Global rebalancing: Effects on trade and employment

Journal of Asian Economics

Volumn 23, Issue 6, 2012, Pages 627-642

  Mayer, Jörg ^a  

^a United Nations Conference on Trade and Development   (Switzerland)

Author keywords

China; Global imbalances; Import composition; Non homothetic demand preferences; United States

Indexed keywords

EID: 84856887292     PISSN: 10490078     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.asieco.2012.01.003     Document Type: Article

References (44)

1. Akyüz, Y., Export dependence and sustainability of growth in China. China & World Economy 19:1 (2011), 1–23.
2. Aziz, J., & Cui, L. (2007, July). Explaining China's low consumption: The neglected role of household income. IMF Working Paper No. 07/181. Washington, DC.
3. Bai, C., Qian, Z., Who is the predator, who the prey? An analysis of changes in the state of China's national income distribution. Social Sciences in China 30:4 (2009), 179–205.
4. Bai, C., & Qian, Z. (2009b). Changes in factor income distribution in China: Facts, reasons, and policy responses. Presentation made at the Stanford Center for International Development China Mirror Conference 2009, Tsinghua University, 13 April. http://scid.stanford.edu/system/files/shared/Factor_Income_Share_English.pdf.
5. Bank for International Settlement (BIS). (2007). Annual Report 2007. Basel.
6. Barba, A., Pivetti, M., Rising household debt: Its causes and macroeconomic implications—A long-period analysis. Cambridge Journal of Economics 33:1 (2009), 113–137.
7. Bernanke, B. (2005). The global saving glut and the US current account deficit. Speech delivered for the Sandridge Lecture. Virginia Association of Economists, 10 March.
8. Blanchard, O., Giavazzi, F., Rebalancing growth in China: A three-handed approach. China & World Economy 14:4 (2006), 1–20.
9. Cai, F., Demographic transition, demographic dividend, and Lewis turning point in China. China Economic Journal 3:2 (2010), 107–119.
10. De Mello, L., & Padoan, P. C. (2010). Are global imbalances sustainable? Post-crisis scenarios. Economic Department Working Paper No. 795. Paris: Organisation for Economic Co-operation and Development (OECD).
11. Dimaranan, B. V., & Narayanan, B. G. (2008). Skilled and unskilled labor data. In GTAP 7 data base documentation. Center For Global Trade Analysis. Available from: https://www.gtap.agecon.purdue.edu/resources/download/4183.pdf.
12. Economist Intelligence Unit (EIU). (2010). Country forecast China. London.
13. Fajgelbaum, P. D., Grossman, G. M., & Helpman, E. (2009, September). Income distribution, product quality, and international trade. Working Paper No. 15329. National Bureau of Economic Research (NBER).
14. Fieler, A.C., Non-homotheticity and bilateral trade: Evidence and a quantitative explanation. Econometrica 79:4 (2011), 1069–1101.
15. Foellmi, R., Hepenstrick, C., & Zweimüller, J. (2010, August). Non-homothetic preferences, parallel imports and the extensive margin of international trade. Discussion Paper No. 7939. Centre for Economic Policy Research (CEPR).
16. Hertel, TW, (eds.) Global trade analysis: Modeling and applications, 1997, Cambridge University Press, Cambridge.
17. Hunter, L., The contribution of non-homothetic preferences to trade. Journal of International Economics 30:3–4 (1991), 345–358.
18. IMF, Getting the balance right: Transitioning out of sustained current account surpluses. 2010, World Economic Outlook, Washington, DC.
19. JPMorgan. (2010). China: Rising wages not expected to trigger spike in CPI. Global Data Watch. Economic Research Note. 5 March.
20. Kirkpatrick, C., Barrientos, A., The Lewis model after 50 years. The Manchester School 72:6 (2004), 679–690.
