The Crisis in East Asia: Rebalancing Growth without Increasing Income?
Type de matériel :
TexteLangue : français Détails de publication : 2011.
Sujet(s) : Ressources en ligne : Abrégé : This article analyzes the impact of the international crisis in Asia. We show that the crisis was essentially transmitted by foreign trade and not by finance. We then question the nature of the recovery which has been gathering steam since spring of 2009, thanks to the success of the Chinese stimulus plan. This recovery is not sustainable. Without increasing labor’s share of income, no rebalancing of growth in favor of the domestic market will occur.
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This article analyzes the impact of the international crisis in Asia. We show that the crisis was essentially transmitted by foreign trade and not by finance. We then question the nature of the recovery which has been gathering steam since spring of 2009, thanks to the success of the Chinese stimulus plan. This recovery is not sustainable. Without increasing labor’s share of income, no rebalancing of growth in favor of the domestic market will occur.
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