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- W2054688751 abstract "We present a two-country two-stage growth model capturing several salient features of the special US–China relationship and reproducing the process of export-led growth and structural change in China. In phase 1, China accumulates and sterilizes US assets (and finances US consumption) as it pegs the renminbi to the dollar at an undervalued level, thus stimulating the domestic production of tradables, compressing domestic consumption and facilitating the transition of surplus labor into the modern sectors of the economy. In phase 2, we analyze possible future scenarios. In Scenario A, the Chinese fiscal policy is effective in partially substituting exports by shifting the domestic demand toward tradables. Scenario B emphasizes the risks for China of abandoning too early the pegging. Scenario C shows that the Chinese continuation of an export-led growth strategy is economically feasible." @default.
- W2054688751 created "2016-06-24" @default.
- W2054688751 creator A5058245137 @default.
- W2054688751 creator A5065004347 @default.
- W2054688751 date "2013-06-01" @default.
- W2054688751 modified "2023-10-12" @default.
- W2054688751 title "Regime switches in the Sino-American co-dependency: Growth and structural change in China" @default.
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- W2054688751 doi "https://doi.org/10.1016/j.strueco.2013.01.004" @default.
- W2054688751 hasPublicationYear "2013" @default.