The Role of Macro‐Economic Policy in Explaining China's Current Account Surplus
评估了资本管制和外汇储备积累政策对中国经常账户盈余的解释程度，发现各解释了一半的峰值盈余，若开放资本账户和浮动汇率则会出现赤字。
Abstract I assess how much of China's current account surplus can be explained by government policy of capital controls and foreign reserve accumulation during a period of rapid productivity growth. My model can generate an increase in China's current account surplus and foreign reserve holdings. I find that half of the peak in China's current account surplus can be explained by its capital control policies and half by its foreign reserve accumulation policies. Under an open capital account and floating exchange rate, China would have run a current account deficit of 6.5% of GDP.