China, Asia, and the New World Economy

by Eichengreen, Barry; Park, Yung Chul; Wyplosz, Charles

• ISBN13: 9780199235896
• ISBN10: 0199235899
• Format: Paperback
• Copyright: 2008-04-30
• Publisher: Oxford University Press

Summary

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 currentforecasts 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 thecurrent 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, andenvironmental policy.

Author Biography

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

List of Figures	p. vii
List of Tables	p. xi
Introduction	p. xv
China's Coming Demand for Energy	p. 1
China and the Global Environment	p. 18
The Spoke Trap: Hub-and-Spoke Bilateralism in East Asia	p. 51
The Proliferation of FTAs and Prospects for Trade Liberalization in East Asia	p. 87
Containing the PTA Wildfire	p. 113
China and the Multilateral Trading System	p. 145
Regional and Global Financial Integration in East Asia	p. 168
Determinants of Liquidity in the Thai Bond Market	p. 201
Is East Asia Safe from Financial Crises?	p. 233
Chinese Macroeconomic Management: Issues and Prospects	p. 254
The Chinese Approach to Capital Inflows: Patterns and Possible Explanations	p. 274
Do China's Capital Controls Still Bind?	p. 312
Impact of Financial Services Trade Liberalization on Capital Flows: The Case of China's Banking Sector	p. 341
Why Does China Save So Much?	p. 371
Index	p. 393
Table of Contents provided by Ingram. All Rights Reserved.