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The Global Economic Impacts of Trade and Financial Reform in China

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  • Warwick J McKibbin

    ()

  • K K Tang

Abstract

Despite the setbacks from the recent Asian currency crisis, the ascendancy of Asia as an economic centre of world economic activity is likely to continue into the 21st century. A key issue that will shape the role of Asia, and indeed the shape of the world economy in the 21st century, is the economic development of China. To date China has successfully weathered the currency storm in Asia and continues on a program of economic reform. If anything, the problems of Japan and Korea provide powerful lessons for other countries undergoing rapid economic growth and structural change. These lessons include the importance of a well developed financial sector with lending and investment decisions based on market signals rather than government directives. Whether China can further integrate smoothly into global markets and sustain the fast growth of the last few decades will be a crucial development in the world economy. In this paper, we explore the impacts of continued Chinese economic reform with a focus on the role of international financial flows both in the adjustment within China as well as in the transmission of Chinese reforms to the rest of the world.

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File URL: https://crawford.anu.edu.au/acde/publications/publish/papers/wp1998/bdp1371.pdf
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Bibliographic Info

Paper provided by The Australian National University, Arndt-Corden Department of Economics in its series Departmental Working Papers with number 1998-08.

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Length: 53 pages
Date of creation: 1998
Date of revision: Sep 1998
Handle: RePEc:pas:papers:1998-08

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  1. Lewis, Jeffrey D. & Robinson, Sherman & Zhi Wang, 1995. "Beyond the Uruguay Round : the implications of an Asian free trade area," Policy Research Working Paper Series 1467, The World Bank.
  2. Eeckhout, Piet, 1997. "European Anti-dumping Law and China," European Integration online Papers (EIoP), European Community Studies Association Austria (ECSA-A), vol. 1, 04.
  3. Xu, Yingfeng, 1994. "Trade liberalization in China: A CGE model with Lewis' rural surplus labor," China Economic Review, Elsevier, vol. 5(2), pages 205-219.
  4. Adrian Wood, 1995. "How Trade Hurt Unskilled Workers," Journal of Economic Perspectives, American Economic Association, vol. 9(3), pages 57-80, Summer.
  5. Jorgenson, Dale W. & Wilcoxen, Peter J., 1990. "Intertemporal general equilibrium modeling of U.S. environmental regulation," Journal of Policy Modeling, Elsevier, vol. 12(4), pages 715-744.
  6. Francois, Joseph & McDonald, Brad & Nordström, Håkan, 1996. "A User's Guide to Uruguay Round Assessments," CEPR Discussion Papers 1410, C.E.P.R. Discussion Papers.
  7. Harrold, Peter, 1995. "China: Foreign Trade Reform: Now for the Hard Part," Oxford Review of Economic Policy, Oxford University Press, vol. 11(4), pages 133-46, Winter.
  8. Harrison, Glenn W & Rutherford, Thomas F & Tarr, David G, 1997. "Quantifying the Uruguay Round," Economic Journal, Royal Economic Society, vol. 107(444), pages 1405-30, September.
  9. Peter J. Quirk, 1994. "Capital Account Convertibility: A New Model for Developing Countries," IMF Working Papers 94/81, International Monetary Fund.
  10. Francois, Joseph & McDonald, Brad & Nordström, Håkan, 1994. "The Uruguay Round: A Global General Equilibrium Assessment," CEPR Discussion Papers 1067, C.E.P.R. Discussion Papers.
  11. McKibbin, W.J., 1997. "Regional and Multiregional Trade Liberalization: The Effects on Trade, Investment and Welfare," Papers 134, Brookings Institution - Working Papers.
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Cited by:
  1. Wang, Jiao & Mayes, David & Wan, Guanghua, 2005. "Income Distribution and Labour Movement in China after WTO Membership: A CGE Analysis," Working Papers RP2005/38, World Institute for Development Economic Research (UNU-WIDER).
  2. Zhu, Tianbiao, 2006. "Rethinking Import-substituting Industrialization: Development Strategies and Institutions in Taiwan and China," Working Papers RP2006/76, World Institute for Development Economic Research (UNU-WIDER).

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