ECN 171 University of California Irvine Economy of East Asia Worksheet

Description

6 attachmentsSlide 1 of 6attachment_1attachment_1attachment_2attachment_2attachment_3attachment_3attachment_4attachment_4attachment_5attachment_5attachment_6attachment_6.slider-slide > img { width: 100%; display: block; }
.slider-slide > img:focus { margin: auto; }

Unformatted Attachment Preview

Column1
Country
Afghanistan
Afghanistan
Afghanistan
Australia
Australia
Australia
Brazil
Brazil
Brazil
Canada
Canada
Canada
China
China
China
France
France
France
Germany
Germany
Germany
India
India
India
Indonesia
Indonesia
Indonesia
Italy
Italy
Italy
Japan
Japan
Japan
Korea
Korea
Korea
Mexico
Mexico
Mexico
Russia
Russia
Russia
Saudi Arabia
Saudi Arabia
Saudi Arabia
South Africa
South Africa
South Africa
Turkey
Turkey
Turkey
United Kingdom
United Kingdom
United Kingdom
United States
United States
United States
International Monetary Fund, World Economic Outlook Database, October 2021
Column2
Subject Descriptor
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Column3
Units
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Column4
Scale
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Total investment
Gross national savings
Current account balance
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Percent of GDP
Column5
Column6
Country/Series-specific Notes
2015
Source: National Statistics Office Latest actual data: 2019 Notes: National accounts data is originally compiled
18.467
on the basis of
Source: National Statistics Office Latest actual data: 2019 Notes: National accounts data is originally compiled
22.176
on the basis of
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
3.709
Source: National Statistics Office. Australian Bureau of Statistics (via Haver Analytics) Latest actual data: 2020.
25.881
Data refer to c
Source: National Statistics Office. Australian Bureau of Statistics (via Haver Analytics) Latest actual data: 2020.
21.608
Data refer to c
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-4.618
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
17.412
Accounts (SNA)
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
14.368
Accounts (SNA)
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-3.044
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
23.822
Accounts (SNA)
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
20.326
Accounts (SNA)
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-3.495
Source: National Statistics Office. Data retrieved from CEIC Latest actual data: 2020 National accounts manual
43.033
used: System o
Source: National Statistics Office. Data retrieved from CEIC Latest actual data: 2020 National accounts manual
45.669
used: System o
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
2.637
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: European System
22.712
of Accounts (ESA
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: European System
22.344
of Accounts (ESA
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-0.368
Source: National Statistics Office Latest actual data: 2020 Notes: Data until 1990 refers to German federation
19.743
only (West Germ
Source: National Statistics Office Latest actual data: 2020 Notes: Data until 1990 refers to German federation
28.344
only (West Germ
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
8.601
Source: National Statistics Office. The original data is in fiscal years, which begins in April and ends in March,
32.117
to match with au
Source: National Statistics Office. The original data is in fiscal years, which begins in April and ends in March,
31.067
to match with au
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-1.05
Source: National Statistics Office. Accessed via Haver Data. Latest actual data: 2020 National accounts manual
34.063
used: System o
Source: National Statistics Office. Accessed via Haver Data. Latest actual data: 2020 National accounts manual
32.028
used: System o
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-2.035
Source: National Statistics Office Latest actual data: 2020. Annual and quarterly data are on the work-adjusted
17.107
basis. Nationa
