A Study of the Diversification of China's Foreign Reserves Within a Three‐country Stock‐flow Consistent Model

Lavoie, Marc; Zhao, Jun

doi:10.1111/j.1467-999x.2009.04082.x

Cited by 24 publications

(29 citation statements)

References 22 publications

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“…The first one, with fixed dollar–yuan parity, includes an active policy of the Chinese central bank regarding the diversification of its reserves. It is directly inspired by Lavoie and Zhao (2010). The second version, presented in the fourth section, has a flexible dollar–yuan parity, which can either be freely floating or be the result of a policy target of the Chinese central bank, based either on the level of the current account or on the desired level of foreign reserves.…”

Section: Introductionmentioning

confidence: 99%

World Imbalances and Macroeconomic Adjustments: A Three‐country Stock‐flow Consistent Model With Fixed or Flexible Prices

Mazier

Aliti

2011

Metroeconomica

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World macroeconomic adjustments are analysed with a three-country Stock-Flow Consistent (SFC) models. Three SFC models are considered, the first one with a fixed dollar-yuan parity including a version with Chinese foreign reserves' diversification, the second with a flexible dollar-yuan parity which can be freely floating or following a more managed float, the third one being a generalization of the two others with flexible prices instead of constant prices. The fixity of the dollar-yuan parity limits the adjustments facing shocks and world imbalances while a more flexible dollar-yuan exchange rate appears as a powerful adjustment mechanism to reduce these imbalances.

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Section: Introductionmentioning

confidence: 99%

World Imbalances and Macroeconomic Adjustments: A Three‐country Stock‐flow Consistent Model With Fixed or Flexible Prices

Mazier

Aliti

2011

Metroeconomica

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“…Mazier and Tiou‐Tagba Aliti () build a three‐country model along the lines of Lavoie and Zhao () and examine scenarios with pegged and flexible dollar‐Yuan parity. They conclude that the flexible parity could be an important way to address the global imbalances.…”

Section: Modelling the Open Economymentioning

confidence: 99%

Stock‐flow Consistent Macroeconomic Models: A Survey

Nikiforos

Zezza

2017

Journal of Economic Surveys

112

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in May 2017The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. extended to address issues such as financialization and income distribution. We next discuss the implications of the approach for models of open economies and compare the methodologies adopted in developing SFC empirical models for whole countries. We review the contributions where the SFC approach is being adopted as the macroeconomic closure of microeconomic agent-based models, and how the SFC approach is at the core of new research in ecological macroeconomics. Finally, we discuss the appropriateness of the name "stock-flow consistent" for the class of models we survey.

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“…For example Ryoo (2010) incorporates a continuous time and medium-to long-run analysis into above-mentioned approaches. Recent additions by Lavoie and Zhao (2010) and Lavoie and Daigle (2011) emphasize the path dependency of the Godley and Lavoie model and thus highlight the evolutionary character of SFC modelling. Kinsella and Khalil (2011) modeled debt deflation in small open economies.…”

Section: Stock-flow Consistent Modelsmentioning

confidence: 99%

Sectoral Balances And Stock-Flow Consistent Models

Jonáš

Komínek

2017

Journal of Economic Integration

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The European banking and sovereign debt crisis has revealed severe financial imbalances among countries and institutional sectors. In reaction, economic policy and theory has focused on the role of finance in mitigating economic imbalances and finding ways to deal with them. Policy makers launched data gap initiatives to enhance economic and financial statistics, an important pillar of these initiatives being the integrated framework of the System of National Accounts, unifying product, income, capital, and financial accounts. In this framework, there are elaborated Stock-Flow Consistent models that model any interconnections of institutional sectors, in both real and financial aspects, in a consistent way. This article aims to illustrate the principles and possibilities of Stock Flow Consistent models and their relation to the System of National Acounts. To accomplish this, we construct a simplified Stock Flow Consistent model applied to the sectoral (im)balances between the private, government, and foreign sectors, which were a notable feature of the recent European crisis. JEL Classifications: B50, C69, E12

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A Study of the Diversification of China's Foreign Reserves Within a Three‐country Stock‐flow Consistent Model

Cited by 24 publications

References 22 publications

World Imbalances and Macroeconomic Adjustments: A Three‐country Stock‐flow Consistent Model With Fixed or Flexible Prices

World Imbalances and Macroeconomic Adjustments: A Three‐country Stock‐flow Consistent Model With Fixed or Flexible Prices

Stock‐flow Consistent Macroeconomic Models: A Survey

Sectoral Balances And Stock-Flow Consistent Models

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