China's Current Account Surplus and Income Inequality: A Theoretical Examination using Tradable-Nontradable Goods Model

• Project/Area Number: 24730282
• Research Category: Grant-in-Aid for Young Scientists (B)
• Allocation Type: Multi-year Fund
• Research Field: Public finance/Monetary economics
• Research Institution: Doshisha University
• Principal Investigator: Iokibe Shingo 同志社大学, 商学部, 准教授 (30411060)
• Project Period (FY): 2012-04-01 – 2016-03-31
• Project Status: Completed (Fiscal Year 2015)
• Budget Amount: ¥4,030,000 (Direct Cost: ¥3,100,000、Indirect Cost: ¥930,000); Fiscal Year 2014: ¥1,300,000 (Direct Cost: ¥1,000,000、Indirect Cost: ¥300,000); Fiscal Year 2013: ¥1,560,000 (Direct Cost: ¥1,200,000、Indirect Cost: ¥360,000); Fiscal Year 2012: ¥1,170,000 (Direct Cost: ¥900,000、Indirect Cost: ¥270,000)
• Keywords: 世界的経常収支不均衡 / 中国の経常収支黒字 / 一人当たり実質GDP / 対外純資産 / 銀行貸出 / 家計貯蓄率 / 消費関数 / 経常収支 / 国際資本移動 / 世界金融危機 / 過剰融資 / グローバル流動性 / 中国の経常収支 / グローバル・インバランス / 貯蓄投資バランス / 所得格差 / 中国経済 / 非貿易財 / 中国

Outline of Final Research Achievements

The global imbalaces of the current accounts during the first half of 2000s resulted in the global financial crisis from 2007 to 2009. We explored the drivers of China's current acccount surpluses. In particular, we examined the causation between fast growth of Chinese economy and its current account surpluses.
We suggested three hypotheses on the driver of enlarging China's current account surpluses: (1)the rapid income growth from low level of per-capita real income which made household savings rate higher; (2)low level of net external asset position as a fraction of GDP; (3)low growth rate of domestic bank lending.

Research Products

• [Journal Article] グローバル流動性とマクロプルーデンス政策 (2016)
  • Author(s): 五百旗頭 真吾
  • Journal Title: 社会科学 Volume: 45 Pages: 77-104
  • Peer Reviewed / Open Access
• [Journal Article] 世界金融危機後のグローバル・インバランス (2014)
  • Author(s): 五百旗頭 真吾
  • Journal Title: 藤田誠一・松林洋一・北野重人編『グローバル・マネーフローの実証分析』 Volume: なし Pages: 29-55
• [Journal Article] Two Patterns of Current Account Reversal: Shift-type and V-shaped (2013)
  • Author(s): Iokibe, Shingo
  • Journal Title: 社会科学 Volume: 43 Pages: 47-78
  • NAID: 110009606118
• [Journal Article] Do Faster Growing Economies Run Current Account Deficits? A Theoretical Reappraisal of the Role of Utility Functions (2013)
  • Author(s): Shingo Iokibe
  • Journal Title: 同志社商学 Volume: 第64巻5号 Pages: 711-731
  • NAID: 110009605681
• [Journal Article] Reexamining the Relationship between Net Foreign Assets and the Current Account (2013)
  • Author(s): Shingo Iokibe
  • Journal Title: 同志社商学 Volume: 第64巻6号 Pages: 1278-1295
  • NAID: 110009605827
• [Presentation] Do Faster Growing Economies Run Current Account Deficits? A Theoretical Reappraisal of the Role of Utility Function (2015)
  • Author(s): 五百旗頭 真吾
  • Organizer: 日本金融学会国際金融部会
  • Place of Presentation: 同志社大学大阪サテライトオフィス
  • Year and Date: 2015-04-11
• [Presentation] Do Faster Growing Economies Run Current Account Deficits? A Theoretical Reappraisal of the Role of Utility Function (2014)
  • Author(s): 五百旗頭 真吾
  • Organizer: 日本金融学会秋季全国大会
  • Place of Presentation: 山口大学
  • Year and Date: 2014-10-19