IMF Working Papers

IMF Working Papers
Journal
Publisher:
International Monetary Fund
ISSN:
1018-5941
The IMF Working Papers series is designed to make IMF staff research available to a wide audience. Almost 300 Working Papers are released each year, covering a wide range of theoretical and analytical topics, including balance of payments, monetary and fiscal issues, global liquidity, and national and international economic developments.
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Adding China to the Global Projection Model

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Adding China to the Global Projection Model
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Journal Issue
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Volume/Issue:
2013/256
Series:
IMF Working Papers
Author(s):
Patrick Blagrave, Peter Elliott, Roberto Garcia-Saltos, Douglas Hostland, Douglas Laxton, and Fan Zhang
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
December 2013
DOI:
http://dx.doi.org/10.5089/9781484317631.001
ISBN:
9781484317631
ISSN:
1018-5941
Page:
33
We extend the Global Projection Model (GPM) to include a separate block for China. China plays an important role in shaping global economic outcomes, given its sheer size and trade integration with other key economies, its demand for commodities, and its policies. Also, the Chinese economy has several unique features which differentiate it from the rest of emerging Asia. These features (the use of multiple monetary-policy instruments and a managed-floating exchange-rate policy) mean that a separate treatment of China allows for a better consideration of China, as well as how the rest of emerging Asia behaves.
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