Back Matter

Back Matter

Author(s):
Anoop Singh, Malhar Nabar, and Papa N'Diaye
Published Date:
November 2013
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    Index

    [Page numbers followed by b, f, n, or t refer to boxed text, figures, notes, or tables, respectively.]

    A

    Agricultural sector, 157, 183

    • total factor productivity, 202

    Asian economies

    • China as competitor in, 112–14

    • China as source of final demand for, 108–10, 108f, 109f

    • China as supply-chain hub for, 110–12

    • implications of China’s imbalances for, 107–14

    • implications of investment patterns in China for, 119

    • importance of exports to China from, 116–17, 117f

    • income inequality in, 183, 185–86, 185f, 187–88

    • investment patterns and trends in, 31–36, 32f, 33f, 35f, 36f, 41–42, 41t, 48, 48f

    • poverty rate in, 182, 182t, 183f

    • public spending patterns in, 193–94

    • rural-urban income gap in, 183

    Asset prices, 237–40

    Association of Southeast Asian Nations, 186

    Australia, 126–27, 133, 149–50

    B

    Bond markets, global spillover effects of real estate investment in China, 150, 150f, 151f

    Brazil, 126, 127, 128, 133, 149, 190, 191–92, 195

    Bretton Woods II, 10

    C

    Canada, 128, 149

    Capacity utilization rate, 48, 49f, 51, 53–54, 57–58, 118

    Capital flows

    • financial reform implementation, 252–53, 257, 260–61

    • Japan’s financial liberalization in 1980s, 223–24

    • recent patterns, 17

    Capital reserves, 17

    Capital-to-output ratio, 31, 32, 33–34, 33f, 35f, 36f, 42, 47–48, 47f, 51–52, 59–61, 59f, 61f

    Chile, 119, 127

    China Investment Corporation, 17

    Communications equipment industry, 205

    Competition

    • barriers to entry, 206, 208f

    • benefits of financial reform, 246–47

    • current conditions, 205–6

    • lack of, in services sector, 205

    • lessons from reform of manufacturing sector, 204–5

    Consumption patterns and trends

    • China’s global share, 109–10, 109f

    • China’s investment policy and, 34

    • determinants of, 83–84

    • domestic imbalances and, 81

    • future challenges for China, 158

    • global spillover effects of changes in China’s, 122, 131–32t

    • goals of financial reform, 245

    • household, 83

    • income and, 83, 83f

    • modeling methodologies, 34–36

    • policies to influence, 81

    • policy reform goals, 57–58

    • real estate investment effects, 145

    • recent developments in, 2–3

    • regional implications of China’s, 107

    • as share of GDP, 83, 83f

    Corporate saving

    • benefits of financial reform, 247

    • dividend payments and, 66, 67–68

    • intermediation, 248, 249f

    • international comparison, 66f

    • patterns and trends, 19, 244f

    • sectoral differences, 67

    • size of firm and, 67–68

    Credit markets

    • China’s policy response to Great Recession, 12

    • cost of capital, 70–73, 196

    • determinants of investment, 38

    • in financial reform roadmap, 259–60, 268

    • goals of financial reform, 245

    • growth after interest rate liberalization, 253f

    • household debt, 238

    • nonbank system, 244–45, 248–50

    • outcomes of stimulus spending, 244–45

    • sources of private investment financing, 68

    • See also Interest rates

    Current account, Japan’s, 226–27, 227f, 235f

    • lessons from transition to service economy, 217, 218, 231–40

    Current account imbalances, China’s alternative modeling scenarios, 17, 24–27, 25f

