Julia Niemeläinen (Ministry of Finance) - China’s Macroeconomic Policies and Spillover Effects

Julia Niemeläinen (Ministry of Finance) - China’s Macroeconomic Policies and Spillover Effects

Abstract:
China has established its role as a major world lender, and policy changes affecting its external position would therefore have pronounced effects over a range of countries and on the global financial landscape in general. In this paper, I characterize China’s external asset holdings and macro policies, and study the empirical link between these policies, China’s real return, and the external sector. I then build an open economy model embedded with policies describing the behavior of Chinese policy makers. I use the empirical findings to calibrate the model to assess the potential implications of policy changes on China’s external sector and on its partner countries.

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