Source: National Statistics Office Latest actual data: 2020. Annual and quarterly data are on the work-adjusted
18.529
basis. Nationa
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
1.421
Source: Cabinet Office of Japan via Haver database. Latest actual data: 2020 Notes: the recent revision didn’t
25.165
go back pre-199
Source: Cabinet Office of Japan via Haver database. Latest actual data: 2020 Notes: the recent revision didn’t
28.235
go back pre-199
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
3.07
Source: Central Bank Latest actual data: 2020 National accounts manual used: System of National Accounts
29.529
(SNA) 2008 GDP v
Source: Central Bank Latest actual data: 2020 National accounts manual used: System of National Accounts (SNA)
36.7 2008 GDP v
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
7.17
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
23.313
Accounts (SNA)
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
20.661
Accounts (SNA)
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-2.652
Source: National Statistics Office Latest actual data: 2020 Notes: Gross capital formation includes statistical
22.149
discrepancy. Nati
Source: National Statistics Office Latest actual data: 2020 Notes: Gross capital formation includes statistical
27.144
discrepancy. Nati
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
4.996
Source: National Statistics Office. General Authority for Statistics, Kingdom of Saudi Arabia (GSTAT) Latest 34.173
actual data: 2020 N
Source: National Statistics Office. General Authority for Statistics, Kingdom of Saudi Arabia (GSTAT) Latest 25.503
actual data: 2020 N
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-8.67
Source: National Statistics Office Latest actual data: 2020 Notes: The authorities are currently rebasing the18.633
national accounts
Source: National Statistics Office Latest actual data: 2020 Notes: The authorities are currently rebasing the14.403
national accounts
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-4.23
Source: National Statistics Office. Data from Turkish Statistical Institute (TurkStat) Latest actual data: 202028.199
National accounts
Source: National Statistics Office. Data from Turkish Statistical Institute (TurkStat) Latest actual data: 202025.218
National accounts
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-3.161
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: European System17.72
of Accounts (ESA
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: European System
12.697
of Accounts (ESA
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-5.024
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
21.201
Accounts (SNA)
Source: National Statistics Office Latest actual data: 2020 National accounts manual used: System of National
20.156
Accounts (SNA)
See notes for: Gross domestic product, current prices (National currency) Current account balance (U.S. dollars).
-2.246
Column7
Column8
Column9
Column10
Column11
2016
2017
2018
2019 Estimates Start After
19.283
18.481
18.039
18.192
2019
28.312
26.058
30.197
29.897
2019
9.029
7.576
12.158
11.705
2019
24.627
24.272
24.139
22.535
2020
20.816
21.976
21.909
23.27
2020
-3.277
-2.583
-2.092
0.708
2020
14.97
14.626
15.095
15.403
2020
13.607
13.558
12.411
11.94
2020
-1.362
-1.068
-2.684
-3.463
2020
22.761
23.55
23.2
22.988
2020
19.673
20.748
20.86
20.938
2020
-3.088
-2.803
-2.341
-2.051
2020
42.655
43.172
43.961
43.068
2020
44.359
44.71
44.136
43.786
2020
1.704
1.538
0.174
0.718
2020
22.609
23.436
23.857
24.365
2020
22.123
22.67
23.026
24.074
2020
-0.486
-0.767
-0.831
-0.291
2020
19.967
20.962
21.905
22.141
2020
28.475
28.765
29.748
29.587
2020
8.508
7.803
7.843
7.446
2020
30.172
30.982
32.07
30.664
2021
29.547
29.147
29.953
29.809
2021
-0.626
-1.835
-2.117
-0.855
2020
33.859
33.711
34.571
33.78
2020
32.04
32.116
31.633
31.077
2020
-1.819
-1.595
-2.938
-2.703
2020
17.561
18.054
18.529
18.011
2020
20.156
20.632
21.04
21.216
2020
2.594
2.578
2.511
3.206
2020
24.836
25.215
25.556
25.82
2020
28.788
29.343
29.087
29.257
2020
3.953
4.128
3.53
3.437
2020
30.143
32.288
31.487
31.495
2020
36.674
36.923
35.977
35.109
2020
6.531
4.635
4.49
3.614
2020
23.621
22.905
22.711
21.166
