Back Matter
Author:
Mr. Eswar S Prasad
Search for other papers by Mr. Eswar S Prasad in
Current site
Google Scholar
Close

Abstract

China’s transformation into a dynamic private-sector-led economy and its integration into the world economy have been among the most dramatic global economic developments of recent decades. This paper provides an overview of some of the key aspects of recent developments in China’s macroeconomy and economic structure. It also surveys the main policy challenges that will need to be addressed for China to maintain sustained high growth and continued global integration.

References

  • Adhikari, Ramesh, and Yongzheng Yang, 2002, “What Will WTO Membership Mean for China and Its Trading Partners?Finance and Development, Vol. 39, No. 3, September, pp. 2225.

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, 1997, “China,” in Fiscal Federalism in Theory and Practice, ed. Teresa Ter-Minassian (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, Li Keping, Thomas Richardson, and Raju Singh, 2002, “Recentralization in China?IMF Working Paper No. 02/168 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, Mario Fortuna, and Raju Singh, 2004, “Towards More Effective Redistribution: Reform Options for Intergovernmental Transfers in ChinaIMF Working Paper, forthcoming (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahmed, Shaghil, 2003, “Sources of Economic Fluctuations in Latin America and Implications for Choice of Exchange Rate Regimes,” Journal of Development Economics, Vol. 72, No. 1 (October), pp. 181202.

    • Search Google Scholar
    • Export Citation
  • Alberola, Enrique, Susana G. Cervero, J. Humberto Lopez, and Angel Ubide, 1999, “Global Equilibrium Exchange Rates—Euro, Dollar, ‘Ins,’ ‘Outs,’ and Other Major Currencies in a Panel Cointegration Framework,” IMF Working Paper No. 99/175 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Balassa, Bela, 1964, “The Purchasing Power Parity Doctrine: A Reappraisal,” Journal of Political Economy, Vol. 72 (December), pp. 58496.

    • Search Google Scholar
    • Export Citation
  • Banker, 2003, “Top 1000 World Banks,” Vol. 153, Issue 929 (July), p. 143.

  • Bayoumi, Tamim, Hamid Faruqee, and Jaewoo Lee, 2003, “A Fair Exchange? Theory and Practice of Calculating Underlying Exchange Rate Trends” (unpublished; Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Bell, Michael W. Hoe Ee Khor, and Kalpana Kochhar, 1993, China at the Threshold of a Market Economy, IMF Occasional Paper No. 107 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Blanchard, Olivier, and Danny Quah, 1989, “The Dynamic Effects of Aggregate Demand and Supply Disturbances,” American Economic Review, Vol. 79 (September), pp. 65573.

    • Search Google Scholar
    • Export Citation
  • Blanchard, Olivier, and Shleifer, Andrei 2001, “Federalism With and Without Political Centralization: China Versus Russia,” IMF Staff Papers, Vol. 48 (Special Issue), pp. 17179.

    • Search Google Scholar
    • Export Citation
  • Borda, Patrice, Olivier Manioc, and Jean Gabriel Montauban, 2000, “The Contribution of U.S. Monetary Policy to Caribbean Business Cycles,” Social and Economic Studies, Vol. 49 (Special Issue), June/September, pp. 22550.

    • Search Google Scholar
    • Export Citation
  • Bottelier, Pieter, 2002, “Implications of WTO Membership for China’s State-Owned Banks and the Management of Public Finances: Issues and Strategies,” paper presented at the Annual Meetings of the Asian Development Bank, Shanghai.

    • Search Google Scholar
    • Export Citation
  • Brooks, Ray, and Ran Tao, 2003, “China’s Labor Market Performance and Challenges,” IMF Working Paper No. 03/210 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Cai, F. W. Dewen and D. Yang, 2001Labor Market Distortions and Economic Growth: Examining Institutional Components of Regional Disparity in China,” Working Paper No. 10 (Beijing: Center for Human Resource Studies, Chinese Academy of Social Sciences).

    • Search Google Scholar
    • Export Citation
  • Chadha, Bankim, and Eswar Prasad, 1997, “Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan,” IMF Staff Papers, Vol. 44, No. 3 (September), pp. 32855.

    • Search Google Scholar
    • Export Citation
  • Chen, Show-Lin, and Jyh-Lin Wu, 1997, “Sources of Real Exchange Rate Fluctuations: Empirical Evidence from Four Pacific Basin Countries,” Southern Economic Journal, Vol. 63 (January), pp. 77687.

    • Search Google Scholar
    • Export Citation
  • China Finance Yearbook, various issues.

