How disciplining China could save the WTO

Susan Ariel Aaronson 09 February 2010

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2010 could be a daunting year for the WTO. Many observers believe it is condemned to irrelevance if it does not find common ground among its 153 member states on the Doha Round – now in its tenth year. Many of these same countries bypass the WTO as they seek to expand trade. As an example, WTO members completed some 25 new preferential trade agreements in 2009, bringing the total of such bilateral or regional agreements to 186.

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Topics:  Global governance International trade

Tags:  China, WTO, rule-of-law

The mystery of Chinese savings

Shang-Jin Wei 06 February 2010

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Much attention has been directed toward China’s high savings rate (Broda et al. 2009, Prasad 2009, Reisen 2009). Not only is the savings rate disproportionately high compared to virtually any other country, but it directly impacts China’s current account surplus and the US consumer debt and trade deficit. When national savings exceeds investment, the excess savings becomes China’s current account surplus.

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Topics:  Frontiers of economic research

Tags:  global imbalances, China, savings glut

The greenness of China: Household carbon dioxide emissions and urban development

Matthew E. Kahn, Siqi Zheng 19 January 2010

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China’s economic growth has profound environmental implications. Past research has examined the them using an Environmental Kuznets Curve framework either using national panel data (see Schmalensee et al 1998) or using regional aggregate data. Auffhammer and Carson (2008) create a panel data set for 30 Chinese provinces covering the years 1985 to 2004. Today, per capita carbon emissions in the US are about five times the per capita emissions in China. If China’s per capita greenhouse gas emissions rose to US levels, then global carbon emissions would increase by more than 50%.

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Topics:  Environment

Tags:  development, China, carbon emissions

Looking ahead from Copenhagen: How challenging is the Chinese carbon intensity target?

Carlo Carraro, Massimo Tavoni 05 January 2010

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At COP15 in Copenhagen, China announced that its carbon emissions per unit of GDP would be reduced in 2020 by 40% to 45% with respect to 2005 levels (this commitment is in the Annex to the so-called Copenhagen Accords). This marks a point of departure from its long-standing reference to the UNFCCC principle of “common but differentiated responsibilities”, which requires Annex 1 countries to take on the initial responsibility in reducing carbon emissions.

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Topics:  Environment

Tags:  China, Copenhagen Summit, Carbon policy

Are China’s market-determined interest rates influenced by regulation?

Nathan Porter, TengTeng Xu 23 December 2009

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By now, most agree that better economic outcomes are achieved when interest rates are market-determined. Market-determined rates allow investors and savers to base their decisions on market conditions and the scarcity of capital and also provide policymakers with clearer signals of market conditions, improving the conduct of macroeconomic policies. For many countries, interest rate liberalisation has also been a necessary building block for further financial sector reforms and development.

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Topics:  Financial markets

Tags:  interest rates, China, financial regulation

Making room for China in the world economy

Dani Rodrik 17 December 2009

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As it comes out of the crisis, the world economy faces two apparently conflicting demands. On the one hand, achieving global macroeconomic stability and preventing a protectionist backlash will require that we avoid large current account imbalances of the type that the world economy experienced in the run-up to the crisis. On the other hand, returning to rapid growth in the developing nations will require that they resume their conquest of global market share in tradable goods.

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Topics:  Global economy

Tags:  exchange rates, global imbalances, China

Will the BRICs (read: China) really become the new global growth engine?

Markus Jäger 26 September 2009

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The BRIC countries’ economic growth is holding up relatively well.

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Topics:  Global economy

Tags:  China, BRICs, global growth

Has China de-industrialised other developing countries?

Adrian Wood, Jörg Mayer 28 July 2009

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The least disputable of China’s impacts on the world has been the explosion of studies of China’s impact on the world.1 Many such studies have tried to measure the effects on trade or output in other countries. They have reached widely varying conclusions by a wide variety of methods: inspection of trade data (e.g. Lall et al. 2005; Mesquita Moreira, 2007; Kaplinsky and Morris, 2008); revealed comparative advantage calculations (Lederman et al., 2008); gravity models (e.g.

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Topics:  Development International trade

Tags:  China, manufacturing, industrialisation

A simpler way to solve the “dollar problem” and avoid a new inflationary cycle

Domingo Cavallo, Joaquín Cottani 12 May 2009

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When China’s Premier Wen Jiabao recently expressed concerns about the future of the US dollar, the currency in which most of his country’s official reserves are denominated, his remarks provoked contrasting reactions among US economists.

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Topics:  International finance

Tags:  inflation, China, dollar trap, US debt

The rise of “consumer cities” in China

Matthew E. Kahn, Siqi Zheng 14 April 2009

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China’s population is rapidly urbanising. The share of the population living in cities in China increased from 28% in 1990 to 44% in 2006. The annual real wage of an average urban worker in 2006 was four times higher than in 1990.

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Topics:  Development Environment

Tags:  China, pollution, cities, green amenities, environmental Kuznets curve

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