HOUSEHOLD SAVING, FINANCIAL CONSTRAINTS, AND THE CURRENT ACCOUNT IN CHINA
研究中国2000年以来经常账户余额变化，发现政府养老保障不足和独生子女政策导致家庭储蓄率上升，加上金融摩擦使储蓄无法投资国内企业，造成2008年前经常账户盈余；之后金融约束放松导致盈余下降。
Abstract In this article, we present a model that can account for the changes in the current account balance in China since the 2000s. Our results suggest that inadequate insurance through government programs for the elderly and the decline in family insurance due to the one‐child policy led to large increases in the household saving rate. These increases coupled with the financial frictions preventing the household saving from being invested in domestic firms resulted in large current account surpluses until 2008. Relaxation of financial constraints, on the other hand, was responsible for the decline in the current account surplus after 2008.