  • China Industrial Statistical Year Book, various years.

  • China Statistical Year Book, various years.

  • Chinn, Menzie, and Eswar S. Prasad, 2003, “Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration,” Journal of International Economics, Vol. 59, No. 1 (January), pp. 4776.

    • Search Google Scholar
    • Export Citation
  • Chou, W.L and Y.C. Shih, 1998, “The Equilibrium Exchange Rate of the Chinese Renminbi,” Journal of Comparative Economics, Vol. 26 (March), pp. 16574.

    • Search Google Scholar
    • Export Citation
  • Clarida, Richard, and Jordi Gali, 1994, “Sources of Real Exchange Rate Fluctuations: How Important Are Nominal Shocks?NBER Working Paper No. 4658 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Daniel, James, Tom Richardson, Raju Jan Singh, and George Tsibouris, 2003, “Medium-Term Fiscal Issues,” in China: Competing in the Global Economy—Policies for Sustained Growth and Financial Stability, ed. Tseng Wanda Markus Rodlauer (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Dibooglu, Selahattin, and Ali M. Kutan, 2001, “Sources of Real Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary,” Journal of Comparative Economics, Vol. 29, No. 2 (June), pp. 25775.

    • Search Google Scholar
    • Export Citation
  • Dorfman, Mark, and Yee Mun Sin, 2001, “China: Social Security Reform—Strategic Options” (unpublished; Washington: World Bank).

  • Findlay, Christopher, Harry X. Wu, and Andrew Watson, 1995, “Fiscal Decentralisation, Regionalism and Uneven Development in China,” Chinese Economy Research Unit Working Paper No. 95/5 (Adelaide, Australia: University of Adelaide).

    • Search Google Scholar
    • Export Citation
  • Funke, Michael, and Jörg Rahn, 2004, “By How Much Is the Chinese Renminbi Undervalued?” (unpublished; Hamburg: Hamburg University).

    • Search Google Scholar
    • Export Citation
  • Hertel, Thomas, and Terrie Walmsley, 2000, “China’s Accession to the WTO: Timing Is Everything” (West Lafayette, Indiana: Center for Global Trade Analysis, Purdue University).

    • Search Google Scholar
    • Export Citation
  • Hoffmaister, Alexander W. and Jorge E. Roldós, 2001, “The Sources of Macroeconomic Fluctuations in Developing Countries: Brazil and Korea,” Journal of Macroeconomics, Vol. 23, No. 2 (Spring), pp. 21339.

    • Search Google Scholar
    • Export Citation
  • Ianchovichina, Elena, and Will Martin, 2003, “Economic Impacts of China’s Accession to the World Trade Organization,” Policy Research Working Paper No. 3053 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Isard, Peter, and Hamid Faruqee, eds. 1998, Exchange Rate Assessment: Extensions of the Macroeconomic Balance Approach, IMF Occasional Paper No. 167 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Isard, Peter, and Hamid Faruqee, Kincaid, G. Russell and Martin Fetherston, 2001, Methodology for Current Account and Exchange Rate Assessments, IMF Occasional Paper No. 209 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Jin, Hehui, Yingyi Qian, and Barry Weingast, 2003a, “Federalism, Chinese Style I: Fiscal Incentives and Regional Development” (unpublished; Oakland, California: University of California, Berkeley).

    • Search Google Scholar
    • Export Citation
  • Jin, Hehui, Yingyi Qian, and Barry Weingast, 2003b, “Federalism, Chinese Style II: Economic Decentralization and Political Decentralization” (unpublished; Oakland, California: University of California, Berkeley).

    • Search Google Scholar
    • Export Citation
  • Karacadag, Cem, 2003, “Financial System Soundness and Reform,” in China: Competing in the Global Economy, ed. Tseng Wanda Markus Rodlauer (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Lane, Philip R. Gian Maria Milesi-Ferretti, 2000, “The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates,” IMF Working Paper No. 00/123 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Lardy, Nicolas R. 1998, China’s Unfinished Economic Revolution (Washington: Brookings Institution).

  • Lardy, Nicolas R. 2000, “Fiscal Sustainability: Between a Rock and a Hard Place,” China Economic Quarterly, pp. 3641.

  • Lardy, Nicolas R. 2002, Integrating China into the Global Economy (Washington: Brookings Institution).

  • Li, S. and F. Zhai, 1999, “China’s WTO Accession and Implications for National and Provincial Economies” (unpublished).

