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Deep Impact: China and the World Economy

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  • Peter E Robertson

    (UWA Business School, The University of Western Australia)

Abstract

Much of the debate about the impact of China on the international political economy arises from the many dimensions of the potential impact and the lack of historical precedent for such a large change. This paper provides some context for thinking about these issues by contrasting China’s recent expansion with the USA at the end of the last great wave of globalization, and reviewing recent quantitative modelling of China’s growth on other countries. It argues that China’s growth is good for the world economy with significant terms-of-trade gains being experienced in its trading partners, reductions in poverty and increases in living standards. Nevertheless it also suggests we should be cautious in predicting China’s future role in the world economy. It still commands only a fraction of the spending power of the USA and further growth will require China to embrace good institutions and continue the move to a more market-based economy.

Suggested Citation

  • Peter E Robertson, 2011. "Deep Impact: China and the World Economy," Economics Discussion / Working Papers 11-01, The University of Western Australia, Department of Economics.
  • Handle: RePEc:uwa:wpaper:11-01
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    File URL: http://www.business.uwa.edu.au/__data/assets/pdf_file/0005/1627106/11-01-Deep-Impact-China-and-the-World-Economy.pdf
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    References listed on IDEAS

    as
    1. Richard G. Harris & Peter E. Robertson & Jessica Y. Xu, 2011. "The International Effects of China’s Growth, Trade and Education Booms," The World Economy, Wiley Blackwell, vol. 34(10), pages 1703-1725, October.
    2. Kevin H. O'Rourke, 2002. "Europe and the causes of globalization, 1790 to 2000," Trinity Economics Papers 20021, Trinity College Dublin, Department of Economics.
    3. Robert Koopman & Zhi Wang & Shang-Jin Wei, 2008. "How Much of Chinese Exports is Really Made In China? Assessing Domestic Value-Added When Processing Trade is Pervasive," NBER Working Papers 14109, National Bureau of Economic Research, Inc.
    4. Barry Eichengreen & Yeongseop Rhee & Hui Tong, 2007. "China and the Exports of Other Asian Countries," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 143(2), pages 201-226, July.
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    Cited by:

    1. 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, vol. 26(2), pages 1-28, November.

    More about this item

    Keywords

    Economic Growth; India; Growth Accounting; Investment; Productivity;

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