Investment in Infrastructure and Numerical Simulation Assessment of the Effects of ‘the Belt and Road’ strategy
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| Title | Investment in Infrastructure and Numerical Simulation Assessment of the Effects of ‘the Belt and Road’ strategy
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| Author | Yang Gaoju, Huang Xianhai and Chen Hangyu |
| Organization | School of Economics, Zhejiang University |
| Email | ygaoju@aliyun.com |
| Key Words | The Belt and Road; Infrastructure Investment; TFP; Trade Costs |
| Abstract | Based on the estimated effect of infrastructure investment on TFP enhancing and trade costs reducing, this paper use the data from Asian Development Bank to numerically assess the effects of Asian nations’ infrastructure investment under ‘the Belt and Road’ strategy within GTAP model, the results show that most countries (regions) economic growth and welfare are promoted in varying degrees, as well as foreign trade and trade terms, and the existing division of labor and trade patterns between developed economies and developing countries somehow consolidated. In addition, China’s industrial transformation and upgrading will benefit from the infrastructure investment under ‘the Belt and Road’ strategy, namely the traditional industries slowdown or decline and high-tech manufacturing and service industries speed up, along with the re-allocation of elements among industries. |
| Serial Number | WP1190 |
| Time | 2017-06-02 |
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