Global imbalances have been a central theme of the international economic policy debate for much of the last decade, prompted by large and sustained current account deficits in the U.S. and counterpart surpluses in China, Germany, and among many of the oil producers. This paper focuses on the...

Over the past decade, China’s growth model has become more reliant on investment and its footprint in global imports has widened substantially. Several economies within China’s supply chain are increasingly exposed to its investment-led growth and face growing risks from a...

China’s current growth model—which has delivered steady and robust growth for two decades and lifted some 500 million individuals out of poverty—has become too reliant on credit and investment, and has begun to experience diminishing returns. Delays in advancing the...

We assess the effectiveness of macroprudential policies against a number of different indicators of property sector activity and financial stability. At the cross-country level the use of LTV caps decelerates property price growth. Both LTV and DTI caps slow property lending growth. LTV caps...

This paper studies a panel of China's provinces over the period 1996-2009 during which urban household saving rates increased from 19 percent of disposable income to 30 percent. It finds that the increase in urban saving rates is negatively associated with the decline in real interest rates over...

As our high dependence on the supply of diminishing fossil fuel reserves raise great concerns in its environmental, political and economic consequences, utilization of renewable biomass as an alternative resource has become increasingly important. Along this background, furfural as a building...

Biomass-derived platform intermediate furfural and levulinic acid were efficiently hydrogenated to the value-added furfuryl alcohol and promising biofuel γ-valerolactone, respectively, using a noble-metal-free Cu–Cr catalyst, which was facilely and successfully synthesized by a modified...

development is an independent source of the rise in the skill premium in the US since the 1980s, as well as a factor magnifying the effects of technological progress and trade. We provide evidence in support of the model's predictions.

We evaluate whether financial openness leaves emerging market economies vulnerable to the adverse effects of capital reversals ("sudden stops") on domestic investment. We investigate this claim in a broad sample of emerging markets during the period 1976-2002. If the banking sector does not...

We argue that financial market development contributed to the rise in the skill premium and residual wage inequality in the US since the 1980s. We present an endogenous growth model with imperfect credit markets and establish how improving the efficiency of these markets affects modes of...