Rebalancing the Economy: A Tale of Two Countries
2013; Federal Reserve Bank of San Francisco; Linguagem: Inglês
ISSN
0890-927X
Autores Tópico(s)State Capitalism and Financial Governance
ResumoChina and the United States are both facing challenges in rebalancing their economies for the future. There are parallels and contrasts, but both face the difficult challenge of maintaining growth today while moving toward a new normal of longer-run economic health for tomorrow. The following is adapted from a presentation by the president and CEO of the Federal Reserve Bank of San Francisco to the Committee of 100 in Los Angeles, California, on November 8, 2013. It is often said that when America sneezes, the world catches cold. This adage is a modern adaptation of the 19th century saying—attributed to Prince Klemens von Metternich—that, “When Paris sneezes, Europe catches cold.” Today, economic developments in China have obvious repercussions across borders as well, affecting everyone from small emerging economies to Europe and the United States. We live in a world where our economic fates are increasingly intertwined. Indeed, Metternich’s saying is now often heard with China as the proverbial sneezer.
Referência(s)