Synopses & Reviews
The rise of Asia, and China specifically, is the single most important force reshaping the world economy at the beginning of the 21st century. From a low of 20 per cent in 1950, Asia's share of global GDP has now risen to 33 per cent and will exceed 40 per cent within a generation if current forecasts are realized. Asia's growing weight in the world economy is elevating it to a central position in global economic and financial affairs. The potential global impact of this astonishing growth is far reaching, from oil markets and the environment to a reshaping of trade relations in the current multilateral system dominated by the WTO.
This collection of original essays written by leading economists explores the likely impact of the rapid growth in the East Asian economies, and in particular China, on the world economy in the coming decades and the consequent challenges for the development of trade, macroeconomic, and environmental policy.
About the Author
Barry Eichengreen is George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley, Research Associate of the NBER, and Research Fellow of the Centre for Economic Policy Research.
Yung Chul Park is Research Professor, Graduate School of International Studies, Seoul National University.
Charles Wyplosz, who teaches at the Graduate Institute of International Studies in Geneva, is working on international monetary issues, with particular interest in regional arrangements in Europe.
Table of Contents
Introduction,
Barry Eichengreen, Yung Chul Park and Charles WyploszChina and Global Issues
1. China's Coming Demand for Energy, Richard N. Cooper
2. China and the Global Environment, Warwick J. McKibbin
Trade Issues
3. The Spoke Trap: Hub and Spoke Bilateralism in East Asia, Richard E. Baldwin
4. Proliferation of FTAs and Prospects for Trade Liberalization in East Asia, Yung Chul Park and Inkyo Cheong
5. Containing the PTA Wildfire, Cédric Dupont and David Huang
6. China and the Multilateral Trading System, Robert Z. Lawrence
Financial Issues
7. Regional and Global Financial Integration in East Asia, Soyoung Kim, Jong-Wha Lee and Kwanho Shin
8. The Main Determinants of Liquidity in the Thai Bond Market, Akkharaphol Chabchitchaidol and Sakkapop Panyanukul
9. Is East Asia Safe from Financial Crises?, Charles Wyplosz
Chinese Macroeconomic Management
10. Chinese Macroeconomic Management: Issues and Prospects, Yu Yondgding
11. The Chinese Approach to Capital Inflows: Patterns and Possible Explanations, Eswar Prasad and Shang-Jin Wei
12. Do China's Capital Controls Still Bind?, Guonan Ma and Robert N. McCauley
13. Impact of Financial Services Trade Liberalisation on Capital Flows: The Case of China's Banking Sector, Li-Gang Liu and Elvira Kurmanalieva
14. Why Does China Save So Much ?, Charles Y. Horioka and Junmin Wan