Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2014

Investing Like China

Chong-En BAI, Wen YAO, Qing LIU
There are several facts that we document about the Chinese economy during the last decade in this paper: i) The skill premium in wage has been rising till 2008 but falls afterwards; ii) the aggregate investment rate in China increases from 42% in 2008 to 47% in 2013, among which structure investment...
Keywords: Credit Market Imperfections, Economic growth, Transition, Migration, Abundant Unskilled Labor Supply, Wage Premium
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AMPF Papers

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Commissioned Paper

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May 2025

Interpreting Turbulent Episodes in International Finance

Helene REY, Vania STAVRAKEVA
We study the anatomy of the international portfolio finance network. As global financial linkages have become denser over time, cross-border portfolio equity positions have grown in importance relative to debt for Emerging markets and Advanced economies. Using the framework developed by Rey and Stav...
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Senior Fellows/Fellows

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Senior Fellows/Fellows, Pandemic

Internet Access and its Implications for Productivity, Inequality, and Resilience

Steven J. DAVIS, Nicholas A. BLOOM, Jose Maria BARRERO
About one-fifth of paid workdays will be supplied from home in the post-pandemic economy, and more than one-fourth on an earnings-weighted basis. In view of this projection, we consider some implications of home internet access quality, exploiting data from the new Survey of Working Arrangements and...
Keywords: Internet access, productivity, COVID-19, working from home, remote work, earnings inequality, subjective well-being, economic resilience
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Webinar Series

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Capital Market Development: China and Asia

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Sep 2022

Internationalizing Like China

Jesse SCHREGER, Christopher CLAYTON, Amanda DOS SANTOS, Matteo MAGGIORI
We empirically characterize how China is internationalizing the Renminbi by selectively opening up its domestic bond market to foreign investors and propose a dynamic reputation model to explain this internationalization strategy. The Chinese government deliberately controlled the entry of foreign i...
Keywords: International Currency, Reserve Currency Competition, Exorbitant Privilege, Safe Assets, Reputation, Capital Controls, Chinese Financial Markets, Renminbi
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Annual Conference

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International Macroeconomics, Money & Banking, Senior Fellows/Fellows

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May 2016

International Transmissions of Monetary Shocks: Between a Trilemma and a Dilemma

Shang-Jin WEI, Xuehui HAN
This paper re-examines international transmissions of monetary policy shocks from advanced economies to emerging market economies. In terms of methodologies, it combines three novel features. First, it separates co-movement in monetary policies due to common shocks from spillovers of monetary polici...
Keywords: Interest rate shocks, Fixed exchange rate, Flexible exchange rate, dilemma, trilemma, Capital flow management
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