Eclipse: Living in the Shadow of China's Economic Dominance
By most accounts, China has quickly grown into the second largest economy in the world. In this controversial new book, Subramanian argues that China has already become the most economically dominant country in the world in terms of wealth, trade and finance. Its dominance and eclipsing of US global economic power is more imminent, more broad-based and larger in magnitude than anyone has anticipated. Subramanian compares the economic dominance of China with that of the two previous economic superpowers--the United States and the United Kingdom--and highlights similarities and differences. One corollary is that the fundamentals are strong for the Chinese currency to replace the dollar as the world's reserve currency. The final chapter forecasts how the international economic system is likely to evolve as a result of Chinese dominance.
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Ch 1 A Brief History of Economic Dominance
Ch 2 Quantification and Validation of Economic Dominance
Ch 3 Quantifying Currency Dominance
Convergence and Gravity
Ch 5 Projecting Economic and Currency Dominance
Ch 6 A Historical Perspective on Chinas Distinctive Dominance
Asia Asian Author’s calculations bilateral Brazil capita GDP capital chapter China China’s economic China’s trading Cline cooperation country’s creditor status currency dominance current account decline developing countries Doha Round domestic Economic dominance index Eichengreen Europe European Union exchange rate policy exports external Figure financial crisis foreign exchange Fred Bergsten future Gary Clyde Hufbauer GDP growth GDP per capita Germany Global gravity model growth rates important India Indonesia International Monetary Fund ISBN Japan Jeffrey John Williamson Korea Marcus Noland measured mercantilist Morris Goldstein multilateral negotiations nomic ofthe Penn World Table percent period Peterson Institute political Posen PPP dollars PPP terms projections purchasing power parity Reform relative renminbi reserve currency status reserve holdings rise Schott sector share Sovereign Wealth Funds sterling Suez surpluses tariffs tion trading partners trading system United Kingdom variables weights world GDP World Trade