  • Martin, W. B. Dimaranan, and T. Hertel, 1999, “Trade Policies, Structural Changes and China’s Trade Growth” (unpublished).

  • Mattoo, Aaditya, 2002, “China’s Accession to the WTO: The Services Dimension,” World Bank Policy Research Working Paper No. 2932 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Ministry of Finance, 2002, “Accounting Information Quality Assessment Report,” People’s Republic of China.

  • National Audit Office of the People’s Republic of China, 2002, Audit Report.

  • Nehru, Vikram, and others, 1997, China 2020—Development Challenges in the New Century (Washington: World Bank).

  • Organization for Economic Cooperation and Development (OECD), 2002a, Realizing the Benefits of China’s Trade and Investment Liberalization: The Domestic Economic Policy Challenges (Paris).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), 2002b, China in the World Economy: the Domestic Policy Challenges (Paris).

    • Search Google Scholar
    • Export Citation
  • Panitchpakdi, Supachai, and Mark L. Clifford, 2002, “China and the WTO: Changing China, Changing World Trade” (Singapore: John Wiley & Sons (Asia)).

    • Search Google Scholar
    • Export Citation
  • Prasad, Eswar, and Thomas Rumbaugh, 2003, “Beyond the Great Wall,” Finance and Development, Vol. 40, No. 4 (December), pp. 4649.

  • Qiang, Gao, and Barry Weingast, 1997, “Federalism as a Commitment to Preserving Market Incentives,” Journal of Economic Perspectives, Vol. 11 (Fall), pp. 8392.

    • Search Google Scholar
    • Export Citation
  • Rumbaugh, Thomas, and Nicolas Blancher, 2004, “China: International Trade and WTO Accession,” IMF Working Paper No. 04/36 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Solinger, Dorothy J. 2002, “Special Report: China’s Employment Mess,” China Economic Quarterly, No. 4.

  • Steinfeld, Edward S. 2000, Forging Reform in China (New York: Cambridge University Press).

  • Studwell, Joe, 2000, “On the Block: What Is the Family Silver Worth?China Economic Quarterly, No. 2.

  • Tenev, Stoyan, Chunlin Zhang, and Loup Brefort, 2002, Corporate Governance and Enterprise Reform in China: Building the Institutions of Modern Markets (Washington: World Bank and International Finance Corporation).

    • Search Google Scholar
    • Export Citation
  • Tseng, Wanda, Hoe Ee Khor, Kalpana Kochhar, Dubravko Mihaljek, and David Burton, 1994, Economic Reform in China: A New Phase, IMF Occasional Paper No. 114 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tseng, Wanda, and Markus Rodlauer, eds. 2003, China: Competing in the Global Economy—Policies for Sustained Growth and Financial Stability (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • United States Trade Representative, 2002, Report to Congress on China’s WTO Compliance, December.

  • Wang, G. 2001, “Projections of China’s Population from 2001–10,” working paper presented at a conference on “China Labor Markets in Transition,” December.

    • Search Google Scholar
    • Export Citation
  • Wang, Tao, 2004, “China: Sources of Real Exchange Rate Fluctuations,” IMF Working Paper No. 04/18 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Wong, Christine P. ed. 1997, Financing Local Government in the People’s Republic of China (Hong Kong SAR; New York: Oxford University Press).

    • Search Google Scholar
    • Export Citation
  • World Bank, 2001, China: Overcoming Rural Poverty (Washington: World Bank).

  • World Bank, 2002, China—Provincial Expenditure Review, January (Washington: World Bank).

  • World Bank, 2003, China—Promoting Growth with Equity, Country Economic Memorandum, September (Washington: World Bank).

  • Yang, Yongzheng, 2003, “China’s Integration into the World Economy: Implications for Developing Countries,” IMF Working Paper No. 03/245 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Young, Alwyn, 2000a, “The Razor’s Edge: Distortions and Incremental Reform in the People’s Republic of China,” Quarterly Journal of Economics, Vol. 105, No. 4 (November), pp. 10911135.

    • Search Google Scholar
    • Export Citation
  • Young, Alwyn, 2000b, “Gold into Base Metals: Productivity Growth in the People’s Republic of China During the Reform Period,” NBER Working Paper No. 7856 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Zhang, Zhichao, 2001, “Real Exchange Rate Misalignment in China: An Empirical Investigation,” Journal of Comparative Economics, Vol. 29, No. 1 (March), pp. 8094.

    • Search Google Scholar
    • Export Citation
  • Zhao, Yaohui, 2001, paper presented at a seminar on “Economic Reform and the Labor Market in China,” December.

