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China, Asia, and the New World Economy
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China, Asia, and the New World Economy

Barry Eichengreen, Yung Chul Park, and Charles Wyplosz

Abstract

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% in 1950, Asia's share of global GDP has now risen to 33% and will exceed 40% 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 domina ... More

Keywords: world economy, global GDP, oil markets, environment, trade relations, WTO, rapid growth, trade, macroeconomic policy, environmental policy

Bibliographic Information

Print publication date: 2008 Print ISBN-13: 9780199235889
Published to Oxford Scholarship Online: May 2008 DOI:10.1093/acprof:oso/9780199235889.001.0001

Authors

Affiliations are at time of print publication.

Barry Eichengreen, editor
George C. Pardee and Helen N. Pardee Professor of Economics and Political Science University of California, Berkeley
Author Webpage

Yung Chul Park, editor
Research Professor, Graduate School of International Studies, Seoul National University

Charles Wyplosz, editor
Professor, Graduate Institute of International Studies, Geneva
Author Webpage

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Contents

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1 China's Coming Demand for Energy

Richard N. Cooper Harvard University

2 China and the Global Environment1

Warwick J. McKibbin Australian National University, The Lowy Institute for International Policy, Sydney and The Brookings Institution

3 The Spoke Trap: Hub‐and‐Spoke Bilateralism in East Asia

Richard E. Baldwin Graduate Institute of International Studies, Geneva February 20071

4 The Proliferation of FTAs and Prospects for Trade Liberalization in East Asia

Yung Chul Park Seoul National University Inkyo Cheong Inha University, Korea

5 Containing the PTA Wildfire

Cédric Dupont Graduate Institute of International Studies, Geneva David Huang Academica Sinica, Taipeh

6 China and the Multilateral Trading System

Robert Z. Lawrence Harvard University and Institute for International Economics

7 Regional and Global Financial Integration in East Asia1

Soyoung Kim, Jong‐Wha Lee, and Kwanho Shin Korea University

8 Determinants of Liquidity in the Thai Bond Market

Akkharaphol Chabchitrchaidol and Sakkapop Panyanukul1 Bank of Thailand

9 Is East Asia Safe from Financial Crises?1

Charles Wyplosz Graduate Institute of International Studies and CEPR

10 Chinese Macroeconomic Management: Issues and Prospects

Yu Yongding Institute of World Economics and Politics, Chinese Academy of Social Sciences

11 The Chinese Approach to Capital Inflows: Patterns and Possible Explanations

Eswar Prasad and Shang‐Jin Wei1 International Monetary Fund

12 Do China's Capital Controls Still Bind?

Guonan Ma and Robert N. McCauley1 Bank for International Settlements

13 Impact of Financial Services Trade Liberalization on Capital Flows: The Case of China's Banking Sector1

Li‐Gang Liu Hong Kong Monetary Authority Elvira Kurmanalieva National Graduate Institute for Policy Studies, Tokyo, Japan

14 Why Does China Save So Much?1

Charles Yuji Horioka Osaka University and National Bureau of Economic Research Junmin Wan Fukuoka University

End Matter