Current account imbalance and the inequality ratio of income to consumption : evidence from China and other Asian countries
Gespeichert in:
| Autor*in: |
Lei, Chunyu [verfasserIn] Liu, Nian [verfasserIn] Guo, Fei [verfasserIn] Chen, Junmei [verfasserIn] Yang, Wanyu [verfasserIn] Yang, Guotao [verfasserIn] |
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| Format: |
E-Artikel |
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| Sprache: |
Englisch |
| Erschienen: |
2024 |
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| Schlagwörter: |
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| Übergeordnetes Werk: |
Enthalten in: Journal of international trade & economic development - London : Routledge, 1992, 33(2024), 6, Seite 1232-1249 |
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| Übergeordnetes Werk: |
volume:33 ; year:2024 ; number:6 ; pages:1232-1249 |
| Links: |
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| DOI / URN: |
10.1080/09638199.2023.2242958 |
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| Katalog-ID: |
1901819175 |
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| 982 | |2 26 |1 00 |x DE-206 |b This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. | ||
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10.1080/09638199.2023.2242958 doi (DE-627)1901819175 (DE-599)KXP1901819175 DE-627 ger DE-627 rda eng Lei, Chunyu verfasserin aut Current account imbalance and the inequality ratio of income to consumption evidence from China and other Asian countries Chunyu Lei, Nian Liu, Fei Guo, Junmei Chen, Wanyu Yang and Guotao Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier consumption inequality (dpeaa)DE-206 current accounts (dpeaa)DE-206 global imbalances (dpeaa)DE-206 Income inequality (dpeaa)DE-206 smooth schemes (dpeaa)DE-206 Liu, Nian verfasserin (DE-588)1278726438 (DE-627)1831661675 aut Guo, Fei verfasserin (DE-588)1217605150 (DE-627)1731771975 aut Chen, Junmei verfasserin aut Yang, Wanyu verfasserin aut Yang, Guotao verfasserin (DE-588)1271114518 (DE-627)181984725X aut Enthalten in Journal of international trade & economic development London : Routledge, 1992 33(2024), 6, Seite 1232-1249 Online-Ressource (DE-627)320599973 (DE-600)2020043-2 (DE-576)108555011 1469-9559 nnns volume:33 year:2024 number:6 pages:1232-1249 https://www.tandfonline.com/doi/pdf/10.1080/09638199.2023.2242958 Verlag lizenzpflichtig https://doi.org/10.1080/09638199.2023.2242958 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_39 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4393 GBV_ILN_4700 AR 33 2024 6 1232-1249 26 01 0206 4576018744 x1z 04-09-24 26 00 DE-206 This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. |
| spelling |
10.1080/09638199.2023.2242958 doi (DE-627)1901819175 (DE-599)KXP1901819175 DE-627 ger DE-627 rda eng Lei, Chunyu verfasserin aut Current account imbalance and the inequality ratio of income to consumption evidence from China and other Asian countries Chunyu Lei, Nian Liu, Fei Guo, Junmei Chen, Wanyu Yang and Guotao Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier consumption inequality (dpeaa)DE-206 current accounts (dpeaa)DE-206 global imbalances (dpeaa)DE-206 Income inequality (dpeaa)DE-206 smooth schemes (dpeaa)DE-206 Liu, Nian verfasserin (DE-588)1278726438 (DE-627)1831661675 aut Guo, Fei verfasserin (DE-588)1217605150 (DE-627)1731771975 aut Chen, Junmei verfasserin aut Yang, Wanyu verfasserin aut Yang, Guotao verfasserin (DE-588)1271114518 (DE-627)181984725X aut Enthalten in Journal of international trade & economic development London : Routledge, 1992 33(2024), 6, Seite 1232-1249 Online-Ressource (DE-627)320599973 (DE-600)2020043-2 (DE-576)108555011 1469-9559 nnns volume:33 year:2024 number:6 pages:1232-1249 https://www.tandfonline.com/doi/pdf/10.1080/09638199.2023.2242958 Verlag lizenzpflichtig https://doi.org/10.1080/09638199.2023.2242958 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_39 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4393 GBV_ILN_4700 AR 33 2024 6 1232-1249 26 01 0206 4576018744 x1z 04-09-24 26 00 DE-206 This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. |
