This report is the first policy study of the China Economic Research and AdvisoryProgramme, in which eminent economists from China and abroad have participated. Thereport focuses on the problems faced by China in the reform of its social security system.On the basis of economic principles and...

A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...