THE ROLE OF INSTITUTIONAL FACTORS IN THE COMPETITION BETWEEN THE CHINA AND THE US ECONOMIES: AN INPUT OUTPUT ANALYSIS

Year 2022, Issue: 3, 511 - 528, 30.07.2022

Fatma Taş

https://doi.org/10.51551/verimlilik.946321

Abstract

Purpose: The Chinese economy has become the world's second largest economy evolving from an underdeveloped country. Today, its impact on the US economy is discussed. The purpose of this study is to find an answer to the question of which growth model has China followed to achieve economic power.

Methodology: An input-output analysis is used in the study. The competition war between China and the USA within the framework of the export-led growth model is addressed. This comparison is analyzed for the periods of 1990-2003 and 2003-2011.

Findings: The analysis revealed different outcomes for China and the USA. China has gained competitive power with low-cost production, low-value exchange rate policy, and high technology. In the 1990-2003 and 2003-2011 periods, it gained economic strength with the export-driven growth model. In the USA, on the other hand, high-cost production was dominant. Over time, USA competitiveness against China decreased and it had a constant deficit in foreign trade. For this reason, the study concluded that China's competitiveness and its role in the economy of the USA were of great importance.

Originality: Unlike the studies in the literature, this article compared two different periods and examined the competition between the two countries through institutional factors, using input-output analysis. It also investigated the relationship between wage increase and the exchange rate.

Keywords

Foreign Trade, Input-Output Analysis, Institutional Changes, Wage Growth, Productivity Growth

ÇİN VE ABD EKONOMİLERİ ARASINDAKİ REKABETTE KURUMSAL FAKTÖRLERİN ROLÜ: GİRDİ-ÇIKTI ANALİZİ

Abstract

Amaç: Çin ekonomisi, az gelişmiş ülke konumundan dünyanın en büyük ikinci ekonomisi konumuna gelmiştir. Günümüzde, ABD ekonomisi üzerindeki etkisi tartışılmaktadır. Bu çalışmanın amacı ise Çin, hangi büyüme modelini izleyerek ekonomik güç elde etmiştir sorusuna cevap bulmaktır.

Yöntem: Çalışmada girdi-çıktı analizi kullanılmıştır. Çin-ABD arasında yaşanan rekabet savaşı, ihracata dayalı büyüme modeli çerçevesinde ele alınmıştır. Bu karşılaştırma 1990-2003 ile 2003-2011 dönemlerine ayrılarak incelenmiştir.

Bulgular: Yapılan analiz sonucuna göre Çin ve ABD için farklı sonuçlar elde edilmiştir. Çin; düşük maliyetli üretim, değersiz döviz kuru politikası ve yüksek teknoloji ile rekabet gücü elde etmiştir. 1990-2003 ve 2003-2011 dönemlerinde ihracata dayalı büyüme modeli ile ekonomik güç kazanmıştır. ABD’de ise yüksek maliyetli üretimin süreklilik taşıdığı görülmüştür. Zamanla Çin’e karşı rekabet gücü azalmış ve dış ticarette sürekli açık vermiştir. Bu nedenle Çin’in rekabet gücü, ABD ekonomisi üzerinde rolünün büyük önem taşıdığı tespit edilmiştir.

Özgünlük: Literatürdeki çalışmalardan farklı olarak, iki farklı döneme ayrılıp iki ülke arasındaki rekabetin kurumsal faktörler yoluyla, girdi-çıktı analizi ile incelenmesidir. Ücret artışı ile döviz kuru arasındaki ilişki çalışılmıştır.

Keywords

Dış Ticaret, Girdi-Çıktı Analizi, Kurumsal Değişiklikler, Ücret Artışı, Verimlilik Artışı

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