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Journal Article
How to Jump-Start Industrialization in Sub-Saharan Africa
Most sub-Saharan nations are poor and a long way from full-scale industrialization. However, certain policies could help spur their economic development.
Shifts in U.S. Trade Balance and Industrialization
As the U.S. has industrialized, changes in comparative advantage relative to those of other nations have led to periods of persistent trade surpluses and deficits.
Early U.S. Trade Deficits and Industrialization
Trade deficits during the country’s first phase of industrialization did not inhibit U.S. development and may have facilitated industrialization.
Working Paper
Macroeconomic Effects of China's Financial Policies
The Chinese economy has undergone three major phases: the 1978?97 period marked as the SOE-led economy, the 1998?2015 phase as the investment-driven economy, and the new normal economy since 2016. All three economies have been shaped by the government financial policies, defined as a set of credit policy, monetary policy, and regulatory policy. We analyze the macroeconomic effects of these financial policies throughout the three phases and provide the stylized facts to substantiate our analysis. The stylized facts differ qualitatively across different phases or economies. We argue that the ...