This book analyzes the basic theories of new open economy macroeconomics, economic growth and policy choices in openness. It discusses the economic distortions in international capital flows and the mechanism through which shocks are amplified to affect macroeconomic stability, and the international correlation of Chinas economic cycle. In addition, it highlights the macroeconomic impact of government expenditure on improving peoples well-being and the essential role of public goods and services provision. Finally, it investigates optimal wealth distribution and the corresponding social welfare function, offering valuable theoretical and practical contributions to the study of openness and macroeconomic stability.
List of Figures - List of Tables
Chapter 1 Economic Growth and Policy
Choice in Chinas Opening-Up Period
Chapter 2 International Capital
Flows, Economic Distortions, and Macro Stability
Chapter 3 International
Correlation of Chinas Economic Cycle
Chapter 4 External Shocks and
Internal Inflation in China
Chapter 5 Real Estate Cycle and Financial
Stability
Chapter 6 Empirical Analysis of Cross-Border Capital Flows: A
Case Study of the Hong Kong Path
Chapter 7 The Impact of the Subprime
Crisis on Stock Markets in the Mainland and Hong Kong
Chapter 8 Global
Imbalances and Financial Crises: A Perspective of Monetary Hegemony
Chapter
9 Chinas National Comprehensive Liabilities and Market-Oriented Reform -
Chapter 10 Growth Imbalance and Government Responsibility: A Perspective of
Social Expenditure
Chapter 11 Optimal Wealth Distribution and Harmonious
Social Welfare Function - References - Epilogue
ZHANG Xiaojing, is a Professor of Economics and Director of National Institution for Finance & Development, Chinese Academy of Social Sciences (CASS); Member of Chinese Economists 50 Forum; Member of China Finance 40 Forum. Prof. Zhang is also the recipient of prestigious awards such as SUN Yefang Financial Innovation Prize for 2015, SUN Yefang Economics Prize for 2005 and 2007, and the First prize for Beijings 17th Outstanding Achievements in Philosophy and Social Sciences. He actively participated in the research and consultant work on Chinas 11th, 12th, 13th, and 14th Five-Year Plan. He is in charge of the Center for National Balance Sheets (CNBS) which is the only institution that releases the annual data for Chinas National assets and liabilities. He was a Visiting Professor at Harvard and National Bureau of Economic Research (NBER) in 2006-2007; and a Visiting Fellow at Stockholm School of Economics, from 1999-2000. His research interests are macroeconomics, macro-finance, and development economics.
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