Assessment of the Economic Background of the OBOR
2
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
Although there is a growing number concerning articles/papers on China’s ‘One Belt, One Road’ (OBOR), it is difficult to find comprehensive research regarding the economic background in spite of the OBOR initiative involving multi-dimensional considerations. Although China targets to become a soft power leader by reviving the spirit of the old Silk Road, the OBOR is a large-scale investment project, whose rate of investment (ROI) is important for sustainability. Since new infrastructure in isolated regions is likely to be used less frequently, anticipated profitability is low. In spite of this risk, China promotes the OBOR for its economic and political purposes. China will promote the OBOR in spite of the U.S. withdrawal from TPP membership, since boosting aggregate demand is of critical importance for the country. This paper analyzes the economic background of the OBOR, which establishes China’s own model of regional integration, eases unemployment, and internationalizes its currency. Finally, this paper discusses diverse risks for China in the process of implementing the OBOR.
Abstract
Although there is a growing number concerning articles/papers on China’s ‘One Belt, One Road’ (OBOR), it is difficult to find comprehensive research regarding the economic background in spite of the OBOR initiative involving multi-dimensional considerations. Although China targets to become a soft power leader by reviving the spirit of the old Silk Road, the OBOR is a large-scale investment project, whose rate of investment (ROI) is important for sustainability. Since new infrastructure in isolated regions is likely to be used less frequently, anticipated profitability is low. In spite of this risk, China promotes the OBOR for its economic and political purposes. China will promote the OBOR in spite of the U.S. withdrawal from TPP membership, since boosting aggregate demand is of critical importance for the country. This paper analyzes the economic background of the OBOR, which establishes China’s own model of regional integration, eases unemployment, and internationalizes its currency. Finally, this paper discusses diverse risks for China in the process of implementing the OBOR.
참고문헌 (36)
- "China is grappling with hidden unemployment" (2016)[URL]
- Chey, H. K., "Can the renminbi rise as a global currency? The political economy of currency internationalization", Asian Survey, 52, pp.348~368 (2013)
- Cohen, B. J., "The Future of Sterling as an International Currency" (1971), Macmillan
- Cohen, B. J., "The benefits and costs of an international currency: Getting the calculus right", Open Economies Review, 23, pp.13~31 (2012)
- Cooper, R. N., "Does the SDR have a future?", Journal of Globalization and Development, 1, pp.11~ (2010)
- Djankov, S., "China’s Belt and Road Initiative: Motives, Scope and Challenges" (2016), Peterson Institute for International Economics
- Du, M. M., "China’s One Belt, One Road initiative: Context, focus, institutions, and implications", The Chinese Journal of Global Governance, 2, pp.30~43 (2016)
- "China’s rise as a regional and global power: The AIIB and the one belt, one road" (2015)[URL]
- Eichengreen, B., "The dollar dilemma: The world's top currency faces competition", Foreign Affairs, 88, pp.59~68 (2009)
- "What’s driving China’s One Belt, One Road initiative?" (2016)[URL]
- "China’s state-owned zombie economy" (2016)[URL]
- "The Belt and Road initiative" (2017)[URL]
- Institut Francais des Relations Internationals (Ifri), "Three years of China New Silk Roads: From words to reaction?", ~ (2017)
- Intelligence Unit, "One Belt, One Road: An Economic Roadmap" (2016), The Economist Corporate Network
- International Monetary Fund (IMF), "Reserve Accumulation and International Monetary Stability: Supplementary Information" (2010)
- Journal of Chinese Economics, "RMB Internationalization Report 2015: Monetary Strategy in One Belt and One Road Initiative" (2016), Renmin University of China
- Leutert, W., "Challenges ahead in China’s reform of state-owned enterprises", Asia Policy, 21, pp.83~99 (2016)
- Lin, X., "A research on the Belt and Road initiatives and strategies of RMB internationalization", Business and Management Research, 6, pp.13~27 (2017)
- Lipton, D., "Rebalancing China: International lessons in corporate debt", China Economic Society Conference on Sustainable Development in China and the World, Shenzhen (2015)
- "RMB internationalization spreads wings with ‘Belt and Road’ strategy" (2015)[URL]
- "One Belt and One Road’" (2016)[URL]
- "China’s One Belt, One Road: Will it reshape global trade?" (2016)[URL]
- Overholt, W. H., "One Belt, One Road, One Pivot", Global Asia, 10, pp.1~8 (2015)
- "Challenges put brakes on yuan internationalization" (2017)[URL]
- "OBOR: Will it reboot the Chinese economy?" (2015)[URL]
- "Seizing the ‘One Belt, One Road’ opportunity" (2016)[URL]
- "Full text: Action plan on the Belt and Road initiative" (2015)[URL]
- Strange, S., "Sterling and British Policy: A Political Study of an International Currency in Decline" (1971), Oxford University Press
- "China: Reform unlocks the value of state-owned enterprises"[URL]
- "Statement by the President on the signing of the Trans-Pacific Partnership" (2016)[URL]
- "A deeper look at China’s ‘going out’ policy" (2016)[URL]
- Wang, Y., "2015 Trans-Pacific Intellectual Dialogue" (2017), East-West Center and the Korea Institute for International Economic Policy
- Wong, E., "One Belt, One Road : China's strategy for a new global financial order", Monthly Review, 68, pp.36~45 (2017)
- "Three risks to the Chinese economy" (2016)[URL]
- The benefits and costs of renminbi internationalization, "Zhang, L.", ~, pp.ADBI Working Paper 481 (2014)
- "The trouble with China's 'One Belt One Road' strategy"[URL]