    • components of, 11f, 18t

    • contributing factors, 9, 18, 18t

    • effect of reforms to address income inequality, 181, 182

    • future prospects for, 2, 9, 11–12, 21, 22f, 23, 217–18

    • global imbalances and, 22–23

    • implications for Asian economies, 3–5, 107, 114

    • policy reforms to correct, 268–70

    • pressure for rebalancing of, 233–34

    • recent developments in, 2–3

    • recent path of, 11, 12–13, 227f

    • salient issues in analysis of, 3–5

    • spillover effects of rebalancing, 159

    • World Trade Organization accession and, 1–2

    • See also Trade, China’s

    D

    Demographic patterns and trends age distribution, 163, 164f, 231f

    • future challenges for China in, 20, 157, 163, 173

    • household saving and, 85, 90, 95–96, 95t

    • investment and, 39–40

    • in Japan, 229–31, 231f

    • labor market and, 20, 161f, 162f, 163, 173

    Deposit insurance, 268

    Dividend payments, 64–65, 65f, 66f, 67–68, 71

    Domestic demand, China’s

    • implications for Asian economies of, 107, 108–10

    • industrial inventories and, 15

    • policy reform effects, 20

    • recent patterns in, 15

    E

    Education

    • household saving and, 85

    • public spending on, 193

    • wage returns to, 193

    Energy

    • costs, 19, 68–70, 70f

    • global spillover effects of real estate investment in China, 152

    Equity costs, 71, 71f

    Exchange rates

    • contribution to current account imbalances, 18

    • current account modeling methodologies, 24–25

    • decomposition of, 16, 17t

    • future prospects for China, 234–36

    • Great Recession and, 10, 10f

    • investment behavior and, 58, 76

    • projections, 21

    • recent patterns in, 16, 257f

    • recommendations for reform, 269–70

    • in transition to services economy, 218, 220–22, 234–36

    External imbalances, generally

    • causes of, 9–10n

    • global concerns about, 9, 10, 22–23

    • global implications of investment patterns in China, 118–22

    • global trends, 11f

    • Great Recession and, 10–11

    • See also Current account imbalances, China’s

    F

    Factor inputs

    • cost, 19, 68, 269

    • economic growth and, 68

    • market distortions, 19, 269

    Family size and structure, 85, 86, 90, 95–96, 99–100, 99t

    Fertility rate, 170–71

    Financial reform

    • capital account liberalization, 260–61

    • deregulation outcomes in labor market, 173

    • developing broader intermediation in, 258–59

    • effects of inaction in, 248–50

    • goals, 58, 245, 267

    • identifying system weaknesses for, 250

    • to influence savings and consumption, 101–2, 103

    • interest rate liberalization, 101–2, 222–24, 241t, 251–52, 252f, 253f, 267–68

    • Japan’s, of 1980s, 222–24, 223f

    • lessons from international experience, 250–53, 262–65t

    • loan and deposit deregulation, 259–60, 268

    • monetary policy, 256–58

    • rationale, 244–48, 268

    • to rebalance growth, 76

    • recent, 101

    • risks and opportunities in, 5, 243, 261, 267

    • roadmap for, 253, 254–56t, 261

    • supervision and regulation in, 258, 268

    Financial sector

    • access to, distribution of wealth and, 196–99

    • challenges for China in transition to service economy, 218–19

    • competition in, 101

    • institutional risk analysis in, 259

    • intermediation, 244–45, 248, 249f

    • liquidity control policies and outcomes, 243, 257

    • nonbank system, 244–45, 248–50, 258–59

    • policy reform effects on investment in, 57, 58

    • prospects for, in absence of reform, 248–50

    • surplus liquidity in, 101

    • systemic risk analysis in, 258

    • See also Financial reform; Interest rates

    Five Year Plan, 12th, 19, 23, 57–58, 173, 247–48, 261. See also Policy reforms

    Foreign direct investment

    • recent patterns in, 12–13, 17

    • trade patterns and, 108, 109f

    G

    G20 economies

    • effects of investment slowdown in China on, 122–28, 124f, 125f, 137, 139–40, 147–50, 148–51f