Recent Occasional Papers of the International Monetary Fund

232. China’s Growth and Integration into the World Economy: Prospects and Challenges, edited by Eswar Prasad, 2004.

231. Chile: Institutions and Policies Underpinning Stability and Growth, by Eliot Kalter, Steven Phillips, Marco A. Espinosa-Vega, Rodolfo Luzio, Mauricio Villafuerte, and Manmohan Singh. 2004.

230. Financial Stability in Dollarized Countries, by Anne-Marie Guide, David Hoelscher, Alain Ize, David Marston, and Gianni De Nicoló. 2004.

229. Evolution and Performance of Exchange Rate Regimes, by Kenneth S. Rogoff, Aasim M. Husain, Ashoka Mody, Robin Brooks, and Nienke Oomes. 2004.

228. Capital Markets and Financial Intermediation in The Baltics, by Alfred Schipke, Christian Beddies, Susan M. George, and Niamh Sheridan. 2004.

227. U.S. Fiscal Policies and Priorities for Long-Run Sustainability, Martin Mühleisen and Christopher Towe, editors. 2004.

226. Hong Kong SAR: Meeting the Challenges of Integration with the Mainland, edited by Eswar Prasad, with contributions from Jorge Chan-Lau, Dora Iakova, William Lee, Hong Liang, Ida Liu, Papa N’Diaye, and Tao Wang. 2004.

225. Rules-Based Fiscal Policy in France, Germany, Italy, and Spain, by Teresa Dában, Enrica Detragiache, Gabriel di Bella, Gian Maria Milesi-Ferretti, and Steven Symansky. 2003.

224. Managing Systemic Banking Crises, by a staff team led by David S. Hoelscher and Marc Quintyn. 2003.

223. Monetary Union Among Member Countries of the Gulf Cooperation Council, by a staff team led by Ugo Fasano. 2003.

222. Informal Funds Transfer Systems: An Analysis of the Informal Hawala System, by Mohammed El Qorchi, Samuel Munzele Maimbo, and John F. Wilson. 2003.

221. Deflation: Determinants, Risks, and Policy Options, by Manmohan S. Kumar. 2003.

220. Effects of Financial Globalization on Developing Countries: Some Empirical Evidence, by Eswar S. Prasad, Kenneth Rogoff, Shang-Jin Wei, and Ayhan Kose. 2003.

219. Economic Policy in a Highly Dollarized Economy: The Case of Cambodia, by Mario de Zamaroczy and Sopanha Sa. 2003.

218. Fiscal Vulnerability and Financial Crises in Emerging Market Economies, by Richard Hemming, Michael Kell, and Axel Schimmelpfennig. 2003.

217. Managing Financial Crises: Recent Experience and Lessons for Latin America, edited by Charles Collyns and G. Russell Kincaid. 2003.

216. Is the PRGF Living Up to Expectations?—An Assessment of Program Design, by Sanjeev Gupta, Mark Plant, Benedict Clements, Thomas Dorsey, Emanuele Baldacci, Gabriela Inchauste, Shamsuddin Tareq, and Nita Thacker. 2002.

215. Improving Large Taxpayers’ Compliance: A Review of Country Experience, by Katherine Baer. 2002.

214. Advanced Country Experiences with Capital Account Liberalization, by Age Bakker and Bryan Chappie. 2002.

213. The Baltic Countries: Medium-Term Fiscal Issues Related to EU and NATO Accession, by Johannes Mueller, Christian Beddies, Robert Burgess, Vitali Kramarenko, and Joannes Mongardini. 2002.

212. Financial Soundness Indicators: Analytical Aspects and Country Practices, by V. Sundararajan, Charles Enoch, Armida San José, Paul Hilbers, Russell Krueger, Marina Moretti, and Graham Slack. 2002.

211. Capital Account Liberalization and Financial Sector Stability, by a staff team led by Shogo Ishii and Karl Habermeier. 2002.

210. IMF-Supported Programs in Capital Account Crises, by Atish Ghosh, Timothy Lane, Marianne Schulze-Ghattas, Aleš Bulíř, Javier Hamann, and Alex Mourmouras. 2002.

209. Methodology for Current Account and Exchange Rate Assessments, by Peter Isard, Hamid Faruqee, G. Russell Kincaid, and Martin Fetherston. 2001.

208. Yemen in the 1990s: From Unification to Economic Reform, by Klaus Enders, Sherwyn Williams, Nada Choueiri, Yuri Sobolev, and Jan Walliser. 2001.

