Exploring Emerging Markets’ Demographic and Macroeconomic Dynamics and the Middle Class Growth: The Case of China and India
By:
References
- Adelman, I., & Morris, C. T. (1967). Society, politics & economic development: a quantitative approach. Baltimore: Johns Hopkins Press.
- Asian Development Bank (2020). Regional Comprehensive Economic Partnership: Overview and Economic Impact. ADB Briefs No. 164.
- Retrieved from
https://www.adb.org/sites/default/files/publication/664096/adb-brief-164-regional-comprehensive-economic-partnership.pdf - Baccini, L. (2018). The Economics and Politics of Preferential Trade Agreements. Annual Review of Political Science, 22(1), 1-29. DOI: 10.1146/annurev-polisci-050317-070708
- Banerjee, A. V., & Duflo, E. (2008). What is Middle Class about the Middle Classes around the World? Journal of Economic Perspectives, 22(2), 3-28. DOI: 10.1257/jep.22.2.3
- Barton, D., Chen, Y., & Jin, A. (2013). Mapping China’s middle class. McKinsey Quarterly, June, 2013. Retrieved from
https://www.mckinsey.com/industries/retail/our-insights/mapping-chinas-middle-class - Basole, A., Shrivastava, A., Jayadec, A., & Abraham, R. (2018). State of Working India 2018. Bengaluru: Azim Premji University. Retrieved from
https://cse.azimpremjiuniversity.edu.in/state-of-working-india/swi-2021/ . - Beckley, M., & Brands, H. (2021). The end of China’s rise. Beijing is running out of time to remake the world. Retrieved from
https://www.foreignaffairs.com/articles/china/2021-10-01/end-chinas-rise - Bhalla, S. S. (2007). Second among Equals: The Middle Class Kingdoms of India and China. Washington DC: Peterson Institute for International Economics. Retrieved from
https://www.researchgate.net/publication/228386466_Second_among_Equals_The_Middle_Class_Kingdoms_of_India_and_China - Bloom, D.E., Canning, D., Hu, L., Liu, Y., Mahal, A., & Yip, W. (2010). The contribution of population health and demographic change to economic growth in China and India. Journal of Comparative Economics, 38(1), 17-33.
- Boussie, A., & Kersley, R. (2018). The »Supertrend«: Still on track. Emerging Consumer Survey 2018 (pp.13-22). Zürich: CreditSuisse AG. Retrieved from D:/ecs-2018.pdf.
- Brandi, C., & Büge, M. (2014). A Cartography of the New Middle Classes in Developing and Emerging Countries (Discussion Paper 35/2014). Bonn: German Development Institute. Retrieved from
https://www.die-gdi.de/en/discussion-paper/article/a-cartography-of-the-new-middle-classes-in-developing-and-emerging-countries/ - Bray, C. (2018). US trade war forces businesses to rethink Chinese investments amid fears dispute will drag on into new year (South China Morning Post). Retrieved from
https://www.scmp.com/business/china-business/article/2180014/us-trade-war-forces-businesses-rethink-chinese-investments . - Brueckner, M., Dabla-Norris, E., Gradstein, M., & Lederman, D. (2018). The rise of the middle class and economic growth in ASEAN. Journal of Asian Economics, 56, 48-58. DOI: 10.1016/j.asieco.2017.12.008
- Carillo Hermosilla, J., & Martinez Chafla, P. (2003). Technology transfer and sustainable development in emerging economies: The problem of technology lock-in. Madrid: Instituto de Empresa Centre for Environmental & Energy Studies. Retrieved from
https://latienda.ie.edu/working_papers_economia/WP03-01.pdf - Casson, M., & Wadeson, N. (2018). Emerging market multinationals and internalization theory. International Business Review, 27(6), 1150-1160. DOI: 10.1016/j.ibusrev.2018.04.006
- Cavusgil, S. T., Deligonul, S., Kardes, I., & Cavusgil, E. (2018). Middle-Class Consumers in Emerging Markets: Conceptualization, Propositions, and Implications for International Marketers. Journal of International Marketing, 26(3), 94-108.
http://doi.org/10.1509/jim.16.0021 - Center for Strategic and International Studies (2021). How well-off is China’s middle class? Retrieved from
https://chinapower.csis.org/china-middle-class/ - Centre for sustainable employment (2018). State of Working India 2018. Bengaluru: Azim Premji University. Retrieved from
https://cse.azimpremjiuniversity.edu.in/state-of-working-india/swi-2021/ . - Chenaf Nicet, D., & Rougier, E. (2016). The effect of macroeconomic instability on FDI flows: A gravity estimation of the impact of regional integration in the case of Euro-Mediterranean agreements. International Economics, 45, 66-91. DOI: 10.2139/ssrn.2575793
- Choundry, M.T., & Elhorst, P. (2010). Demographic Transition and Economic growth in China, India and Pakistan. Economic Systems, 34(3), 218-236.
https://doi.org/10.1016/j.ecosys.2010.02.001 - Colmenares, A., Yan, X., & Wang, W. (2021). Determinants in the forecast of the gross national income of China and India from 1952 to 2015. Journal of Management Science and Engineering, 6(3), 268-294.
