Center for Pacific Basin Studies

The Center for Pacific Basin Studies promotes cooperation among central banks in the Pacific Basin and provide insight into and analysis of economic policy issues affecting the region.

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Pacific Basin Notes

Occasional series of the FRBSF Economic Letter

Global Fallout from China’s Industrial Slowdown


Mark Spiegel | November 23, 2015

China’s demand for imports helps support the global economic recovery, so China’s recent economic slowdown has caused international concern. China’s slowdown is concentrated in the industrial sector, while its emerging service sector has shown much new strength. However, China’s service sector is relatively closed and relies only modestly on imports. Accordingly, service sector growth is unlikely to offset the adverse implications of a slowing China for global trade.

Is China’s Growth Miracle Over?


Zheng Liu | August 10, 2015

The recent slowdown in China’s growth has caused concern about its long-term growth prospects. Evidence suggests that, before 2008, China’s growth miracle was driven primarily by productivity improvement following economic policy reforms. Since 2008, however, growth has become more dependent on investment and overall growth has slowed. If the recent reform plans can successfully address the country’s structural imbalances, China could maintain a solid growth rate that might help smooth its transition to high-income status.

Has China’s Economy Become More “Standard”?


John G. Fernald, Eric Hsu, and Mark M. Spiegel | October 6, 2014

Financial liberalization in China has broad implications, including changing how its central bank’s monetary policy affects the nation’s economy. An estimate of Chinese economic activity and inflation based on a broad set of indicators suggests that the way policy is transmitted to China’s economy has become more like Western market economies in the past decade. Although Chinese monetary policy may actually have exacerbated its economic downturn during the global financial crisis, a move toward stimulatory policy has helped ease its slower growth more recently.

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Working Papers

China’s Financial Linkages with Asia and the Global Financial Crisis

FRBSF Working Paper 2013-12

Glick • Hutchison | May 2013

This paper presents empirical evidence on how asset market linkages between China and Asia shifted during and after the global financial crisis of 2008-2009. We find only weak cross-country linkages in longer-term interest rates, but much stronger linkages in equity markets. We also find that the strength of the correlation of equity price changes between China and other Asian countries increased markedly and has remained high in recent years.

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Past Conferences

2013 Asia Economic Policy Conference: Prospects for Asia and the Global Economy

November 3 - November 5, 2013
Federal Reserve Bank of San Francisco | San Francisco

Policymakers in advanced and emerging economies face challenges as they continue to recover from the recent global financial crisis. The conference discussed monetary policy spillovers from advanced to emerging markets, costs and benefits of foreign reserve accumulation, and desirability of interventions, restrictions on cross-border capital flows, and financial regulatory reforms to prevent future crises.

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