207. Malaysia: From Crisis to Recovery, by Kanitta Meesook, II Houng Lee, Olin Liu, Yougesh Khatri, Natalia Tamirisa, Michael Moore, and Mark H. Krysl. 2001.

206. The Dominican Republic: Stabilization, Structural Reform, and Economic Growth, by a staff team led by Philip Young comprising Alessandro Giustiniani, Werner C. Keller, and Randa E. Sab and others. 2001.

205. Stabilization and Savings Funds for Nonrenewable Resources, by Jeffrey Davis, Rolando Ossowski, James Daniel, and Steven Barnett. 2001.

204. Monetary Union in West Africa (ECOWAS): Is It Desirable and How Could It Be Achieved? by Paul Masson and Catherine Pattillo. 2001.

203. Modern Banking and OTC Derivatives Markets: The Transformation of Global Finance and Its Implications for Systemic Risk, by Garry J. Schinasi, R. Sean Craig, Burkhard Drees, and Charles Kramer. 2000.

202. Adopting Inflation Targeting: Practical Issues for Emerging Market Countries, by Andrea Schaechter, Mark R. Stone, and Mark Zelmer. 2000.

201. Developments and Challenges in the Caribbean Region, by Samuel Itam, Simon Cueva, Erik Lundback, Janet Stotsky, and Stephen Tokarick. 2000.

200. Pension Reform in the Baltics: Issues and Prospects, by Jerald Schiff, Niko Hobdari, Axel Schimmelpfennig, and Roman Zytek. 2000.

199. Ghana: Economic Development in a Democratic Environment, by Sérgio Pereira Leite, Anthony Pellechio, Luisa Zanforlin, Girma Begashaw, Stefania Fabrizio, and Joachim Harnack. 2000.

198. Setting Up Treasuries in the Baltics, Russia, and Other Countries of the Former Soviet Union: An Assessment of IMF Technical Assistance, by Barry H. Potter and Jack Diamond. 2000.

197. Deposit Insurance: Actual and Good Practices, by Gillian G.H. Garcia. 2000.

196. Trade and Trade Policies in Eastern and Southern Africa, by a staff team led by Arvind Subramanian, with Enrique Gelbard, Richard Harmsen, Katrin Elborgh-Woytek, and Piroska Nagy. 2000.

195. The Eastern Caribbean Currency Union—Institutions, Performance, and Policy Issues, by Frits van Beek, José Roberto Rosales, Mayra Zermeño, Ruby Randall, and Jorge Shepherd. 2000.

194. Fiscal and Macroeconomic Impact of Privatization, by Jeffrey Davis, Rolando Ossowski, Thomas Richardson, and Steven Barnett. 2000.

193. Exchange Rate Regimes in an Increasingly Integrated World Economy, by Michael Mussa, Paul Masson, Alexander Swoboda, Esteban Jadresic, Paolo Mauro, and Andy Berg. 2000.

192. Macroprudential Indicators of Financial System Soundness, by a staff team led by Owen Evans, Alfredo M. Leone, Mahinder Gill, and Paul Hilbers. 2000.

191. Social Issues in IMF-Supported Programs, by Sanjeev Gupta, Louis Dicks-Mireaux, Ritha Khemani, Calvin McDonald, and Marijn Verhoeven. 2000.

190. Capital Controls: Country Experiences with Their Use and Liberalization, by Akira Ariyoshi, Karl Habermeier, Bernard Laurens, İnci Ötker-Robe, Jorge Iván Canales Kriljenko, and Andrei Kirilenko. 2000.

189. Current Account and External Sustainability in the Baltics, Russia, and Other Countries of the Former Soviet Union, by Donal McGettigan. 2000.

188. Financial Sector Crisis and Restructuring: Lessons from Asia, by Carl-Johan Lindgren, Tomás J.T. Baliño, Charles Enoch, Anne-Marie Guide, Marc Quintyn, and Leslie Teo. 1999.

187. Philippines: Toward Sustainable and Rapid Growth, Recent Developments and the Agenda Ahead, by Markus Rodlauer, Prakash Loungani, Vivek Arora, Charalambos Christofides, Enrique G. De la Piedra, Piyabha Kongsamut, Kristina Kostial, Victoria Summers, and Athanasios Vamvakidis. 2000.

186. Anticipating Balance of Payments Crises: The Role of Early Warning Systems, by Andrew Berg, Eduardo Borensztein, Gian Maria Milesi-Ferretti, and Catherine Pattillo. 1999.

