The People's Republic of China-Japan-United States Integration amid Global Rebalancing: A Computable General Equilibrium Analysis
Kawai, Masahiro; Zhai, Fan | October 2009
Abstract
Using a global general equilibrium trade model, this paper assesses the long-term implications of global rebalancing for Asian economies and explores the benefits of the People’s Republic of China-Japan-United States integration. The analysis suggests that consumption evaporation, a growth slowdown in the US, and the consequent current account correction would force the People’s Republic of China, Japan, and other East Asian economies to undergo substantial structural adjustments. A combination of domestic reform aimed at boosting service sector productivity and external liberalization aimed at fostering broader economic integration will be critical for East Asian economies to facilitate their economic rebalancing and sustained growth. Our global computable general equilibrium analysis suggests that the People’s Republic of China and Japan need to strengthen their economic ties with the United States while at the same time bringing other East Asia economies into this integration process.
Citation
Kawai, Masahiro; Zhai, Fan. 2009. The People's Republic of China-Japan-United States Integration amid Global Rebalancing: A Computable General Equilibrium Analysis. © Asian Development Bank. http://hdl.handle.net/11540/3740. License: CC BY 3.0 IGO.Keywords
Economic Development
Economic Infrastructure
Economic Policies
Regional Economic Development
Microfinance Programs
Public Finance
Local Financing
Financial Stability
Financial Sector Regulation
Enterprises
Financial aid
Economies in transition
Local Finance
Local Government
Insurance Companies
Banks
Social Equity
Social responsibility of business
Accounting
Personal budgets
Cost and standard of living
Bank accounts
Credit control
Regulatory reform
Banks and banking
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http://hdl.handle.net/11540/3740Metadata
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