Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/101197
Authors: 
Aizenman, Joshua
Jinjarak, Yothin
Marion, Nancy P.
Year of Publication: 
2014
Series/Report no.: 
ADBI Working Paper Series 455
Abstract: 
In the run-up to the financial crisis, the world economy was characterized by large and growing current account imbalances. Since the onset of the crisis, the People's Republic of China and the United States have rebalanced. As a share of gross domestic product, their current account imbalances are now less than half their pre-crisis levels. For the People's Republic of China, the reduction in its current account surplus post-crisis suggests a structural change. Panel regressions for a sample of almost 100 economies over the thirty-year period, 1983 - 2013, confirm that the relationship between current account balances and economic variables such as performance, structure, wealth, and the exchange rate, changed in important ways after the financial crisis.
Subjects: 
current account imbalances
structural change
financial crisis
PRC
international reserves
JEL: 
F32
O57
Document Type: 
Working Paper

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