By Richard Tilly, Paul J.J. Welfens, Michael Heise
Specialists current their analyses of ancient advancements in addition to new monetary demanding situations for the ecu Union. participants, representatives from significant banks and academia, indicate the dramatic fiscal shifts between and inside Europe, Asia, and the U.S.. on the base line of this european research are significant implications for traders, managers, policymakers, and the general public at huge in either the european and the remainder of the area.
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Extra resources for 50 Years of EU Economic Dynamics: Integration, Financial Markets and Innovations
Recently this picture changed substantially. Apart from a significant number of medium sized catching up countries the emergence of China in international markets is the most important process during the last two decades. Since the beginning of the "Open Door Policy" at the end of the 70s three waves of international integration have been introduced to the Chinese economy. TUAN/NG (2004) identifies three waves of integration policy. These waves are characterized by preferential policies that were introduced sequentially to different regions.
This is even more obvious, if the fact is taken into account that most of the development in China has taken place in the coastal belt hosting a population of about the size of the US. The rapid absolute growth of the Chinese economy is driven by the large population multiplier. A small increase in per capita productivity driven by technological catching up is multiplying into huge absolute growth rates. Even if the per capita income will remain low and grow slowly, there is no doubt, that China and potentially India will be one of the global economic centers in Asia much more important than Japan during the last 2 decades.
Source: IMF, World Economic Outlook Database, September 2006. Fig. B10. Net financial streams: Current account. However, the importance of Asia in international trade and finance is not reflected yet in the use of Asian currencies as international reserve currency (figure 11). The decomposition of present allocated official foreign reserves shows 10 For a recent discussion see MUSSA (2005). 42 Thomas Gries that the US$ still counts for 2/3 of international reserves. The Euro has a share of 25% and all other currencies together add up to not even 10%.