Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/110041
Authors: 
Wray, L. Randall
Liu, Xinhua
Year of Publication: 
2014
Series/Report no.: 
Working Paper, Levy Economics Institute 783
Abstract: 
This paper examines the fiscal and monetary policy options available to China as a sovereign currency-issuing nation operating in a dollar standard world. We first summarize a number of issues facing China, including the possibility of slower growth, global imbalances, and a number of domestic imbalances. We then analyze current monetary and fiscal policy formation and examine some policy recommendations that have been advanced to deal with current areas of concern. We next outline the sovereign currency approach and use it to analyze those concerns. We conclude with policy recommendations consistent with the policy space open to China.
Subjects: 
China
Policy Space
Fiscal and Monetary Policy
Sectoral Balances Approach
Minsky
Sovereign Currency
Modern Money Theory
Middle-Income Trap
Financial Instability
JEL: 
E2
E5
E6
F4
G2
G3
H5
H6
H7
H63
H72
Document Type: 
Working Paper

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