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The Global Impact of Chinese Growth

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  • Ippei Fujiwara

    (Institute for Monetary and Economic Studies, Bank of Japan (E-mail: ippei.fujiwara@boj.or.jp))

  • Keisuke Otsu

    (Assistant Professor, Sophia University, Faculty of Liberal Arts and formerly, Economist, Institute for Monetary and Economic Studies (E-mail: k-otsu@sophia.ac.jp))

  • Masashi Saito

    (Economist, Research and Statistics Department, Bank of Japan (E-mail: masashi.saitou@boj.or.jp))

Abstract

Three decades have passed since China dramatically opened up to the global market and began to catch up rapidly with leading economies. In this paper we discuss the effects of Chinafs opening-up and rapid growth on the welfare of both China and the rest of the world (ROW). We find that the opening-up per se is welfare improving for China but has had little impact on the ROW given a balanced trade constraint. The opening-up of China is beneficial to the ROW if it leads to significant productivity growth in China. Also, Chinafs balanced trade policy after the opening-up has helped the ROW rather than China.

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Bibliographic Info

Paper provided by Institute for Monetary and Economic Studies, Bank of Japan in its series IMES Discussion Paper Series with number 08-E-22.

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Date of creation: Sep 2008
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Handle: RePEc:ime:imedps:08-e-22

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Keywords: Productivity; Terms of Trade; Growth; Open Economy;

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Cited by:
  1. Ippei Fujiwara & Kazuo Fukuda & Ichiro Muto & Yosuke Shigemi & Wataru Takahashi, 2008. "Frontiers in Monetary Theory and Policy: Summary of the 2008 International Conference Organized by the Institute for Monetary and Economic Studies of the Bank of Japan," IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan 08-E-18, Institute for Monetary and Economic Studies, Bank of Japan.
  2. Rod Tyers, 2012. "Japanese Economic Stagnation: Causes and Global Implications," The Economic Record, The Economic Society of Australia, The Economic Society of Australia, vol. 88(283), pages 517-536, December.
  3. Hideaki Hirata & Keisuke Otsu, 2011. "Accounting for the economic relationship between Japan and the Asian Tigers," Studies in Economics, Department of Economics, University of Kent 1120, Department of Economics, University of Kent.
  4. Suparna Chakraborty & Keisuke Otsu, 2012. "Deconstructing Growth - A Business Cycle Accounting Approach with application to BRICs," Studies in Economics, Department of Economics, University of Kent 1212, Department of Economics, University of Kent.
  5. Rod Tyers & Jenny Corbett, 2012. "Japan's economic slowdown and its global implications: a review of the economic modelling," Asian-Pacific Economic Literature, Asia Pacific School of Economics and Government, The Australian National University, Asia Pacific School of Economics and Government, The Australian National University, vol. 26(2), pages 1-28, November.
  6. Rod Tyers & Ying Zhang, 2011. "Japan's Economic Recovery: Insights from Multi-Region Dynamics," Economics Discussion / Working Papers, The University of Western Australia, Department of Economics 11-13, The University of Western Australia, Department of Economics.
  7. Stracca, Livio, 2013. "The rise of China and India: blessing or curse for the advanced countries?," Working Paper Series, European Central Bank 1620, European Central Bank.
  8. Mai, Yin Hua & Adams, Philip & Dixon, Peter & Menon, Jayant, 2010. "The Awakening Chinese Economy: Macro and Terms of Trade Impacts on 10 Major Asia-Pacific Countries," Working Papers on Regional Economic Integration, Asian Development Bank 66, Asian Development Bank.

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