    • lessons from financial reform experiences, 250–53

    General equilibrium modeling, 24

    Generalized method of moments estimations, 26t, 38, 93–94

    Germany, 1, 9, 14, 58, 133, 220

    • Great Recession in, 11

    • spillover effects from China, 119, 126, 127–28, 137, 149, 152

    Gini index, 183, 184f, 185f, 187

    Global Integrated Monetary and Fiscal Model, 24

    Great Recession

    • China’s policy response to, 12, 14–15, 18–19, 51–52, 61–62, 218, 238, 261

    • effects of investment and consumption in China on global trade after, 129–32t

    • future challenges for recovery from, 13

    • global outcomes of, 10–11

    • investment patterns in China after, 115

    • labor market outcomes, 167

    • outcomes in China, 2, 11–12

    Growth, China’s

    • benefits of financial reform, 246–48

    • consumer price index during, 230f

    • contributions to, 37f, 115, 157

    • current account balance during, 227f

    • estimates of potential output, 49–52

    • future challenges and opportunities, 233

    • global implications of, 22

    • gross national savings during, 226f

    • as inclusive, 186, 188–92

    • international comparison of, 31

    • investment and, 31, 37–42, 37f, 42, 59, 76, 115

    • Japan’s growth and, 225f, 226f, 227f, 228f, 229f, 230f, 231–32

    • labor costs during, 229f

    • as pro-poor, 186–88, 188t

    • recent patterns, 51–52, 82–83, 182

    • share of investment in GDP during, 225f

    • significance of real estate investment in, 137, 139, 152

    • standard of living and, 34

    • trade sector, 1–2

    • unequal distribution in, 181

    • urbanization rate during, 230f

    H

    Health care

    • household saving and, 85

    • policy reforms after Great Recession, 18, 100

    • public spending on, 193

    Hodrick-Prescott filter, 52, 52f

    Hong Kong, 62

    Household saving

    • benefits of financial reform in, 247

    • deposit options for, 101–2

    • determinants of, 81, 85–86, 90, 91t, 95–100

    • domestic imbalances and, 81

    • interest rates and, 81–82, 87–88, 87f, 88f, 90–94, 98, 101, 102, 103

    • intermediation, 248, 249f

    • motivation and goals for, 82, 89, 102

    • patterns and trends, 68, 81, 84, 84f, 232, 244f

    • as percent of disposable income, 81

    • as percent of GDP, 68

    • social safety net and, 19

    Housing market

    • household saving behavior and, 86, 90, 97–98, 98t

    • investment growth in, 115

    • policy objectives, 19

    • price trends, 247f

    • real estate investment spillover effects on, 146

    • urbanization trends, 20

    • See also Real estate investment

    I

    Income, household

    • distribution of return to capital, 73

    • goals of financial reform, 245

    • household consumption and, 83, 83f

    • household saving and, 81

    • inclusive aspects of China’s growth, 188–92

    • from interest, 83

    • intrafamily transfers, 85–86n

    • patterns and trends, 34

    • policy reform effects, 20

    • real estate investment spillover effects on, 146

    • rural-urban gap in, 183

    • services sector deregulation to raise, 269

    • See also Inequality in China; Wages

    Income, per capita

    • monopoly rights policy and, 203, 213–14

    • prospects for improving, 201

    India, 73, 126, 127, 128, 149, 195

    • income inequality in, 187–88, 191–92

    Indonesia, 126, 150

    • income inequality in, 187–88, 191–92

    Inequality in China

    • financial access and, 196–99, 197f, 198f

    • geographic patterns, 183–84, 195

    • global trends and, 181, 182–86

    • goals of financial reform, 245

    • labor market and, 196

    • patterns and trends, 181–82, 183, 184f, 186–92

    • policies to address, 4, 181, 182, 192–99

    • rural-urban income gap, 183, 198

    • sources of, 181, 186

    Inflation, 20

    • estimates of China’s potential output and, 50, 51

    • interest rates and, 93

    Infrastructure spending

    • after financial crisis, 14–15

    • in China’s investment-led growth, 115

    • current levels, 48

    • private sector investment, 57, 58

    Interest rates

    • cost of capital, 71

    • current regulation, 250

    • deregulation outcomes in labor market, 173

    • financial reform strategies, 101–2, 241t, 251–52, 267–68

    • future prospects for China, 236–37

    • household saving and, 81–82, 87–88, 87f, 88f, 90–94, 98, 101, 102, 103

    • inflation and, 93

    • international comparison of, 71, 72f

    • investment behavior and, 38, 57, 58, 75, 76

    • Japan’s currency realignment and, 221

    • Japan’s financial liberalization in 1980s, 222–24, 241t

    • liberalization outcomes, 252f, 253f

    • policy reform goals, 58

    • preconditions for liberalization, 252

    • short-term patterns, 236f, 260f

    Investment patterns and trends

    • in China, 33–34, 40f, 47–48, 57, 58, 232

    • concerns about, 32–33, 34, 40–43, 57–58

    • consumption patterns and, 34

    • contribution to current account imbalances, 18

    • cost of capital and, 38, 58

    • crisis risk and, 40–41, 41t, 43

    • demographic trends and, 39–40

    • development status and, 38, 76

    • distribution by firm ownership type, 61–63, 62f

    • distribution of fixed asset investment by industry, 138f

    • economic growth and, 31, 42, 59, 115

    • financing of, 31–32, 42

    • future challenges, 43, 48, 57

    • GDP ratio, 21, 33–34, 37–42, 37f, 47f, 57, 60f

    • globalization effects, 38

    • global spillover effects from, 115, 118–27, 120f, 121f, 129–31t, 132–33, 134–35t

