The internationalisation of firms’ production activities is having a massive impact on the global economy – everything from facilitating the rapid industrialisation and income growth in China and other emerging economies to the hollowing out of G7 manufacturing sectors. This growth and de-industrialisation is, in turn, blamed for booming commodity prices and rising wage inequality.
Do ‘animal spirits’ matter to firms’ internationalisation?
Yasuyuki Todo, 7 June 2012
Germany should follow in the footsteps of China
Kamil Yilmaz, 19 May 2012
After the bankruptcy of Lehman Brothers in September 2008, leading governments around the world announced fiscal packages to provide stimulus to their respected economies. The Chinese government was one of the first. As early as November 2008, it announced a stimulus package that was planned to go into effect immediately in early 2009.
When should China start cutting its emissions?
Carlo Carraro, Emanuele Massetti, 25 April 2012
China’s economy has grown at a record-breaking pace for almost two decades. This growth was fuelled by a rapid industrial expansion and it causes an ever-growing appetite for natural resources in general and energy in particular, with worldwide implications on commodity markets and on the environment (Moran 2010).
China: No longer the villain
Marco Annunziata, 21 April 2012
While concerns about Spain and, to a lesser extent, Italy have again taken centre-stage, a number of experts and market participants are almost as worried and sceptical about China as they are about the Eurozone.
Can China’s growth lower welfare in developed countries? A refutation of the Samuelson conjecture
Julian di Giovanni, Andrei Levchenko, Jing Zhang, 2 April 2012
Beggar-thy-neighbours? Spillover effects of exchange rates
Aaditya Mattoo, Arvind Subramanian, Prachi Mishra, 23 March 2012
Nearly all of the empirical research on exchange rates is focused on the impact of their changes on the country experiencing or undertaking them. This is true of the older, voluminous literature on the trade consequences of exchange rates (surveyed in Goldstein and Khan 1985), as well as more recent contributions like Rodrik (2008) and Berman et al. (2012).
China’s economic rebalancing is already underway
Yiping Huang, 17 February 2012
The international community, and particularly policymakers in the US, put great expectations on the contribution that China can make to a global economic recovery by rebalancing its economy through promoting consumption growth (see, for example, O’Neill 2010 on this site).
The renminbi’s prospects as a global reserve currency
Eswar Prasad, Lei (Sandy) Ye, 16 February 2012
Popular discussions about the prospects of China’s currency – the renminbi – range from the view that it is on the threshold of becoming the dominant global reserve currency to the concern that rapid capital-account opening poses serious risks for China.
Does the renminbi matter? Evidence from China’s disaggregated processed exports
Willem Thorbecke, 29 January 2012
China’s surging exports and its exchange rate have elicited consternation from economists, politicians, and pundits. How would a stronger renminbi affect China’s exports and its trade surplus? China’s entire surplus is in a customs regime called processing trade.
Rogue aid? On the importance of political institutions and natural resources for China’s allocation of foreign aid
Axel Dreher, Andreas Fuchs, 27 January 2012
In an obvious reference to China, US Secretary of State Hillary Clinton recently warned during her visit to Burma to “[b]e wary of donors who are more interested in extracting your resources than in building your capacity” (quoted in FT 2011).
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Public debt and economic growth, one more timePanizza, Presbitero
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Rethinking macroeconomic policyBlanchard
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti