Trapped Factors and China's Impact on Global Growth

Medientyp: E-Book

Titel: Trapped Factors and China's Impact on Global Growth

Beteiligte: Bloom, Nicholas [VerfasserIn]; Van Reenen, John [Sonstige Person, Familie und Körperschaft]; Romer, Paul M. [Sonstige Person, Familie und Körperschaft]; Terry, Stephen J. [Sonstige Person, Familie und Körperschaft]

Körperschaft: National Bureau of Economic Research

Erschienen: Cambridge, Mass: National Bureau of Economic Research, March 2014

Umfang: 1 Online-Ressource

Sprache: Englisch

DOI: 10.3386/w19951

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Reproduktionsnotiz: Hardcopy version available to institutional subscribers

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Anmerkungen: Mode of access: World Wide Web
System requirements: Adobe [Acrobat] Reader required for PDF files

Beschreibung: In a general equilibrium product-cycle model, lower trade barriers increase Southern purchasing power, which lifts long-run growth by increasing the profit from innovation. In the short run, factors of production must be reallocated inside firms, which lowers the opportunity cost of innovation, generating an additional trapped factor effect. Starting from a baseline OECD growth rate of 2% we find that trade integration with low-wage countries in the decade around China's WTO accession could have increased long-run growth to 2.4%. There is an additional short-run trapped factors effect, raising growth to 2.7%. China accounts for about half of these growth increases

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