    • government debt, 238

    • inertia in, 38

    • intergovernmental arrangements in China, 195

    • international comparisons of, 31–36, 32f, 33f, 35f, 36f, 41–42, 41t, 48, 48f, 58, 59f

    • macroeconomic uncertainty and, 39

    • mispricing errors in financing of, 31–32

    • neoclassical modeling of, 44–45

    • sectoral distribution of, 14–15, 48, 57–58

    • social protection spending, 193–94, 195–96

    • spillover effects of real estate investment in, 144

    • strategies for assessing appropriateness of, 34

    • strategies for reducing wealth inequality, 193–95

    • trade patterns and, 17, 108

    • See also Private investment; Stimulus spending in China

    J

    Japan, 1, 9, 14, 41, 58, 73, 119, 126, 127, 128, 133, 149, 152

    • China’s development course similar to, 217–18

    • current account balance, 226–27, 235f

    • demographic trends, 229–31, 231f

    • economic performance in expansion period, 224–31

    • exchange rate policy in 1980s, 220–22, 235f

    • financial sector liberalization in 1980s, 222–24, 223f

    • Great Recession in, 10–11

    • growth, 219, 219f, 220f, 224–25, 225f

    • income inequality in, 185–86

    • lessons from transition to service economy, 5, 217, 218, 231–40

    • macroeconomic policy in 1980s, 219–20

    • real estate market, 221–22, 237–38, 237f, 238f

    • regional trade, 110, 111

    • spillover effects of real estate investment in China, 137

    • transition to service economy, 227–29

    • unemployment rate in 1980s, 235f

    • urbanization, 230f, 231

    K

    Korea, Republic of, 58, 73, 117, 119, 126, 149, 152

    • regional trade, 110, 111

    • spillover effects of real estate investment in China, 137

    L

    Labor market

    • bargaining power of workers, 196

    • demographic patterns and trends, 20, 157, 161f, 162f, 163, 173

    • distribution of wealth and, 196

    • during economic growth in China and Japan, 228f, 229f

    • estimates of China’s potential output and, 50, 51

    • evolution of excess supply in, 165–73, 167f, 169f, 170f, 170t, 171f

    • goals of financial reform, 245

    • international comparison of employment growth, 245f

    • investment trends and, 39–40

    • migration restrictions and, 196

    • modeling methodology, 164–65, 175–77

    • participation rates, 171–72

    • policies to influence supply in, 173, 174

    • recent developments in, 159–63, 160f, 161f

    • services sector deregulation and, 269

    • shift to services sector, 232–33

    • unemployment rate in 1980s Japan, 235f

    • See also Lewis Turning Point; Total factor productivity; Wages

    Land use rights, 183

    Lehman Brothers, 10

    Lewis Turning Point, 4, 20

    • definition, 157

    • demographic trends and, 157, 163

    • evidence for, 158

    • global implications, 159

    • implications for growth in China, 158–59

    • projected onset of, 157, 169, 170–74, 174

    • recent movement toward, 159–63

    Louvre Accord, 222, 237

    M

    Macao, 62

    Macroeconomic policies

    • goals of financial reform, 247

    • liquidity control, 243

    • in preparation for financial reform, 250–51

    • to support transition to service economy, 218, 219–20, 237–40

    Malaysia, 117, 119, 127

    Manufacturing sector, China’s

    • capacity utilization, 48, 57

    • corporate saving rate, 67

    • current sources of inefficiency in, 206

    • domestic demand, 15

    • future prospects for, 12–13, 13, 14, 15

    • implications of real estate investment decline for, 144–45

    • input costs, 19

    • inventories, 15

    • investment growth in, 115

    • lessons from reform of, 204–5

    • multinational corporations in, 206

    • private sector investment in, 15, 57, 58, 63, 63f

    • spillover effects of investment slowdown in, 119–22

    • total factor productivity in, 202

    • trade patterns, 12, 15

    Manufacturing sector, Japan’s, 222

    Metals and minerals markets, 126f, 127, 133, 133f, 134t, 135t, 137, 143t, 146, 150–52, 152f

