... 24–44. Moreno, R and M Santos (2009): “Pension systems in EME: implications for capital flows and financial markets”, BIS Papers, No 44, pp 45–69. OECD (2007): OECD Economic Outlook No 82, Special ... Department of Economics Working Paper 05-32. Brandt, L, C Hsieh and X Zhu (2008): “Growth and structural transformation in China”, in L Brandt and T Rawski edit China’s Great Economic Transformation, ... even forced saving. Another view suggests a minor and uncertain role of the exchange rate in the Chinese saving and current account balance (Chinn and Wei, 2009; Cheung et al 2009; and Ma and...