Legal origin: A Chinese perspective

Debin Ma 14 September 2011

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Recent scholarship stresses the key role of a nation’s 'legal origin' – eg common law versus civil law regimes – in accounting for growth performance, and current financial institutions (La Porta et al 1998). This work, however, has a big hole in it – non-Western legal traditions are nowhere mentioned. This is curious since Western intellectual giants such as Max Weber stressed the importance of such systems.

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Topics:  Development Economic history Frontiers of economic research Institutions and economics

Tags:  China, legal origin

China: Temporary trade barriers and recent trends

Piyush Chandra 04 September 2011

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As tariffs have decreased around the world, many countries have started using other contingent measures of protection, such as antidumping duties, countervailing duties, and safeguards. China too had a period of dramatic tariff liberalisation, with its average tariff decreasing substantially from roughly 40% in 1993 to about 17% in 2000. As it entered the WTO in December 2001, its average applied tariffs declined further. However, during this period China also started using temporary trade protection, primarily in the form of antidumping duties (Messerlin 2004; Bown 2010).

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Topics:  International trade

Tags:  China, protectionism

The global saving glut will hold bond yields down

Heleen Mees 08 August 2011

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The saving glut theory has gone out of fashion – unjustly so. In spite of twin financial crises looming on either side of the Atlantic, US Treasury and German Bund yields have declined in recent weeks. This can be explained by not only the dismal economic growth of the US economy in the first semester of 2011, but also the unrelenting build-up in total debt securities outstanding.

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Topics:  Global crisis

Tags:  US, global imbalances, China, global crisis, fiscal crises, Eurozone crisis

On the Chinese house-price bubble

Christian Dreger, Yanqun Zhang 15 July 2011

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For many observers, the Chinese economy has been spurred by a bubble in the real-estate market, probably driven by the fiscal stimulus package and massive credit expansion (Nicolas 2009). For example, the stock of loans increased by more than 50% since the end of 2008.

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Topics:  Macroeconomic policy

Tags:  house prices, China, Property market

Emerging partners create policy space for Africa

Helmut Reisen, Jean-Philippe Stijns 12 July 2011

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Western politicians have watched the increased presence of emerging countries in Africa with much suspicion. Insinuations run from emerging countries – above all China – bringing down governance standards in Africa to them re-indebting, de-industrialising, and cornering African countries into the production of commodities while only enriching the elites. On a recent Africa tour, US Secretary of State Hillary Clinton warned Africa to beware of “new colonialism” as China expands ties there and focus instead on partners able to help build productive capacity on the continent.

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Topics:  Development International trade

Tags:  China, Africa, India, emerging markets, South Korea, Brazil, Turkey

Asia’s supply chain: Implications for rebalancing

Olaf Unteroberdoerster, Jade Vichyanond, Adil Mohommad 12 June 2011

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Persistent global imbalances are raising concerns about the sustainability of the global recovery and longer-term growth. Global imbalances owe in part to the pattern of exchange rates and demand across major countries. A proper appreciation of the influence of exchange rates and demand on global imbalances requires that we take into account an important feature of Asia’s trade – cross-border supply chains or “vertical integration”.

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Topics:  International trade

Tags:  global imbalances, China, Asia, vertical integration, supply chain

The elephant in the "green room": China and the Doha Round

Aaditya Mattoo, Francis Ng, Arvind Subramanian 21 May 2011

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The puzzle about the Doha Round of multilateral trade negotiations is not why it is on life support now but how it has survived as a viable multilateral initiative for so long (Schwab 2011). From the very beginning, it was clear that the Round suffered from a lack of private-sector interest, the engine that had driven previous rounds of successful trade negotiations. At most, Doha promised to secure unilateral liberalisation previously undertaken by countries and deliver some modest incremental market opening (Martin and Mattoo 2009).

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Topics:  International trade

Tags:  China, Doha Round

Geography and offshoring to China

Alyson C Ma, Ari Van Assche 18 May 2011

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Anecdotal evidence is rife with tales of multinational firms that have offshored their production to China, stoking fears that it is leading to a hollowing-out of manufacturing around the world. Many private sector analysts and policymakers attribute this offshoring wave to Chinese home-grown factors such as its low labour costs, stable political system, aggressive export promotion policies, and undervalued exchange rate.

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Topics:  International trade

Tags:  China, offshoring

Why are reserves so big?

Uri Dadush, Bennett Stancil 09 May 2011

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Foreign-exchange reserves play a crucial role in macroeconomic management. They provide a safety net during times of economic turmoil and, for most developing countries, a means to peg the nominal exchange rate. They also provide a means to manage windfalls from commodity exports or from sudden surges of capital.

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Topics:  Global governance

Tags:  US, global imbalances, China, Japan, exchange-rate policy

What to do about Doha

Anne Krueger 28 April 2011

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In an ideal world, the Doha Round would have been completed by now.

Since it has not been, the best outcome now would be to have a strong agreement that could quickly be negotiated, especially enhancing the agreements on the liberalisation of services and agriculture.

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Topics:  International trade

Tags:  US, China, Doha Round, India, global governance, Brazil

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