Is the Chinese growth miracle - a remarkably high growth rate sustained for over twodecades - likely to persist or are the seeds of its eventual demise contained in the policiesthat have boosted growth? For all its presumed flaws, the particular approach tomacroeconomic and structural policies...

This paper evaluates the prospects for the renminbi's role as an international currency and the implications for global financial markets. Although the People's Republic of China (PRC) does not have either an open capital account or a flexible exchange rate, the renminbi has attained...

This paper evaluates the prospects for the renminbi's role as an international currency and the implications for global financial markets. Although the People's Republic of China (PRC) does not have either an open capital account or a flexible exchange rate, the renminbi has attained...

Is the Chinese growth miracle - a remarkably high growth rate sustained for over two decades - likely to persist or are the seeds of its eventual demise contained in the policies that have boosted growth? For all its presumed flaws, the particular approach to macroeconomic and structural...

Different categories of foreign portfolio investors in Korea have differences as well as similarities in their trading behavior before and during a currency crisis. First, non-resident institutional investors are always positive feedback traders, whereas resident investors were negative feedback...

Disparity between control and ownership rights gives rise to the risk of tunneling by the controlling shareholder, and is prevalent in many emerging market economies and present in some developed countries. At the same time, international investors come from different countries whose home...

It is often asserted that a flexible exchange rate regime would facilitate current account adjustment. Using data on over 170 countries over the 1971–2005 period, we examine this assertion systematically. We find no strong, robust, or monotonic relationship between exchange rate regime...

Large savings and current account surpluses by China and other countries are said to be a contributor to the global current account imbalances and possibly to the recent global financial crisis. This paper proposes a theory of excess savings based on a major, albeit insufficiently recognized by...

China's high corporate savings rate is commonly claimed to be a key driver for the country's large current account surplus. The mainstream explanation for high corporate savings is a combination of windfall profits in state-owned firms, especially in resource sectors, and mis-governance of...

Using accounting data for 7722 non-financial firms in 42 countries, we examine how the 2007-2009 crisis affected firm performance and how various linkages propagated shocks across borders. We isolate and compare effects from changes in external financing conditions, domestic demand, and...