Note: For information on the titles and availability of Occasional Papers not listed, please consult the IMF’s Publications Catalog or contact IMF Publication Services.

Cited By

  • Collapse
  • Expand
  • Adhikari, Ramesh, and Yongzheng Yang, 2002, “What Will WTO Membership Mean for China and Its Trading Partners?Finance and Development, Vol. 39, No. 3, September, pp. 2225.

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, 1997, “China,” in Fiscal Federalism in Theory and Practice, ed. Teresa Ter-Minassian (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, Li Keping, Thomas Richardson, and Raju Singh, 2002, “Recentralization in China?IMF Working Paper No. 02/168 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahmad, Ehtisham, Mario Fortuna, and Raju Singh, 2004, “Towards More Effective Redistribution: Reform Options for Intergovernmental Transfers in ChinaIMF Working Paper, forthcoming (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Ahmed, Shaghil, 2003, “Sources of Economic Fluctuations in Latin America and Implications for Choice of Exchange Rate Regimes,” Journal of Development Economics, Vol. 72, No. 1 (October), pp. 181202.

    • Search Google Scholar
    • Export Citation
  • Alberola, Enrique, Susana G. Cervero, J. Humberto Lopez, and Angel Ubide, 1999, “Global Equilibrium Exchange Rates—Euro, Dollar, ‘Ins,’ ‘Outs,’ and Other Major Currencies in a Panel Cointegration Framework,” IMF Working Paper No. 99/175 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Balassa, Bela, 1964, “The Purchasing Power Parity Doctrine: A Reappraisal,” Journal of Political Economy, Vol. 72 (December), pp. 58496.

    • Search Google Scholar
    • Export Citation
  • Banker, 2003, “Top 1000 World Banks,” Vol. 153, Issue 929 (July), p. 143.

  • Bayoumi, Tamim, Hamid Faruqee, and Jaewoo Lee, 2003, “A Fair Exchange? Theory and Practice of Calculating Underlying Exchange Rate Trends” (unpublished; Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Bell, Michael W. Hoe Ee Khor, and Kalpana Kochhar, 1993, China at the Threshold of a Market Economy, IMF Occasional Paper No. 107 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Blanchard, Olivier, and Danny Quah, 1989, “The Dynamic Effects of Aggregate Demand and Supply Disturbances,” American Economic Review, Vol. 79 (September), pp. 65573.

    • Search Google Scholar
    • Export Citation
  • Blanchard, Olivier, and Shleifer, Andrei 2001, “Federalism With and Without Political Centralization: China Versus Russia,” IMF Staff Papers, Vol. 48 (Special Issue), pp. 17179.

    • Search Google Scholar
    • Export Citation
  • Borda, Patrice, Olivier Manioc, and Jean Gabriel Montauban, 2000, “The Contribution of U.S. Monetary Policy to Caribbean Business Cycles,” Social and Economic Studies, Vol. 49 (Special Issue), June/September, pp. 22550.

    • Search Google Scholar
    • Export Citation
  • Bottelier, Pieter, 2002, “Implications of WTO Membership for China’s State-Owned Banks and the Management of Public Finances: Issues and Strategies,” paper presented at the Annual Meetings of the Asian Development Bank, Shanghai.

    • Search Google Scholar
    • Export Citation
  • Brooks, Ray, and Ran Tao, 2003, “China’s Labor Market Performance and Challenges,” IMF Working Paper No. 03/210 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Cai, F. W. Dewen and D. Yang, 2001Labor Market Distortions and Economic Growth: Examining Institutional Components of Regional Disparity in China,” Working Paper No. 10 (Beijing: Center for Human Resource Studies, Chinese Academy of Social Sciences).

    • Search Google Scholar
    • Export Citation
  • Chadha, Bankim, and Eswar Prasad, 1997, “Real Exchange Rate Fluctuations and the Business Cycle: Evidence from Japan,” IMF Staff Papers, Vol. 44, No. 3 (September), pp. 32855.

    • Search Google Scholar
    • Export Citation
  • Chen, Show-Lin, and Jyh-Lin Wu, 1997, “Sources of Real Exchange Rate Fluctuations: Empirical Evidence from Four Pacific Basin Countries,” Southern Economic Journal, Vol. 63 (January), pp. 77687.

    • Search Google Scholar
    • Export Citation
  • China Finance Yearbook, various issues.

  • China Industrial Statistical Year Book, various years.

  • China Statistical Year Book, various years.

  • Chinn, Menzie, and Eswar S. Prasad, 2003, “Medium-Term Determinants of Current Accounts in Industrial and Developing Countries: An Empirical Exploration,” Journal of International Economics, Vol. 59, No. 1 (January), pp. 4776.

