The End of Chimerica
2011; Wiley; Volume: 14; Issue: 1 Linguagem: Inglês
10.1111/j.1468-2362.2010.01274.x
ISSN1468-2362
AutoresNiall Ferguson, Moritz Schularick,
Tópico(s)Monetary Policy and Economic Impact
ResumoInternational FinanceVolume 14, Issue 1 p. 1-26 The End of Chimerica Niall Ferguson, Niall Ferguson Harvard UniversitySearch for more papers by this authorMoritz Schularick, Moritz Schularick Freie Universität Berlin.Search for more papers by this author Niall Ferguson, Niall Ferguson Harvard UniversitySearch for more papers by this authorMoritz Schularick, Moritz Schularick Freie Universität Berlin.Search for more papers by this author First published: 16 March 2011 https://doi.org/10.1111/j.1468-2362.2010.01274.xCitations: 25 Moritz SchularickFreie Universität BerlinJohn-F.-Kennedy InstituteLansstr. 7-914195 BerlinGermany[email protected] Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat Abstract For the better part of the past decade, the world economy has been marked by an economic order that combined Chinese export-led development with US over-consumption. The financial crisis of 2007–09 likely marks the beginning of the end of the Chimerican relationship. In this paper, we look at this era as economic historians, trying to set events in a longer-term perspective. In some ways, China's economic model in the decade 1998–2007 was similar to the one adopted by West Germany and Japan after World War II. Trade surpluses with the United States played a major role in propelling growth. But there were two key differences. First, the scale of Chinese currency intervention was without precedent, as were the resulting distortions of the world economy. Second, the Chinese have so far resisted the kind of currency appreciation to which West Germany and Japan consented. 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