21. Knight, J. (2007). China, South Africa and the Lewis model. Research Paper No. 2007/82. Helsinki: World Institute for Development Economics Research (WIDER).
22. Knight, J., Deng, Q., & Li, S. (2010, July). The puzzle of migrant labour shortage and rural labour surplus in China. Department of Economics Discussion Paper No. 494, University of Oxford.
23. Korinek, A., & Serven, L. (2010, March). Undervaluation through foreign reserve accumulation. Static losses, dynamic gains. Working Paper No. 5250. Washington, DC: World Bank.
24. Kranendonk, H., & Verbruggen, J. (2008). Decomposition of GDP-growth in some European countries and the United States. CPB Memorandum 203. Netherlands Bureau for Economic Policy Analysis.
25. Lardy, N., Statement at the hearing before the US–China economic and security review commission on China's role in the origins of and response to the global recession, Washington, DC, 17 February, 2009.
26. Lett, E., & Banister, J. (2009, April). China's manufacturing employment and compensation costs: 2002–2006. Monthly Labor Review, 30–38.
27. Linder, S.B., An essay on trade and transformation. 1961, Almquist and Wiksell, Stockholm.
28. Lluch, C., Powell, A., Williams, R., Patterns in household demand and savings. 1977, Oxford University Press, Oxford.
29. Markusen, J. R. (2010, April). Putting per-capita income back into trade theory. Working Paper No. 15903. National Bureau of Economic Research (NBER).
30. Mayer, J. (2010, September). Global rebalancing: Effects on trade flows and employment. Discussion Paper No. 200. Geneva: UNCTAD.
31. McKinsey Global Institute, If you've got it, spend it: unleashing the Chinese consumer. 2009, McKinsey & Company, Seoul August.
32. Milberg, W., & Winkler, D. (2010, May). Trade crisis and recovery. Working Paper No. 5294. Washington, DC: World Bank.
33. Mitchell, T., & Dyer, G. (2010). Inflation surge spurs fears of Chinese wage increases. Financial Times.
34. Modigliani, F., Cao, S., Chinese saving puzzle and the life-cycle hypothesis. Journal of Economic Literature. 42:2 (2004), 145–170.
35. Narayanan, B., & Walmsley, T. L. (Eds.). (2008). Global trade, assistance, and production: The GTAP 7 data base. Center for Global Trade Analysis, Purdue University. https://www.gtap.agecon.purdue.edu/databases/v7/v7_doco.asp.
36. Park, A., Cai, F., Du, Y., Can China meet her employment challenges?. Oi, J.C., Rozelle, S., Zhou, X., (eds.) Growing pains: Tensions and opportunity in China's transformation, 2010, Walter H Shorenstein Asia-Pacific Research Center Books, Stanford.
37. Rajan, R.G., Fault Lines. 2010, Princeton University Press, Princeton and Oxford.
38. Rajan, R., & Subramanian, A. (2006). What undermines aid's impact on growth? Working Paper No. 11657. National Bureau of Economic Research (NBER) [Revised July 2006].
39. United Nations Conference on Trade and Development (UNCTAD). (various years). Trade and development report. New York and Geneva: United Nations.
40. United Nations. (1971). Classification by Broad Economic Categories. Statistical Papers, Series M, No. 53. New York. Sales No. E.71.XVII.12.
41. United Nations. (2010). World economic situation and prospects 2010. Update as of mid-2010. New York: United Nations. http://www.un.org/esa/policy/wess/wesp2010files/wesp10update.pdf.
42. Yang, D. T., Chen, V., & Monarch, R. (2009). Rising wages: Has China lost its global labor advantage? Economics Program Working Paper No 09-03. New York: The Conference Board.
43. Zhang, W., Zhang, Z., Han, G., How does the US credit crisis affect the Asia–Pacific economies? Analysis based on a general equilibrium model. Journal of Asian Economics 21:3 (2010), 280–292.
44. Zhang, X., Yang, J., & Wang, S. (2010). China has reached the Lewis turning point. Discussion Paper 977. Washington, DC: International Food Policy Research Institute.