- Cruz, M., & Ahmed, S. A. (2018). On the impact of demographic change on economic growth and poverty. World Development, 105, 95-106. DOI: 10.1016/j.worlddev.2017.12.018
- Curtis, C.C., Lugauer, S., & Mark, C.N. (2017). Demographics and aggregate household savings in Japan, China, and India. Journal of Macroeconomics, 51, 175-191.
https://doi.org/10.1016/j.jmacro.2017.01.002 - Daugherty, G. (2021). America’s Middle Class is Losing Ground Financially. Investopedia. Understanding Income Inequality. Retrieved from
https://www.investopedia.com/insights/americas-slowly-disappearing-middle-class/ - DaVanzo, J., Dogo, H., & Grammich, C. A. (2011). Demographic Trends, Policy Influences, and Economic Effects in China and India through 2025. RAND Working Paper Series, 1-75.
https://www.rand.org/pubs/working_papers/WR849.html - Davies, K. (2013). China Investment Policy: An Update. Paris: OECD. Retrieved from
https://www.oecd.org/china/WP-2013_1.pdf .https://doi.org/10.1787/5k469l1hmvbt-en - Drabble, S., Ratzmann, N., Hoorens, S., Khodyakov, D., & Yakub, O. (2015). The rise of a global middle class. Global societal trends to 2030: Thematic report 6. Cambridge: RAND Europe. Retrieved from
https://www.rand.org/pubs/research_reports/RR920z6.html - Easterly, W. (2001). The middle class consensus and economic development. Journal of Economic Growth, 6(4), 317-335.
https://doi.org/10.1023/A:1012786330095 - Estrin, S., Nielsen, B. B., & Nielsen S. (2017). Emerging Market Multinational Companies and Internationalization: The Role of Home Country Urbanization. Journal of International Management, 23(3), 326-339. DOI: 10.1016/j.intman.2016.11.006
- European Parliament (2021). Short overview of the Regional Comprehensive Economic Partnership (RCEP). Retrieved from
https://www.europarl.europa.eu/RegData/etudes/BRIE/2021/653625/EXPO_BRI(2021)653625_EN.pdf - Fengler, W., & Kharas, H. (2017). A golden age for business? Every second five people are entering the global middle class. Retrieved from
https://www.brookings.edu/blog/future-development/2017/07/27/a-golden-age-for-business-every-second-five-people-are-entering-the-global-middle-class/ . - Glawe, L., & Wagner, H. (2020). China in the middle-income trap? China Economic Review, 60(C). doi:10.1016/j.chieco.2019.01.003
- Golley, J., & Tyers, R. (2013). Contrasting Giants: Demographic Change and Economic Performance in China and India. Procedia – Social and Behavioral Sciences, 77, 353-383.
https://doi.org/10.1016/j.sbspro.2013.03.093 - Gradin, C., & Wu, B. (2020). Income and consumption inequality in China: A comparative approach with India. China Economic Review, 62, 101463.
https://doi.org/10.1016/j.chieco.2020.101463 - Gross, D. M., & Ryan, M. (2008). FDI location and size: Does employment protection legislation matter? Regional Science and Urban Economics, 38(6), 590-605.
- Guercini, S., & Runfola, A. (2016). How western marketers respond to the new middle class in emerging market cities: The case of Italian fashion marketers. International Business Review, 25(3), 691-702. DOI: 10.1016/j.ibusrev.2015.10.003
- Javalgi, R., & Grossman, D. A. (2016). Aspirations and entrepreneurial motivations of middle-class consumers in emerging markets: The case of India. International Business Review, 25(3), 657-667.
https://doi.org/10.1016/j.ibusrev.2015.10.008 - Kardes, I. (2016). Reaching middle class consumers in emerging markets: Unlocking market potential through urban-based analysis. International Business Review, 25(3), 703-710. DOI: 10.1016/j.ibusrev.2016.03.005
- Kersley, R., & Bhatti, M. (2018). The Emerging Consumer in 2018. In Emerging Consumer Survey 2018 (pp. 5-12). Zürich: CreditSuisse AG. Retrieved from D:/ecs-2018.pdf.
- Ketteni, E., & Kottaridi, C. (2019). The impact of regulations on the FDI-growth nexus within the institution-based view: A nonlinear specification with varying coefficient. International Business Review, 28(3), 415-427. DOI: 10.1016/j.ibusrev.2018.11.001
- Kharas, H. (2010). The emerging middle class in developing countries. Paris: OECD Development Centre. Working Paper No. 285. Retrieved from
https://www.oecd.org/development/pgd/44457738.pdf - Kharas, H. (2017). The unprecedented expansion of the global middle class. Washington: Brookings Institution. Retrieved from
https://www.brookings.edu/wp-content/uploads/2017/02/global_20170228_global-middle-class.pdf - Klerk, E., & Irwin, S. (2018). An active lifestyle or virtual reality. In Emerging Consumer Survey 2018 (pp. 23-37.). Zürich: Credit Suisse AG. Retrieved from D:/ecs-2018.pdf.