    • Search Google Scholar
    • Export Citation
  • Chou, W.L and Y.C. Shih, 1998, “The Equilibrium Exchange Rate of the Chinese Renminbi,” Journal of Comparative Economics, Vol. 26 (March), pp. 16574.

    • Search Google Scholar
    • Export Citation
  • Clarida, Richard, and Jordi Gali, 1994, “Sources of Real Exchange Rate Fluctuations: How Important Are Nominal Shocks?NBER Working Paper No. 4658 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Daniel, James, Tom Richardson, Raju Jan Singh, and George Tsibouris, 2003, “Medium-Term Fiscal Issues,” in China: Competing in the Global Economy—Policies for Sustained Growth and Financial Stability, ed. Tseng Wanda Markus Rodlauer (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Dibooglu, Selahattin, and Ali M. Kutan, 2001, “Sources of Real Exchange Rate Fluctuations in Transition Economies: The Case of Poland and Hungary,” Journal of Comparative Economics, Vol. 29, No. 2 (June), pp. 25775.

    • Search Google Scholar
    • Export Citation
  • Dorfman, Mark, and Yee Mun Sin, 2001, “China: Social Security Reform—Strategic Options” (unpublished; Washington: World Bank).

  • Findlay, Christopher, Harry X. Wu, and Andrew Watson, 1995, “Fiscal Decentralisation, Regionalism and Uneven Development in China,” Chinese Economy Research Unit Working Paper No. 95/5 (Adelaide, Australia: University of Adelaide).

    • Search Google Scholar
    • Export Citation
  • Funke, Michael, and Jörg Rahn, 2004, “By How Much Is the Chinese Renminbi Undervalued?” (unpublished; Hamburg: Hamburg University).

    • Search Google Scholar
    • Export Citation
  • Hertel, Thomas, and Terrie Walmsley, 2000, “China’s Accession to the WTO: Timing Is Everything” (West Lafayette, Indiana: Center for Global Trade Analysis, Purdue University).

    • Search Google Scholar
    • Export Citation
  • Hoffmaister, Alexander W. and Jorge E. Roldós, 2001, “The Sources of Macroeconomic Fluctuations in Developing Countries: Brazil and Korea,” Journal of Macroeconomics, Vol. 23, No. 2 (Spring), pp. 21339.

    • Search Google Scholar
    • Export Citation
  • Ianchovichina, Elena, and Will Martin, 2003, “Economic Impacts of China’s Accession to the World Trade Organization,” Policy Research Working Paper No. 3053 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Isard, Peter, and Hamid Faruqee, eds. 1998, Exchange Rate Assessment: Extensions of the Macroeconomic Balance Approach, IMF Occasional Paper No. 167 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Isard, Peter, and Hamid Faruqee, Kincaid, G. Russell and Martin Fetherston, 2001, Methodology for Current Account and Exchange Rate Assessments, IMF Occasional Paper No. 209 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Jin, Hehui, Yingyi Qian, and Barry Weingast, 2003a, “Federalism, Chinese Style I: Fiscal Incentives and Regional Development” (unpublished; Oakland, California: University of California, Berkeley).

    • Search Google Scholar
    • Export Citation
  • Jin, Hehui, Yingyi Qian, and Barry Weingast, 2003b, “Federalism, Chinese Style II: Economic Decentralization and Political Decentralization” (unpublished; Oakland, California: University of California, Berkeley).

    • Search Google Scholar
    • Export Citation
  • Karacadag, Cem, 2003, “Financial System Soundness and Reform,” in China: Competing in the Global Economy, ed. Tseng Wanda Markus Rodlauer (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Lane, Philip R. Gian Maria Milesi-Ferretti, 2000, “The Transfer Problem Revisited: Net Foreign Assets and Real Exchange Rates,” IMF Working Paper No. 00/123 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Lardy, Nicolas R. 1998, China’s Unfinished Economic Revolution (Washington: Brookings Institution).

  • Lardy, Nicolas R. 2000, “Fiscal Sustainability: Between a Rock and a Hard Place,” China Economic Quarterly, pp. 3641.

  • Lardy, Nicolas R. 2002, Integrating China into the Global Economy (Washington: Brookings Institution).

  • Li, S. and F. Zhai, 1999, “China’s WTO Accession and Implications for National and Provincial Economies” (unpublished).

  • Martin, W. B. Dimaranan, and T. Hertel, 1999, “Trade Policies, Structural Changes and China’s Trade Growth” (unpublished).

