The Future of International Liquidity and the Role of China

Alan M. Taylor

NBER Working Paper No. 18771
Issued in February 2013

---- Acknowledgements -----

This paper was presented at the Council on Foreign Relations symposium Future of the International Monetary System and the Role of RMB, held in Beijing on October 31 and November 1, 2011. I thank Sebastian Mallaby, Robert Rubin, Martin Feldstein, and all the participants for helpful comments. Don Chew has given superb editorial guidance. All errors are mine. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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