2,027 research outputs found
Is China’s growth sustainable?
No full textApresentação do palestrante Nicholas R. Lardy - The Peterson Institute for International Economics no contexto do evento "China and the World Economy"
Le système financier chinois démonté [Nicholas R. Lardy, China's Unfinished Economic Revolution]
No full textHuchet Jean-François. Le système financier chinois démonté [Nicholas R. Lardy, China's Unfinished Economic Revolution]. In: Perspectives chinoises, n°50, 1998. pp. 57-58
China and the U.S.
No full textThe 1990s witnessed the rise of China as one of the world's great powers, however efforts to build a framework for constructive Sino-American engagement were complicated by a number of controversial issues. Systematic abuses of human rights, an expanding Chinese military, and the ballooning of a $40 billion annual trade deficit all featured prominently in America's perception of China. As the world's two dominant powers sought to define their roles in relation to each other, highly charged questions about the relationship arose on both sides. How important is China to the United States, and what should be the goals of American foreign policy toward China? In this episode of Great Decisions, host Peter Krogh sits down with Dr. Nicholas Lardy, a China expert and Senior Fellow at the Brookings Institution, and Robert Kapp, President of the U.S.-China Business Council, to discuss the evolving state of U.S.-China relations.Examines the developing nature of U.S.-China relations and the obstacles facing U.S. foreign policy toward China
China's Role in the Revived Bretton Woods System: A Case of Mistaken Identity
No full textThis paper argues that the way in which China is portrayed in the revived Bretton Woods thesis (BW2) is not consistent with several important trends in, and features of, the Chinese economy; nor does the strategy in the BW2 seem sensible for China's long-term economic development. Whether it is the behavior of China's real exchange rate, the costs of sterilizing large reserve inflows, the role that FDI plays in financing China's fixed asset investment, the participation of foreign firms in China's exports and in the ownership of export industries, or the political economy of trade protectionism in the United States, the BW2 does not provide a good explanation either for how China has behaved in the past or how it should behave in the future. We conclude that the BW2 does not provide a persuasive story for why large US current account deficits and undervalued Asian exchange rates can or should continue for the next decade or longer.China's exchange rate policies, revived Bretton Woods system, Chinese economy
The Sustainability of China's Recovery from the Global Recession
No full textChina faces major challenges in sustaining its economic growth in a period of weak global recovery, particularly in Europe. In 2009 China's net exports of goods and services dropped precipitously, resulting in a substantial drag on economic growth. To overcome this drag China launched a massive stimulus program, financed largely with bank credit. While it is now widely understood that China was the first globally significant economy to begin to recover from the crisis, critics nonetheless increasingly charge that the stimulus program has substantial flaws and that China's early economic recovery cannot be sustained. One prominent critic has gone so far as to suggest that the stimulus has created a debt-fueled bubble that will collapse, causing China's growth to plunge to only 2 percent. Nicholas Lardy suggests these criticisms are exaggerated. Contrary to repeated criticisms, this stimulus had a substantial consumption component and focused on investment in infrastructure rather than expanding capacity in traditional industries such as steel. But the stimulus did come at a cost insofar as it led to a substantial increase in the borrowing of local investment companies, which local governments will have to ultimately repay, but the infrastructure provided through these companies likely will contribute to China's sustained economic growth and thus to increasing government tax revenues as well. The authorities recognize flooding the economy with more credit is not the way forward and that they will have to take strong additional policy initiatives to sustain economic growth. These include raising the prices of inputs such as water, electricity, and other resource products as well as introducing realistic environmental taxes and fees. These reforms, as well as a more flexible exchange rate, would reduce the distortions that for much of the past decade have favored industrial growth and exports over services and consumption and would contribute to sustaining China's impressive long-term economic growth.
Asia-Europe: the third link
No full textThe report provides a comprehensive analysis of Europe-East Asia interdependences (in terms of relative economic weights, trade and financial integration, trade and financial flows, exchange rate and wealth transfers). The prime motivation of the paper is that linkages between Europe and East Asia remain frequently underestimated. While the “third link†between them is in many respects as important as the linkages between the two regions and North America, it is too often regarded only as of secondary importance.Regional integration, Financial integration, Trade integration, East Asia, European Monetary Union, Pisani-Ferry , Cohen-Setton
China's Embrace of Globalization
No full textAs China has become an increasingly important part of the global trading system over the past two decades, interest in the country and its international economic policies has increased among international economists who are not China specialists. This paper represents an attempt to provide the international economics community with a succinct summary of the major steps in the evolution of Chinese policy toward international trade and foreign direct investment and their consequences since the late 1970s. In doing so, we draw upon and update a number of more comprehensive book-length treatments of the subject. It is our hope that this paper will prove to be a useful resource for the growing numbers of international economists who are exploring China-related issues, either in the classroom or in their own research.
Are U.S. Exports Different from China's Exports? Evidence from Japan's Imports
No full textAre U.S. exports different from China's exports? If so, how? This paper attempts to answer this question, focusing on the quality, variety, and overlap of their products. Using product-level manufacturing import data from Japan, I find that the exports of China and the United States are similar in terms of variety. More than 85 percent of U.S. export products to Japan are commonly exported from China. However, U.S. exports are different from China's exports in terms of quality. A comparison with the European Union (EU) shows that U.S. exports are similar to EU exports in terms of both quality and variety when compared to Chinaàs exports. These results suggest that quality matters. Both the EU and the United States are better endowed with the factors needed to produce quality or are relatively more productive in producing quality products than China.China, America, trade, exports
China in the World Economy
No full textChina is playing a growing role in the world economy. It is one of the world's fastest growing countries and is the tenth largest exporter. China is also a significant recipient of foreign aid and a major borrower on international capital markets. Even more significantly, it is attracting vast amounts of foreign direct investment--over $11 billion in 1992 alone. * This study examines the implications of China's emergence as a major player in the world economy. Its integration into the international economic order poses major difficulties for the rest of the world. These problems include bringing China's mixed market/centrally planned economy into the GATT, adapting to competition from labor-intensive Chinese exports, encouraging further market-oriented reform, and accommodating its demand for international capital. But China's participation in the global economy also offers important opportunities for trade, investment, and international cooperation to promote world prosperity and stability. * Dr. Lardy anticipates that China will continue on a rapid growth path, thus magnifying the policy challenges and opportunities for its trading partners. He recommends a series of steps to facilitate China's full participation in the world economy.
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