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China's Capacity Reduction Reform and Its Impact on Producer Prices

Author/Editor: Linxi Chen, Ding Ding, Rui Mano.

Release Date:September, 2018

In late 2015, the Chinese authorities launched a policy to reduce capacity in the coal and steel industries under the wider effort of Supply-Side Structural Reforms. Around the same time, producer more...



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Inequality in China – Trends, Drivers and Policy Remedies

Author/Editor: Sonali Jain-Chandra, Niny Khor, Rui Mano, Johanna Schauer, Philippe Wingender, Juzhong Zhuang.

Release Date:June, 2018

China has experienced rapid economic growth over the past two decades and is on the brink of eradicating poverty. However, income inequality increased sharply from the early 1980s and rendered China more...



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Reassessing the Perimeter of Government Accounts in China

Author/Editor: Rui Mano, Phil Stokoe.

Release Date:December, 2017

China’s official general government accounts do not include off-budget quasi-fiscal spending unlike the IMF’s augmented government accounts. This paper argues that the broader concept of more...



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Real Exchange Rate and External Balance : How Important Are Price Deflators?

Author/Editor: JaeBin Ahn, Rui Mano, Jing Zhou.

Release Date:March, 2017

This paper contrasts real exchange rate (RER) measures based on different deflators (CPI, GDP deflator, and ULC) and discusses potential implications for the link—or lack more...



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Quantifying the Spillovers from China Rebalancing Using a Multi-Sector Ricardian Trade Model

Author/Editor: Rui Mano.

Release Date:November, 2016

This paper assesses the spillovers from different facets of China rebalancing using a calibrated Ricardian trade model that includes 41 economies, each consisting of 34 sectors. We find that more...



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Spillovers from China's Growth Slowdown and Rebalancing to the ASEAN-5 Economies

Author/Editor: Allan Dizioli, Jaime Guajardo, Vladimir Klyuev, Rui Mano, Mehdi Raissi.

Release Date:August, 2016

After many years of rapid expansion, China’s growth is slowing to more sustainable levels and is rebalancing, with consumption becoming the main growth driver. This transition is likely to have more...



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The Cost of Foreign Exchange Intervention : Concepts and Measurement

Author/Editor: Gustavo Adler, Rui Mano.

Release Date:April, 2016

The accumulation of large foreign asset positions by many central banks through sustained foreign exchange (FX) intervention has raised questions about its associated fiscal costs. This more...



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Default Premium

Author/Editor: Luis Catão, Rui Mano.

Release Date:July, 2015

We re-assess the view that sovereigns with a history of default are charged only a smalland/or short-lived premium on the interest rate warranted by observed fundamentals. Our reassessmentuses a more...



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Unveiling the Effects of Foreign Exchange Intervention : A Panel Approach

Author/Editor: Gustavo Adler, Noemie Lisack, Rui Mano.

Release Date:June, 2015

We study the effect of foreign exchange intervention on the exchange rate relying on aninstrumental-variables panel approach. We find robust evidence that intervention affects thelevel of the more...



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The Level of Productivity in Traded and Non-Traded Sectors for a Large Panel of Countries

Author/Editor: Rui Mano, Marola Castillo.

Release Date:February, 2015

This paper explains in detail the construction of series for productivity in the traded and nontradedsectors for a panel of 56 countries spanning 1989–2012. The level of productivity ineach sector more...



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