The Macroeconomic Fundamentals and Current Account Adjustments:International Experience and the Implications for China
研究了1980至2005年106个工业与新兴经济体的宏观经济基本面如何影响经常账户调整，并基于国际经验为中国经常账户顺差调整提供政策建议。
This paper explores the relationship between the macroeconomic fundamentals and current account adjustments in 106 industrial and emerging market economies over the long span of from 1980 to 2005.The new four criteria for the current account adjustments are given to identify different adjustment episodes.Based on the adjustment episodes,some macroeconomic variables are found to affect the current account adjustment by use of the econometric methods,such as the ratio of the fixed capital formation to GDP,in terms of trade and official reserves.Enlightened by the international experience on the current account adjustment,this paper gives some policy advices for the surplus adjustment of Chinas current account.