Adding China to the Global Projection Model

Information about Asia and the Pacific Asia y el Pacífico

Journal Issue

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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Adding China to the Global Projection Model