Since many policymakers aspire to pull their countries out of the middle-income trap and into the ranks of high-income countries, they must understand the factors that hinder or support the transition. This book defines the middle-income trap and examines the roles of manufacturing, finance, and trade openness in achieving sustainable development. The book also explores the role of government policy in fostering growth in the People’s Republic of China. A common theme is that such policies may have unforeseen side effects that undermine their effectiveness, including how the hukou registration system and land-use policy control the pace of urbanization.
|Publisher:||Brookings Institution Press|
|Product dimensions:||5.90(w) x 8.90(h) x 1.20(d)|
About the Author
Naoyuki Yoshino is dean of the Asian Development Bank Institute.
Peter J. Morgan is senior consulting economist and co-chair, Research, at the Asian Development Bank Institute.
Guanghua Wan is principal economist of the Economic Research and Regional Cooperation Department at the Asian Development Bank.
Bihong Huang is a research fellow at the Asian Development Bank Institute.
Table of Contents
Tables and Figures v
1 Introduction Naoyuki Yoshino Peter J. Morgan Bihong Huang 1
2 Transitioning from Low-Income Growth to High-Income Growth: Is there a Middle-Income Trap? David Bulman Maya Eden Ha Nguyen 14
3 The Middle-Income Trap: Lessons from Latin America Eva Paus 60
4 Economic Growth and the Middle-Income Trap: The People's Republic of China's Challenges Xiaolu Wang 106
5 Manufacturing as the Key Engine of Economic Growth for Middle-Income Economies Dan Su Yang Yao 136
6 Service Sector Growth and the Middle-Income Trap: The Case of the People's Republic of China Yanrui Wu 173
7 Globalization, Structural Change, and Interregional Productivity Growth in the Emerging Economies Jagannath Mallick 201
8 Housing Prices and Investment: An Assessment of the Inland-Favoring Land Supply Policies in the People's Republic of China Libin Han Ming Lu 246
9 Inequality, Aging, and the Middle-Income Trap Chen Wang Jiajun Lan 270
10 Distortions, Growth Catch-Up, and Sustainable Growth Xiaojing Zhang Cheng Li Yu Li 297
11 Why Geographic Dispersion Before Its Time: Industrial Policy and Economic Geography in the People's Republic of China Yiyun Wu Xiwei Zhu 335
12 Does Fiscal Decentralization Help Indonesia Avoid the Middle-income Trap? Darius Tinosuharto 383
13 Credit Market Development and Firm Innovation: Evidence from the People's Republic of China Hua Shang Quanyun Song Yu Wu 411
14 Foreign Direct Investment Spillovers and Pharmaceutical Innovation: The Role of Intellectual Property Rights Chun-Yu Ha Xin Li Weimin Zhou 446
15 Innovation and Firm Performance in the People's Republic of China: A Structural Approach with Spillovers Anthony Howell 470