    Mexico, 191–92, 195

    Middle class, 20, 186

    Migrant labor, 85–86n, 159, 196

    Mining, 12, 15. See also Metals and minerals markets

    Monetary policy reform, 256–58, 268

    Monopoly rights policy

    • benefits of de-monopolization, 204, 212–14

    • current coverage, 205–6, 207f

    • growth of manufacturing industry after reform of, 204–5

    • modeling methodology, 209–11

    • per capita income and, 203

    • price effects of, 203–4

    • total factor productivity and, 202–3, 213–14

    Multinational corporations in China’s manufacturing sector, 206

    N

    Newly industrialized economies

    • distribution of wealth in, 185–86, 190–91

    Non-accelerating inflation rate of unemployment, 50, 51, 53, 168

    O

    Okun’s law, 51

    One Child Policy, 85, 95, 96, 170–71

    P

    Pension system, 18–19, 195, 269

    Phillips curve, 50–51, 53

    Plaza Accord, 220–21, 234

    Policy reforms

    • to address wealth inequality, 4, 181, 182, 184, 192–99

    • benefits of de-monopolization, 204

    • to close output gap, 52

    • effects on total factor productivity, 202–3

    • to encourage competition, 202–3

    • future prospects, 19–20, 267

    • goals of, 18, 23, 57–58

    • implications for Lewis Turning Point, 158–59

    • to influence household saving and consumption, 81, 86, 88–89, 101–2, 103, 234

    • to influence labor supply, 173, 174

    • poverty reduction and, 183

    • private sector investment and, 57

    • for rebalancing, 268–70

    • response to Great Recession, 12, 14–15, 18–19, 51–52, 261

    • for transition to service economy, 218–19, 227–29

    • See also Financial reform

    Poverty

    • access to finance and, 198

    • China’s growth as pro-poor, 186–88

    • patterns and trends, 181, 182–83, 182t, 183f, 191–92

    Private investment

    • corporate saving and, 65, 65f, 66–68, 66f

    • cost of capital and, 68, 70–73

    • determinants of, 57, 58, 73–76, 74t, 75t

    • dividend payments and, 64–65, 65f, 66f

    • financing of, 64–65, 65f

    • by foreign-funded firms, 62

    • geographical distribution of, 57, 58, 63–64, 76

    • patterns and trends in, 15, 61

    • policy reform goals for, 57–58

    • returns to capital, 71–73, 72f

    • sectoral distribution of, 57, 58, 63, 63f, 76

    • state-owned enterprise investment and, 61–63, 62f

    • See also Investment patterns and trends

    Private sector

    • current government involvement in, 205–6, 207f

    • distribution by firm ownership type, 62f, 79t

    • firm distribution by industry in, 78t

    • international comparison of structure of, 77–78t

    • See also Monopoly rights policy; Private investment

    Privatization of housing stock, 86

    R

    Real estate investment, 4

    • backward linkages from, 139, 140f

    • commodity price outcomes of, 143t

    • cost of industrial land, 68

    • crisis risk from, 139

    • domestic spillover effects, 137, 139, 142t, 144–47, 146f, 152

    • effects on global trade, 143t, 144, 145f

    • future prospects, 137–39

    • global spillover effects of, 137, 139–40, 142t, 147–53

    • in Japan, 221–22, 237–38, 237f, 238f

    • market characteristics, 137

    • modeling spillover effects of, 139, 140–41, 153

    • patterns and trends, 137, 138f, 139f

    • private sector, 57, 58, 63, 63f

    • regulation and oversight, 137–39

    • share of fixed asset investment, 137, 138f

    • See also Housing market

    Regulation

    • implementation of financial reforms, 258, 268

    • nonbank financial system, 244–45, 248–50, 268

    • preparation for financial reform, 251

    Returns to capital, 71–73, 72f

    Rural areas, 183, 198, 199

    Russian Federation, 191–92

    S

    Saudi Arabia, 127

    Saving. See Corporate saving; Household saving

    Services economy, transition to

    • challenges for China in, 218–19

    • currency realignment to support, 220–22

    • exchange rate policy in, 234–36

    • financial liberalization in, 222–24, 236

    • Japan’s policies in, 227–29

    • lessons from Japan’s experience in, 5, 217, 218, 231–40

    • macroeconomic reforms to support, 219–20, 237–40

    Services sector, China’s

    • deregulation of, for rebalancing, 269

    • lack of competition in, 205

    • total factor productivity, 202

    • See also Services economy, transition to

