Since the recent economic crisis, the undervaluation of China＇s exchange rate has been a focus in the debate on the global policy mix. Using a non-competitive input-output table, we establish a comparative-static gen...Since the recent economic crisis, the undervaluation of China＇s exchange rate has been a focus in the debate on the global policy mix. Using a non-competitive input-output table, we establish a comparative-static general equilibrium model to simulate the impact of real exchange rate changes on Sino-US trade and labor markets. The simulation shows that the impacts of a lO-percent RMB revaluation on the trade surplus of China and the labor market of the USA are more modest than is generally perceived, and the negative impact on the output of the non-processing industry in China is more significant than that on the processing industry. The Sino--US trade imbalance will continue to deteriorate, China ＇s non-processing trade surplus will decline and the processing trade will increase, with the combined effect being small. For the USA, labor-intensive goods imported from China will shift to different Asian countries instead of transferring back to the US market. The simulation results indicate that the impacts of an RMB revaluation on both Chinese and US labor markets would be limited.展开更多
论题拓展了James R Markusen(1997)的基本模型,重点纳入外商直接投资进入东道国对其要素市场的影响,分析了FDI与东道国产业的关联效应以及在要素市场的竞争效应对东道国产业发展的影响。外商直接投资将通过关联效应和要素市场的竞争对...论题拓展了James R Markusen(1997)的基本模型,重点纳入外商直接投资进入东道国对其要素市场的影响,分析了FDI与东道国产业的关联效应以及在要素市场的竞争效应对东道国产业发展的影响。外商直接投资将通过关联效应和要素市场的竞争对东道国产业发展产生一个动态二阶段影响过程:在初始阶段外商直接投资的进入将引导东道国发展最终消费品产业,从而促进产业结构变动;但在东道国产业发展到一定阶段后外商直接投资与东道国产业在要素市场的竞争加剧将阻碍东道国产业发展。展开更多
基金supported by the National Natural Science Foundation of China(Grant No.70810107020)the Science Foundation of Ministfy of Education of China(Grant No.2009JJD790002)the China Postdoctoral Science Foundation (No.20100470125)
文摘Since the recent economic crisis, the undervaluation of China＇s exchange rate has been a focus in the debate on the global policy mix. Using a non-competitive input-output table, we establish a comparative-static general equilibrium model to simulate the impact of real exchange rate changes on Sino-US trade and labor markets. The simulation shows that the impacts of a lO-percent RMB revaluation on the trade surplus of China and the labor market of the USA are more modest than is generally perceived, and the negative impact on the output of the non-processing industry in China is more significant than that on the processing industry. The Sino--US trade imbalance will continue to deteriorate, China ＇s non-processing trade surplus will decline and the processing trade will increase, with the combined effect being small. For the USA, labor-intensive goods imported from China will shift to different Asian countries instead of transferring back to the US market. The simulation results indicate that the impacts of an RMB revaluation on both Chinese and US labor markets would be limited.
文摘论题拓展了James R Markusen(1997)的基本模型,重点纳入外商直接投资进入东道国对其要素市场的影响,分析了FDI与东道国产业的关联效应以及在要素市场的竞争效应对东道国产业发展的影响。外商直接投资将通过关联效应和要素市场的竞争对东道国产业发展产生一个动态二阶段影响过程:在初始阶段外商直接投资的进入将引导东道国发展最终消费品产业,从而促进产业结构变动;但在东道国产业发展到一定阶段后外商直接投资与东道国产业在要素市场的竞争加剧将阻碍东道国产业发展。
