Rebalancing growth in China
a three-handed approach
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Author
Contributions
- Giavazzi, Francesco - Contributor
- Massachusetts Institute of Technology. Dept. of Economics - Contributor
Publication
2005 - Massachusetts Institute of Technology, Dept. of Economics, Cambridge, MA, Massachusetts
Language
English
Word Count
9,250 words, Guess
Page Count
37 pages
Identifiers
- Internet Archiverebalancinggrowt00blan
- OCLC Control Number64231906
- Open LibraryOL24641651M
Description
Our paper is an attempt to define the contours of the right macroeconomic strategy for China. In a nutshell, we believe that the package includes a decrease in saving, with a focus on private saving, an increase in the supply of services, in particular health services, and an appreciation of the RMB. This is why we refer to this strategy as a three-handed approach: action on the fiscal and budgetary front, accompanied by currency revaluation. We start by asking how the Chinese economy got to where it is - what the strategy has been since the beginning of the reforms, and what the main characteristics of the economy are today. We then ask what is the desirable path for the future, and which are the main policy tradeoffs implied by such a path. Finally, we put the various pieces together to describe what we believe is a consistent policy package. Keywords: China, growth, appreciation, services. JEL Classifications: E2, O53.
Subjects
Series Statement
- Working paper series / Massachusetts Institute of Technology, Dept. of Economics -- working paper 05-32
- Working paper (Massachusetts Institute of Technology. Dept. of Economics) -- no. 05-32.
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