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The Global Impact of Chinese Growth

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  • Ippei Fujiwara

    ()

  • Keisuke Otsu

    ()

  • Masashi Saito

    ()

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 China's 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. The opening-up of China is beneficial to the ROW if it led to significant productivity growth in China. Furthermore, China's balanced trade policy after the opening-up has helped the ROW rather than China. Hence, according to a simple neoclassical model with complete markets, a gradual trade liberalization in China is prefereble to a drastic one from the ROW perspective.

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Bibliographic Info

Paper provided by Department of Economics, University of Kent in its series Studies in Economics with number 1115.

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Date of creation: Jul 2011
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Handle: RePEc:ukc:ukcedp:1115

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Postal: Department of Economics, University of Kent at Canterbury, Canterbury, Kent, CT2 7NP
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Keywords: Chinese Growth; Reform and Opening-up; Productivity; Terms of Trade;

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Citations

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Cited by:
  1. Rod Tyers, 2012. "Japanese Economic Stagnation: Causes and Global Implications," The Economic Record, The Economic Society of Australia, vol. 88(283), pages 517-536, December.
  2. 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 66, Asian Development Bank.
  3. Chakraborty, Suparna & Otsu, Keisuke, 2012. "Deconstructing Growth - A Business Cycle Accounting Approach with application to BRICs," MPRA Paper 41076, University Library of Munich, Germany.
  4. Hideaki Hirata & Keisuke Otsu, 2011. "Accounting for the economic relationship between Japan and the Asian Tigers," Working Paper 164496, Harvard University OpenScholar.
  5. Rod Tyers & Jenny Corbett, 2011. "Japan's Economic Slowdown and its Global Implications: A Review of the Economic Modelling," Economics Discussion / Working Papers 11-19, The University of Western Australia, Department of Economics.
  6. Stracca, Livio, 2013. "The rise of China and India: blessing or curse for the advanced countries?," Working Paper Series 1620, European Central Bank.
  7. Rod Tyers & Ying Zhang, 2011. "Japan's Economic Recovery: Insights from Multi-Region Dynamics," Economics Discussion / Working Papers 11-13, The University of Western Australia, Department of Economics.
  8. 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 08-E-18, Institute for Monetary and Economic Studies, Bank of Japan.

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