    Social welfare programs, 19, 100

    • cash transfers, 195

    • public spending, 193–94, 195–96

    Solar energy, 14, 205

    State-owned enterprises, 64, 66, 71, 85n

    • benefits of manufacturing sector reform, 204–5

    • investment share of, 61–62

    • reform effects on household saving, 86, 90, 96–97, 97t

    • reform effects on labor supply, 167

    Stimulus spending in China

    • effectiveness of, 15

    • infrastructure spending, 14–15, 115

    • outcomes in credit market, 244–45

    • response to Great Recession, 12, 14, 51–52

    • sectoral distribution, 63

    • state-owned enterprise investments and, 61–62

    Stock markets, global spillover effects from

    • China, 127, 146, 150, 150f

    Subsidies, 10

    Supply chain networks, 107

    • effect of investment slowdown in China, 115, 149

    • implications of China’s status in, for regional economies, 110–12, 110f

    • vulnerability to investment slowdown in China in, 119

    T

    Taiwan Province of China, 62, 110, 111, 117, 119, 127

    Tax policy and collection

    • China’s current, 193

    • recommendations for local government reforms, 269

    • strategies to reduce inequality, 193–95

    Textiles trade, 12

    Tibet, 63

    Time-series modeling of current account, 24–25, 26t

    Total factor productivity

    • benefits from gains in, 203–4

    • capital-to-output ratios and, 31, 34

    • determinants of China’s performance, 202–3, 208–9

    • estimates of China’s potential output, 49–52

    • future challenges for China, 158

    • growth of manufacturing sector after reforms, 204–5

    • inefficiencies in current manufacturing sector, 206–7

    • in labor market modeling, 165–66, 168

    • monopoly rights and, 202–3, 208–9, 213–14

    • prospects for improving, 201

    • recent patterns and trends, 173, 201–2, 203f

    • reform outcomes in labor supply, 173

    • sectoral distribution, 202

    Trade

    • capacity utilization and, 57–58

    • causes of export market growth, 21, 110

    • China as source of regional final demand, 108–10, 108f, 109f

    • China as supply-chain hub for regional economies, 110–12, 116

    • China’s import demand, 108–9, 111–12, 112f, 113t, 115, 116f

    • contribution to current account imbalances, 18

    • current account modeling methodologies, 26–27, 27f

    • in estimates of China’s potential output, 50–51

    • future prospects for, 13, 15, 21, 113–14, 218

    • Great Recession and, 2, 13–14

    • implications of domestic imbalances for, 107

    • implications of real estate investment decline, 143t, 144, 145f

    • investment and, 17

    • market share patterns, 14, 21

    • patterns and trends, 1–2, 12, 13f, 15–16, 17, 21, 112f, 114, 115–16, 116f

    • regional comparison, 16f, 112f

    • regional significance, 116–17, 117f

    • spillover effects of consumption patterns in China, 122, 131–32t, 135t

    • spillover effects of investment patterns in China, 118–22, 120f, 121f, 127–28, 129–31t, 132–33, 149–50, 149f

    • World Trade Organization accession and growth in, 1

    Transportation infrastructure, 48, 58, 63

    U

    Uncertainty, 39, 75, 76

    United Kingdom, 73, 128, 149

    United States, 1, 48, 73, 73n, 183

    • capital-to-output ratio, 61

    • China’s exports to, 13, 112

    • current account deficits in, 9, 10

    • Great Recession in, 10

    • imports from Asia, 113f

    • Plaza Accord, 220–21

    • wind energy industry of, 14

    • worker wages and productivity in, 201–2, 203f

    Urbanization, 20, 58, 115, 163, 183, 196, 230f, 231

    Utilities, 63

    V

    Vector autoregression modeling, 24, 122, 139, 140–41

    W

    Wages

    • elasticity of labor demand, 165

    • elasticity of labor supply, 166

    • Japan’s transition to service economy and, 229

    • labor market modeling techniques, 164–65, 168

    • in Lewis Turning Point model, 157

    • minimum, 196

    • recent developments, 159–60, 160f, 161f

    • returns to education, 193

    • trends in, 20, 196, 201–2, 203f

    Water, 19, 68, 69f

    Wind energy industry, 14, 205

    World Economic Outlook, 21, 24

    World Trade Organization, 1–2, 12, 129t, 202

    X

    Xizang Autonomous Region, 63

    Z

    Zhejiang Province, 63, 64f

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