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How much did China’s WTO accession increase economic growth in resource-rich countries?

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  • Barnebeck Andersen,Thomas
  • Barslund, Mikkel
  • Worm Hansen, Casper
  • Harr, Thomas
  • Sandholt Jensen, Peter

Abstract

This Working Document provides an estimate of China’s impact on the growth rate of resource-rich countries since its WTO accession in December 2001. The authors’ empirical approach follows the logic of the differences-in-differences estimator. In addition to temporal variation arising from the WTO accession, which they argue was exogenous to other countries’ growth trajectories, the authors exploit spatial variation arising from differences in natural resource wealth. In this way they can compare changes in economic growth in the pre- and post-accession periods between countries that benefited from the surge in demand for industrial commodities brought about by China’s WTO accession and countries that were less able to do so. They find that that roughly one-tenth of the average annual post-accession growth in resource-rich countries was due to China’s increased appetite for commodities. The authors use this finding to inform the debate about what will happen to economic growth in resource-rich countries as China rebalances and its demand for commodities weakens.

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Bibliographic Info

Paper provided by Centre for European Policy Studies in its series CEPS Papers with number 8471.

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Length: 19 pages
Date of creation: Oct 2013
Date of revision:
Handle: RePEc:eps:cepswp:8471

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  1. Andersen, Thomas Barnebeck & Jensen, Peter Sandholt, 2013. "Is Africa's recent growth sustainable?," Discussion Papers of Business and Economics 8/2013, Department of Business and Economics, University of Southern Denmark.
  2. Ashvin Ahuja & Malhar Nabar, 2012. "Investment-Led Growth in China," IMF Working Papers 12/267, International Monetary Fund.
  3. Ianchovichina, Elena & Walmsley, Terrie, 2003. "The impact of China's WTO accession on East Asia," Policy Research Working Paper Series 3109, The World Bank.
  4. J. Vernon Henderson & Adam Storeygard & David N. Weil, 2009. "Measuring Economic Growth from Outer Space," NBER Working Papers 15199, National Bureau of Economic Research, Inc.
  5. Vivek Arora & Athanasios Vamvakidis, 2011. "China's Economic Growth: International Spillovers," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 19(5), pages 31-46, 09.
  6. Beirne, John & Beulen, Christian & Liu, Guy & Mirzaei, Ali, 2013. "Global oil prices and the impact of China," China Economic Review, Elsevier, vol. 27(C), pages 37-51.
  7. Jian-Ye Wang, 2007. "What Drives China's Growing Role in Africa?," IMF Working Papers 07/211, International Monetary Fund.
  8. Bilge Erten, 2012. "Super-cycles of commodity prices since the mid-ninteenth century," Working Papers 110, United Nations, Department of Economics and Social Affairs.
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