2020
21.359
21.143
20.658
20.856
2020
-2.262
-1.762
-2.053
-0.311
2020
23.095
23.607
21.918
22.759
2020
25.006
25.65
28.916
26.629
2020
1.911
2.043
6.998
3.87
2020
30.933
28.852
24.077
28.776
2020
27.236
30.371
33.228
33.597
2020
-3.697
1.52
9.151
4.821
2020
16.96
14.332
-2.628
28.02
24.98
-3.111
17.847
12.413
-5.434
20.567
18.907
-2.127
16.611
14.282
-2.328
30.694
26.013
-4.752
18.166
14.397
-3.769
20.79
19.486
-1.857
16.541
13.313
-3.228
29.377
27.693
-2.789
17.765
14.084
-3.682
21.145
19.611
-2.135
16.021
13.288
-2.733
25.049
26.052
0.889
18.34
15.246
-3.094
21.365
19.446
-2.209
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
2020
Country Group
Subject
Name
Descriptor
Units
Scale
European Union
InvestmentPercent of GDP
European Union
Gross national
Percent
savings
of GDP
European Union
Current account
Percent
balance
of GDP
Country/Series-specific
2015 Notes2016
20.742
20.946
23.999
24.332
3.269
3.4
International Monetary Fund, World Economic Outlook Database, October 2021
2017
21.571
24.956
3.396
2018
22.146
25.303
3.171
2019 Estimates Start After
22.906
25.777
2.873
ECN 171 Economy of East Asia
Problem Set 4
The Current Situation
1. Using the IMF WEO Database from October 2021, download the following data series for all of the
19 individual countries in the G-20 (exclude the EU, which is a country-group and so would require
additional tabulation) for the years 2015-2019. Members of the G-20 are Argentina, Australia, Brazil,
Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi
Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union.
Gross National Savings (as percent of GDP)
Total Investment (as percent of GDP)
Current Account Balance (as percent of GDP)
Use the data series to answer the following questions:
a. Which country has the highest average savings (as a percentage of GDP) over the period 2015-2019?
Which country has the lowest?
b. Compute Gross National Savings minus Total Investment for each year in each country, then the
average of these across the 5 years (2015-2019) for each country. Which country has the highest
average level of Savings minus Investment over the period? Which country has the lowest?
c. Which country had the biggest average (over 2015-2019) current account surplus as a percentage of
GDP? Which country had the biggest current account deficit?
2. Using your 5-year averages computed in #1b and #1c, create a scatter plot of the values for current
account balance and S-I from the G-20 countries (you should have 19 dots on the chart). Do you see a
pattern? Insert a fit line by right-clicking on a data point and selecting “trend line,” then right-click on
the “trend line” to display the equation. What is the correlation between x and y? (Note: for us this is
just a “fit line” because we have just one value of each variable per country, not a trend line, but we are
working within the Excel commands and that’s what they call it.)
3. How have current account balances changed since 2019 for the United States and for China?
4. Read the article “Current Account Deficits: Is there a problem?” by Atish Ghosh and Uma
Ramakrishnan:
https://www.imf.org/external/pubs/ft/fandd/basics/current.htm.
How do the authors define the current account (see paragraph 2 under “Measuring the Current
Account”)? Does this article help you explain the chart you made in #2?
ECN 171 Economy of East Asia
Homework 1
1. Find the International Monetary Fund’s October 2021 World Economic Outlook Database online. For
China, South Korea, Japan, and the United States, download the series for PPP-adjusted share of world
GDP and the real GDP growth rate (GDP at constant prices, percent change), 1990-2026.
a. Plot each country’s contribution to global GDP (their PPP-adjusted share of world GDP) over
time, with all 4 series on the same chart. What was each country’s share of world GDP in 1990?
In 2019? What does the IMF predict it will be in 2026?
b. Plot each country’s real GDP growth rate over time 1990-2026, again with all 4 series on the
same chart.
c. What is the (simple, arithmetic) average annual growth rate for each country 2010-2019?
What was it in 2021? (IMF’s estimate for 2021 is fine to answer this—they indicate where
