad, 2009. "Rebalancing Growth in Asia," NBER Working Papers 15169, National Bureau of Economic Research, Inc.
  5. Rod Tyers & Jane Golley, 2010. "China's Growth to 2030: The Roles of Demographic Change and Financial Reform," Review of Development Economics, Wiley Blackwell, vol. 14(s1), pages 592-610, 08.
  6. Johansson, Anders C. & Wang, Xun, 2012. "Financial Repression and External Imbalances," Working Paper Series 2012-20, China Economic Research Center, Stockholm School of Economics.
  7. Charles Yuji Horioka & Akiko Terada-Hagiwara, 2011. "The Determinants and Long-term Projections of Saving Rates in Developing Asia," ISER Discussion Paper 0821, Institute of Social and Economic Research, Osaka University.
  8. Kai Liu & Marcos Chamon & Eswar Prasad, 2010. "Income Uncertainty and Household Savings in China," IMF Working Papers 10/289, International Monetary Fund.
  9. Qingyuan Du & Shang-Jin Wei, 2010. "A Sexually Unbalanced Model of Current Account Imbalances," NBER Working Papers 16000, National Bureau of Economic Research, Inc.
  10. Enrica Detragiache & Abdul Abiad & Thierry Tressel, 2008. "A New Database of Financial Reforms," IMF Working Papers 08/266, International Monetary Fund.
  11. Chinn, Menzie D. & Ito, Hiro, 2006. "What matters for financial development? Capital controls, institutions, and interactions," Journal of Development Economics, Elsevier, vol. 81(1), pages 163-192, October.
  12. Marcos Chamon & Eswar Prasad, 2008. "Why Are Saving Rates of Urban Households in China Rising?," IMF Working Papers 08/145, International Monetary Fund.
  13. Reade, J. James & Volz, Ulrich, 2010. "Chinese monetary policy and the dollar peg," Discussion Papers 2010/35, Free University Berlin, School of Business & Economics.
  14. Menzie D. Chinn & Barry Eichengreen & Hiro Ito, 2011. "A Forensic Analysis of Global Imbalances," NBER Working Papers 17513, National Bureau of Economic Research, Inc.
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Cited by:
  1. L. Randall Wray & Xinhua Liu, 2014. "Options for China in a Dollar Standard World: A Sovereign Currency Approach," Economics Working Paper Archive wp_783, Levy Economics Institute.

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