The rapid aging of China''s population over the next few decades makes it important for a new pension system with broad and adequate coverage to be put in place quickly. Pension reforms, first initiated in 1997, have become bogged down in difficulties over dealing with the ""legacy costs""...

Intro -- Contents -- I. INTRODUCTION -- II. THE MACROECONOMIC BALANCE APPROACH -- III. THE EXTENDED PPP APPROACH: SINGLE-COUNTRY ESTIMATES -- IV. THE EXTENDED PPP APPROACH: PANEL DATA ESTIMATES -- V. CONCLUDING REMARKS -- APPENDIX. METHODOLOGICAL DIFFICULTIES OF DEALING WITH SLOPE HETEROGENEITY...

Increased attention is being paid to assessments of the actual values of countries'' real exchange rates relative to their ""equilibrium"" values as suggested by ""fundamental"" determining factors. This paper assesses the robustness of alternative approaches and models commonly used to derive...

The number of studies attempting to estimate the ""equilibrium"" real value of China''s currency has proliferated in recent years as the country''s presence in world markets has grown. These studies have sought to establish whether or not a significant part of China''s competitive prowess can be...

What does the future hold for these giants that are two fastest-growing emerging markets and among the three largest economies in Asia? Their economic muscle is having increasingly far-reaching effects on the global economy. This must-read book draws together analysis and insight from high-level...