At the centre of global imbalances is the bilateral trade imbalance between China and the US. Most attention to date has been focused on macro factors and China’s exchange-rate regime.
How the iPhone widens the US trade deficit with China
Yuqing Xing, 10 April 2011
Have Chinese innovators (and banks) finally grown-up?
Aoife Hanley, Wan-Hsin Liu, Andrea Vaona, 24 March 2011
There is a wind of change in China. Chinese policymakers have become more ambitious. They are now aspiring for innovation leadership status (OECD 2008; World Bank Report 2009). For this to happen, Chinese firms and universities are encouraged to work harder at developing their own R&D capability and to wean themselves off imported technologies.
US monetary policy and the saving glut
Heleen Mees, 24 March 2011
At the Paris G20 meeting on 18 February 2011, Federal Reserve Chairman Ben Bernanke squarely laid the blame for the financial crisis and ensuing economic crisis on global imbalances, or the so-called global saving glut (for a review of the arguments see Suominen 2010).
Are the world’s megacities too big?
Klaus Desmet, Esteban Rossi-Hansberg , 12 March 2011
The trend in urbanisation is continuing unabated across the globe. According to the UN, by 2025 close to 5 billion people will live in urbanised areas. Many cities, especially in the developing world, are set to explode in size.
Low-wage countries competition, intra-firm reallocation, and the quality content of French exports
Julien Martin, Isabelle Méjean, 11 March 2011
In February 2011, China entered the “year of the rabbit” with the new status of second-biggest economy in the world. This symbolises the prominent role in production and trade China and other low-wage countries have acquired during the last two decades. The economic consequence of this new deal is one of the most discussed phenomena in developed countries.
Stop obsessing about global imbalances
Uri Dadush, Vera Eidelman, 6 March 2011
The idea of “rebalancing” global demand – increasing demand in trade-surplus countries so as to lessen the world’s dependence on demand growth in the US and other trade-deficit countries – is once again in the spotlight.
Half a century of large currency appreciations: Did they reduce imbalances and output?
Helmut Reisen, Moritz Schularick, , Edouard Turkisch, 2 March 2011
Over the past decade, several emerging market economies – China in particular – have run substantial and persistent current-account surpluses.
The international monetary system: If it ain’t broke, don’t fix it
Uri Dadush, Vera Eidelman, 26 February 2011
Reform of the international monetary system tops France’s agenda as G20 chair.
What the renminbi means for American inflation
Raphael Auer, 21 February 2011
China’s recent inflation is turning heads (Raede and Volz 2011, Cavallo and Díaz 2011). At first thought, the recent rise of inflation in China seems to be reassuring news for US policymakers concerned with the trade deficit.
Chinese inflation, monetary policy and the dollar peg
J James Reade, Ulrich Volz, 18 February 2011
China is grappling with rising inflation. Annual consumer price inflation reached a 28-month high of 5.1% in November (Financial Times 2010a). And even though inflation figures for December were a bit lower, at 4.6% (Financial Times 2011a), they still contained rising prices, especially of staple foodstuffs.
- 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
- Do entrepreneurs matter?Becker, Hvide
- 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
CEPR Policy Research
- 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
- Does Supporting Passenger Railways Reduce Road Traffic Externalities?Lalive, Luechinger, Schmutzler
- 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