estimates replace finalized data using shading or a note.)
2. What happened to each country’s real GDP growth rate in 2020? Which country was hit hardest by
the pandemic by this measure (compared to their pre-COVID level of growth in 1.c. above)? Which
country rebounded the most quickly in 2021?
3. Using the world GDP shares as weights, compute how many percentage points each country
contributed to the global GDP growth rate in 1990 versus 2021 and (predicted) 2026.
4. Using the same database, Download the series for the world real GDP growth rate (constant prices
percent change), 1990-2026. It is in percentage points. What fraction of the global growth rate in 1990,
2021, and 2026 is contributed by China’s growth? (Just use the ratio of what you computed in #2 above
to the world GDP growth series for a rough estimate.)
ECN 171 Economy of East Asia
Homework 2
1. Download the data for the Penn World Table (now maintained by UC Davis and the University of
Groningen) in Excel format at www.rug.nl/ggdc/productivity/pwt . You should obtain a file called
‘pwt100.xlsx’.
a. Compute real GDP per capita for China (mainland), Hong Kong, Indonesia, Japan, Malaysia, the
Philippines, Singapore, South Korea, Thailand, and Vietnam by dividing rgdpo by pop. Chart them on one
graph. Which entity has the highest and lowest recorded GDP per capita in 1960? In 2019?
b. Look at household consumption (csh_c) and investment (csh_i) as a share of gdp.
i. Compare the average of I/Y in these countries with that of the US between 1960 and 2019.
Who invested more than the US as a fraction of GDP? Who invested less?
ii. Create a bar chart with the averages for I/Y that you computed above and the average of C/Y
in these countries over the same time period (1960-2019). Do you see a pattern between the
ranking of investment-to-GDP ratios versus the ranking of consumption-to-GDP ratios? What is
the implication of high investment rates for consumption? Can you explain this using the
national accounting identity (Y = C + I + G + NX, assume for simplicity that there is a closed
economy).
iii. Have consumption-to-GDP ratios changed much 2014-2019 compared to 1960-2019? Which
two entities have the lowest average consumption ratio 2014-2019? What are the ratios?
From Asia Rising:
1. What role did the Korean war play in Japan’s industrial development?
2. What investments in human capital do you see in Japan and South Korea in the film?
3. What examples of a focus on heavy industry did you see in the film?
4. Where did Park Chung Hee get the funds to finance the construction of the first large steel
mill in South Korea?
171 HW1
Yuzhao Xie
Q1
(a)
In 1990, the share of world GDP of Japan is 9.095%
United States is 21.642%
China is 4.011%
South Korea is 1.174%
In 2019, the share of world GDP of Japan is 4.189%
United States is 15.814%
China is 17.312 %
South Korea is 1.712%
In 2026, the share of world GDP of Japan is 3.47%
United States is 14.985%
China is 20.816 %
South Korea is 1.653%
(b)
(c)
Though 2010-2019, the average annual growth rate of Japan is 1.2362
United States is 2.2508
China is 7.669
South Korea is 3.3328
Q2
All of these four countries’ growth rate decrease a lot. Japan, United States and korea’s growth rate
change from positive to negative. Japan change from 0.015 to -4.586; United States change from
2.289 to -3.405; China change from 5.951 to 2.342 and Korea change from 2.244 to -0.852.
In 2021
Japan rebounded from -4.586 to 2.358.
United States rebounded from -3.405 to 5.973.
China rebounded from 2.342 to 8.015.
Korea rebounded from -0.852.to 4.278.
From the cable above, we can find out that United States rebounded the most quickly in 2021.
Q3
For 1990:
For 2021:
For 2026:
Q4
Yuzhao Xie
917307689
Question 1
a)
The highest in 1960 is China, Hong Kong. The lowest in 1960 is Viet Nam
The highest in 2019 is Singapore. The lowest in 2019 is Viet Nam.
Question 2
bi)
bii)
biii)

Purchase answer to see full
attachment

Explanation & Answer:
3 pages

Tags:
accounting

East Asia

Economy

User generated content is uploaded by users for the purposes of learning and should be used following Studypool’s honor code & terms of service.