Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/50790 
Kompletter Metadatensatz
DublinCore-FeldWertSprache
dc.contributor.authorTeng, Faxinen
dc.contributor.authorKamenev, Dmitryen
dc.contributor.authorMeier, Claudiaen
dc.contributor.authorKlein, Martinen
dc.date.accessioned2011-10-28-
dc.date.accessioned2011-11-01T12:53:12Z-
dc.date.available2011-11-01T12:53:12Z-
dc.date.issued2011-
dc.identifier.urihttp://hdl.handle.net/10419/50790-
dc.description.abstractChina is widely seen as one of the sources of global macroeconomic imbalances. Its persistent current account surplus and capital exports to the United States are even cited as one of the causes of the global financial crisis. The most common explanation traces China's current acca ount surplus to a mismatch between saving and investment due to inefficiently low domestic demand. We challenge this explanation. Our argument rests on an analogy that we construct between two countries generally thought to be very different: Russia and China. Russia, a raw materials exporting country, has been running current account surpluses similar to China's in relation to GDP. As for most raw materials exporting countries this is considered normal, reflecting efficient reinvestment of wealth from natural resources in financial assets. We show that a similar efficiency argument can be constructed for China, although the nature of wealth that is reinvested in financial assets is different in the two countries. Our analysis implies that China's current account surpluses can be expected to disappear over the long horizon - although the time when this will happen may still be very far away. Moreover, an appreciation of the Chinese currency may not have the desired effect of mitigating the country's current account surplus as a weakening in competitiveness is counterbalanced by a strengthening of investment motives.en
dc.language.isoengen
dc.publisher|aLeibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO) |cHalle (Saale)en
dc.relation.ispartofseries|aIAMO Forum 2011, Halle (Saale), June 23 - 24, 2011: Will the 'BRICs Decade' continue? – Prospects for trade and growthen
dc.subject.ddc330en
dc.titleTrade integration, restructuring and global imbalances: A tale of two countries-
dc.typeConference Paperen
dc.identifier.ppn670793647en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:iamo11:16en

Datei(en):
Datei
Größe
1.33 MB





Publikationen in EconStor sind urheberrechtlich geschützt.