Stable and Sustainable Growth of a Large Open Economy

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 China’s economic cycle. In addition, it highlights the macroeconomic impact of government expenditure on improving people’s 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.

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 Beijing’s 17th Outstanding Achievements in Philosophy and Social Sciences. He actively participated in the research and consultant work on China’s 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 China’s 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.