The concept of balance-of-payments-constrained economic growth has long served as a vital framework for understanding how external imbalances can limit long-run economic expansion. This approach ...

The IMF’s surveillance cycle for China is wrapping up, and at least judging from the press release, China’s balance of payments was not a focus of the conversation. That is unfortunate. I, of course, ...

China’s GDP statistics are widely thought to be, well, works of performance art. Targets, once set, are almost always met. GDP—apart from the pandemic years—smoothly glided upward. And since China ...