Chinaâ??s current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in Chinaâ??s external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression...

Since 1990, countries in emerging Europe and Central Asia have undergone comprehensive economic transformation. These reforms helped achieve an impressive degree of income convergence toward the levels of the advanced economies, although at the cost of rising inequality and lower life...