| allfields_unstemmed |
10.1080/09638199.2023.2242958 doi (DE-627)1901819175 (DE-599)KXP1901819175 DE-627 ger DE-627 rda eng Lei, Chunyu verfasserin aut Current account imbalance and the inequality ratio of income to consumption evidence from China and other Asian countries Chunyu Lei, Nian Liu, Fei Guo, Junmei Chen, Wanyu Yang and Guotao Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier consumption inequality (dpeaa)DE-206 current accounts (dpeaa)DE-206 global imbalances (dpeaa)DE-206 Income inequality (dpeaa)DE-206 smooth schemes (dpeaa)DE-206 Liu, Nian verfasserin (DE-588)1278726438 (DE-627)1831661675 aut Guo, Fei verfasserin (DE-588)1217605150 (DE-627)1731771975 aut Chen, Junmei verfasserin aut Yang, Wanyu verfasserin aut Yang, Guotao verfasserin (DE-588)1271114518 (DE-627)181984725X aut Enthalten in Journal of international trade & economic development London : Routledge, 1992 33(2024), 6, Seite 1232-1249 Online-Ressource (DE-627)320599973 (DE-600)2020043-2 (DE-576)108555011 1469-9559 nnns volume:33 year:2024 number:6 pages:1232-1249 https://www.tandfonline.com/doi/pdf/10.1080/09638199.2023.2242958 Verlag lizenzpflichtig https://doi.org/10.1080/09638199.2023.2242958 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_39 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4393 GBV_ILN_4700 AR 33 2024 6 1232-1249 26 01 0206 4576018744 x1z 04-09-24 26 00 DE-206 This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. |
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10.1080/09638199.2023.2242958 doi (DE-627)1901819175 (DE-599)KXP1901819175 DE-627 ger DE-627 rda eng Lei, Chunyu verfasserin aut Current account imbalance and the inequality ratio of income to consumption evidence from China and other Asian countries Chunyu Lei, Nian Liu, Fei Guo, Junmei Chen, Wanyu Yang and Guotao Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier consumption inequality (dpeaa)DE-206 current accounts (dpeaa)DE-206 global imbalances (dpeaa)DE-206 Income inequality (dpeaa)DE-206 smooth schemes (dpeaa)DE-206 Liu, Nian verfasserin (DE-588)1278726438 (DE-627)1831661675 aut Guo, Fei verfasserin (DE-588)1217605150 (DE-627)1731771975 aut Chen, Junmei verfasserin aut Yang, Wanyu verfasserin aut Yang, Guotao verfasserin (DE-588)1271114518 (DE-627)181984725X aut Enthalten in Journal of international trade & economic development London : Routledge, 1992 33(2024), 6, Seite 1232-1249 Online-Ressource (DE-627)320599973 (DE-600)2020043-2 (DE-576)108555011 1469-9559 nnns volume:33 year:2024 number:6 pages:1232-1249 https://www.tandfonline.com/doi/pdf/10.1080/09638199.2023.2242958 Verlag lizenzpflichtig https://doi.org/10.1080/09638199.2023.2242958 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_39 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4393 GBV_ILN_4700 AR 33 2024 6 1232-1249 26 01 0206 4576018744 x1z 04-09-24 26 00 DE-206 This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. |
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10.1080/09638199.2023.2242958 doi (DE-627)1901819175 (DE-599)KXP1901819175 DE-627 ger DE-627 rda eng Lei, Chunyu verfasserin aut Current account imbalance and the inequality ratio of income to consumption evidence from China and other Asian countries Chunyu Lei, Nian Liu, Fei Guo, Junmei Chen, Wanyu Yang and Guotao Yang 2024 Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier consumption inequality (dpeaa)DE-206 current accounts (dpeaa)DE-206 global imbalances (dpeaa)DE-206 Income inequality (dpeaa)DE-206 smooth schemes (dpeaa)DE-206 Liu, Nian verfasserin (DE-588)1278726438 (DE-627)1831661675 aut Guo, Fei verfasserin (DE-588)1217605150 (DE-627)1731771975 aut Chen, Junmei verfasserin aut Yang, Wanyu verfasserin aut Yang, Guotao verfasserin (DE-588)1271114518 (DE-627)181984725X aut Enthalten in Journal of international trade & economic development London : Routledge, 1992 33(2024), 6, Seite 1232-1249 Online-Ressource (DE-627)320599973 (DE-600)2020043-2 (DE-576)108555011 1469-9559 nnns volume:33 year:2024 number:6 pages:1232-1249 https://www.tandfonline.com/doi/pdf/10.1080/09638199.2023.2242958 Verlag lizenzpflichtig https://doi.org/10.1080/09638199.2023.2242958 Resolving-System lizenzpflichtig GBV_USEFLAG_U GBV_ILN_26 ISIL_DE-206 SYSFLAG_1 GBV_KXP GBV_ILN_11 GBV_ILN_20 GBV_ILN_22 GBV_ILN_39 GBV_ILN_60 GBV_ILN_63 GBV_ILN_65 GBV_ILN_69 GBV_ILN_70 GBV_ILN_100 GBV_ILN_101 GBV_ILN_110 GBV_ILN_151 GBV_ILN_224 GBV_ILN_285 GBV_ILN_370 GBV_ILN_647 GBV_ILN_702 GBV_ILN_2001 GBV_ILN_2003 GBV_ILN_2005 GBV_ILN_2006 GBV_ILN_2007 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2014 GBV_ILN_2015 GBV_ILN_2020 GBV_ILN_2021 GBV_ILN_2025 GBV_ILN_2026 GBV_ILN_2027 GBV_ILN_2034 GBV_ILN_2048 GBV_ILN_2050 GBV_ILN_2055 GBV_ILN_2057 GBV_ILN_2059 GBV_ILN_2061 GBV_ILN_2065 GBV_ILN_2068 GBV_ILN_2088 GBV_ILN_2093 GBV_ILN_2106 GBV_ILN_2108 GBV_ILN_2111 GBV_ILN_2112 GBV_ILN_2113 GBV_ILN_2118 GBV_ILN_2129 GBV_ILN_2143 GBV_ILN_2147 GBV_ILN_2148 GBV_ILN_2152 GBV_ILN_2153 GBV_ILN_2190 GBV_ILN_2232 GBV_ILN_2336 GBV_ILN_2470 GBV_ILN_2472 GBV_ILN_2507 GBV_ILN_2548 GBV_ILN_4035 GBV_ILN_4037 GBV_ILN_4046 GBV_ILN_4112 GBV_ILN_4125 GBV_ILN_4126 GBV_ILN_4246 GBV_ILN_4249 GBV_ILN_4305 GBV_ILN_4306 GBV_ILN_4307 GBV_ILN_4313 GBV_ILN_4322 GBV_ILN_4323 GBV_ILN_4324 GBV_ILN_4325 GBV_ILN_4326 GBV_ILN_4335 GBV_ILN_4393 GBV_ILN_4700 AR 33 2024 6 1232-1249 26 01 0206 4576018744 x1z 04-09-24 26 00 DE-206 This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. |
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26 00 DE-206 This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes Current account imbalance and the inequality ratio of income to consumption evidence from China and other Asian countries Chunyu Lei, Nian Liu, Fei Guo, Junmei Chen, Wanyu Yang and Guotao Yang consumption inequality (dpeaa)DE-206 current accounts (dpeaa)DE-206 global imbalances (dpeaa)DE-206 Income inequality (dpeaa)DE-206 smooth schemes (dpeaa)DE-206 |
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ind1=" " ind2=" "><subfield code="a">GBV_ILN_4125</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4126</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4246</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4249</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4305</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4306</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4307</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4313</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4322</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4323</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4324</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4325</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4326</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4335</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4393</subfield></datafield><datafield tag="912" ind1=" " ind2=" "><subfield code="a">GBV_ILN_4700</subfield></datafield><datafield tag="951" ind1=" " ind2=" "><subfield code="a">AR</subfield></datafield><datafield tag="952" ind1=" " ind2=" "><subfield code="d">33</subfield><subfield code="j">2024</subfield><subfield code="e">6</subfield><subfield code="h">1232-1249</subfield></datafield><datafield tag="980" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">01</subfield><subfield code="x">0206</subfield><subfield code="b">4576018744</subfield><subfield code="y">x1z</subfield><subfield code="z">04-09-24</subfield></datafield><datafield tag="982" ind1=" " ind2=" "><subfield code="2">26</subfield><subfield code="1">00</subfield><subfield code="x">DE-206</subfield><subfield code="b">This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes.</subfield></datafield></record></collection>
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| score |
7.4000177 |