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The Asian Crisis and Economic Change in China

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  • Yongzheng Yang
  • Rod Tyers

Abstract

During the Asian crisis, China’s healthy reserves and low debt helped avoid a “country run”, yet China did experience an apparently autonomous rise in private savings, a rise in capital outflow and a slowdown in growth. We employ global general equilibrium analysis to examine the relative contributions of external and internal shocks in China during the crisis. The savings rise appears to have been dominant domestically and, by coincidence, was a significant contributor to the international effects of the crisis. The successful defence of fixed US$ parity, however, made the combined shocks more contractionary than if the exchange rate regime had been more flexible. JEL Classification Numbers: C68, E65, F41, O11.

Suggested Citation

  • Yongzheng Yang & Rod Tyers, 2001. "The Asian Crisis and Economic Change in China," The Japanese Economic Review, Japanese Economic Association, vol. 52(4), pages 491-510, December.
    • Handle: RePEc:bla:jecrev:v:52:y:2001:i:4:p:491-510
    DOI: 10.1111/1468-5876.00208
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    Cited by:

    1. Rod Tyers & Iain Bain & Yongxiang Bu, 2008. "China'S Equilibrium Real Exchange Rate: A Counterfactual Analysis," Pacific Economic Review, Wiley Blackwell, vol. 13(1), pages 17-39, February.
    2. Gerlach-Kristen, Petra, 2006. "Internal and external shocks in Hong Kong: Empirical evidence and policy options," Economic Modelling, Elsevier, vol. 23(1), pages 56-75, January.
    3. Mehrotra, Aaron N., 2007. "Exchange and interest rate channels during a deflationary era--Evidence from Japan, Hong Kong and China," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 188-210, March.
    4. Yang, Monica & Hyland, MaryAnne, 2012. "Similarity in Cross-border Mergers and Acquisitions: Imitation, Uncertainty and Experience among Chinese Firms, 1985–2006," Journal of International Management, Elsevier, vol. 18(4), pages 352-365.
    5. repec:zbw:bofitp:2005_017 is not listed on IDEAS
    6. Mehrotra, Aaron N., 2007. "Exchange and interest rate channels during a deflationary era--Evidence from Japan, Hong Kong and China," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 188-210, March.

    More about this item

    JEL classification:

    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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