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The “real” causes of China’s trade surplus


Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio (2010). The “real” causes of China’s trade surplus. Vox:online.

Abstract

China has amassed $2.4 trillion of foreign reserves over the last two decades. This column argues that it is wrong, and even dangerous, to blame this on a manipulation of the exchange rate. Instead it proposes a structural theory emphasising that credit market imperfections require private firms to build up internal savings which have been channelled into foreign bonds.

Abstract

China has amassed $2.4 trillion of foreign reserves over the last two decades. This column argues that it is wrong, and even dangerous, to blame this on a manipulation of the exchange rate. Instead it proposes a structural theory emphasising that credit market imperfections require private firms to build up internal savings which have been channelled into foreign bonds.

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Additional indexing

Item Type:Journal Article, not refereed, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Language:English
Date:2010
Deposited On:27 Jan 2011 09:12
Last Modified:26 Jan 2017 08:48
Publisher:Centre for Economic Policy Research
Free access at:Official URL. An embargo period may apply.
Official URL:http://www.voxeu.org/index.php?q=node/4985

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