  • Mattoo, Aaditya, 2002, “China’s Accession to the WTO: The Services Dimension,” World Bank Policy Research Working Paper No. 2932 (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Ministry of Finance, 2002, “Accounting Information Quality Assessment Report,” People’s Republic of China.

  • National Audit Office of the People’s Republic of China, 2002, Audit Report.

  • Nehru, Vikram, and others, 1997, China 2020—Development Challenges in the New Century (Washington: World Bank).

  • Organization for Economic Cooperation and Development (OECD), 2002a, Realizing the Benefits of China’s Trade and Investment Liberalization: The Domestic Economic Policy Challenges (Paris).

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), 2002b, China in the World Economy: the Domestic Policy Challenges (Paris).

    • Search Google Scholar
    • Export Citation
  • Panitchpakdi, Supachai, and Mark L. Clifford, 2002, “China and the WTO: Changing China, Changing World Trade” (Singapore: John Wiley & Sons (Asia)).

    • Search Google Scholar
    • Export Citation
  • Prasad, Eswar, and Thomas Rumbaugh, 2003, “Beyond the Great Wall,” Finance and Development, Vol. 40, No. 4 (December), pp. 4649.

  • Qiang, Gao, and Barry Weingast, 1997, “Federalism as a Commitment to Preserving Market Incentives,” Journal of Economic Perspectives, Vol. 11 (Fall), pp. 8392.

    • Search Google Scholar
    • Export Citation
  • Rumbaugh, Thomas, and Nicolas Blancher, 2004, “China: International Trade and WTO Accession,” IMF Working Paper No. 04/36 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Solinger, Dorothy J. 2002, “Special Report: China’s Employment Mess,” China Economic Quarterly, No. 4.

  • Steinfeld, Edward S. 2000, Forging Reform in China (New York: Cambridge University Press).

  • Studwell, Joe, 2000, “On the Block: What Is the Family Silver Worth?China Economic Quarterly, No. 2.

  • Tenev, Stoyan, Chunlin Zhang, and Loup Brefort, 2002, Corporate Governance and Enterprise Reform in China: Building the Institutions of Modern Markets (Washington: World Bank and International Finance Corporation).

    • Search Google Scholar
    • Export Citation
  • Tseng, Wanda, Hoe Ee Khor, Kalpana Kochhar, Dubravko Mihaljek, and David Burton, 1994, Economic Reform in China: A New Phase, IMF Occasional Paper No. 114 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Tseng, Wanda, and Markus Rodlauer, eds. 2003, China: Competing in the Global Economy—Policies for Sustained Growth and Financial Stability (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • United States Trade Representative, 2002, Report to Congress on China’s WTO Compliance, December.

  • Wang, G. 2001, “Projections of China’s Population from 2001–10,” working paper presented at a conference on “China Labor Markets in Transition,” December.

    • Search Google Scholar
    • Export Citation
  • Wang, Tao, 2004, “China: Sources of Real Exchange Rate Fluctuations,” IMF Working Paper No. 04/18 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Wong, Christine P. ed. 1997, Financing Local Government in the People’s Republic of China (Hong Kong SAR; New York: Oxford University Press).

    • Search Google Scholar
    • Export Citation
  • World Bank, 2001, China: Overcoming Rural Poverty (Washington: World Bank).

  • World Bank, 2002, China—Provincial Expenditure Review, January (Washington: World Bank).

  • World Bank, 2003, China—Promoting Growth with Equity, Country Economic Memorandum, September (Washington: World Bank).

  • Yang, Yongzheng, 2003, “China’s Integration into the World Economy: Implications for Developing Countries,” IMF Working Paper No. 03/245 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Young, Alwyn, 2000a, “The Razor’s Edge: Distortions and Incremental Reform in the People’s Republic of China,” Quarterly Journal of Economics, Vol. 105, No. 4 (November), pp. 10911135.

    • Search Google Scholar
    • Export Citation
  • Young, Alwyn, 2000b, “Gold into Base Metals: Productivity Growth in the People’s Republic of China During the Reform Period,” NBER Working Paper No. 7856 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Zhang, Zhichao, 2001, “Real Exchange Rate Misalignment in China: An Empirical Investigation,” Journal of Comparative Economics, Vol. 29, No. 1 (March), pp. 8094.

    • Search Google Scholar
    • Export Citation
  • Zhao, Yaohui, 2001, paper presented at a seminar on “Economic Reform and the Labor Market in China,” December.