- KPMG International. (2018). China Outlook 2018. Retrieved from
https://home.kpmg/xx/en/home/insights/2018/03/china-outlook-2018.html - Landes, D. S. (1998). The wealth and poverty of nations: why some are so rich and some so poor. London: Little, Brown, and Co.
- Lee, A. (2021). China debt: Has it changed in 2021 and how big is now? South China Morning Post, June 2021. Retrieved from
https://www.scmp.com/economy/china-economy/article/3135883/china-debt-has-it-changed-2021-and-how-big-it-now - Lee, Y. N. (2021a). These charts show the dramatic increase in China’s debt. Retrieved from
https://www.cnbc.com/2021/06/29/china-economy-charts-show-how-much-debt-has-grown.html . - Liu, S., & Hu, A. (2013). Demographic change and economic growth: Theory and evidence from China. Economic Modelling, 35, 71-77. DOI: 10.1016/j.econmod.2013.06.041
- Mester, L. J. (2017). Demographics and Their Implications for the Economy and Policy. Washington: Federal Reserve Bank of Cleveland. Retrieved from D:/sp%2020171116.pdf
- Ministry of Commerce, People’s Republic of China (2021). China FTA Network. Regional Comprehensive Economic Partnership (RCEP). Retrieved from
http://fta.mofcom.gov.cn/topic/enperu_recp.shtml - Mishra, P. (2018). Will the world’s largest democracy create a new kind of consumer? Retrieved from:
https://www.ey.com/en_gl/growth/is-the-chinese-consumer-the-future-consumer . - Mitra, A., & Kadam, R. (2018). India – Top of the rankings. In Emerging Consumer Survey 2018 (pp. 60-61). Zürich: CreditSuisse AG. Retrieved from D:/ecs-2018.pdf.
- Mitra, A., Chen, C., & Klerk, E. (2018). Consumer Titans. In Emerging Consumer Survey 2018 (pp. 49-55). Zürich: CreditSuisse AG. Retrieved from D:/ecs-2018.pdf.
- Naglič, A. (2011). Primerjalna analiza tržnih potencialov dinamičnih trgov držav BRIIVC (A comparison analysis of market potentials of dynamic markets BRIIVC). Naše gospodarstvo/Our economy, 57(3-4), 33-43.
- Nuruzzaman, N., Singh, D., & Pattnaik, C. (2019). Competing to be innovative: Foreign competition and imitative innovation of emerging economy firms. International Business Review, 28(5), 1-10. DOI: 10.1016/j.ibusrev.2018.03.005
- Ozturk, A. (2016). Examining the economic growth and the middle-income trap from the perspective of the middle class. International Business Review, 25(3), 726-738. DOI: 10.1016/j.ibusrev.2015.03.008
- Peterson, E.W.F. (2017). The Role of Population in Economic Growth. SAGE Open October-December 2017, 1– 15. Retrieved from
https://digitalcommons.unl.edu/ageconfacpub/171/ .https://doi.org/10.1177/2158244017736094 - Pew Research Center (2009). The global middle class. Views on democracy, religion, values, and life satisfaction in emerging nations. Washington, DC: Pew Research Center. Retrieved from
https://www.pewresearch.org/global/2009/02/12/the-global-middle-class/ . - Pew Research Center. (2016). America’s Shrinking Middle Class: A Close Look at Changes Within Metropolitan Areas. Retrieved from
http://www.pewsocialtrends.org/2016/05/11/americas-shrinking-middle-class-a-close-look-at-changes-within-metropolitan-areas/ . - PopulationPyramid.net (2019). Population pyramids of the world. Retrieved from
https://www.populationpyramid.net/ - Ravallion, M. (2010). The Developing World’s Bulging (but Vulnerable) “Middle Class”. World Development, 38(4), 445-454.
- Research Unit for Political Economy. (2015). India’s middle class is almost impossible to define. Retrieved from
https://qz.com/india/578793/indias-middle-class-is-almost-impossible-to-define/ . - Roy, A. (2018). The Middle Class in India: From 1947 to the Present and Beyond. Education about Asia, 23(1), 32-37.
- Schettino, F., & Khan, H. A. (2020). Income polarization in the USA: What happened to the middle class in the last few decades? Structural Change and Economic Dynamics, 53, 149-161. DOI: 10.1016/j.strueco.2019.12.003
- Schettino, F., Gabrielle, A., & Khan, H. A. (2021). Polarization and the middle class in China: A non-parametric evaluation using CHNS and CHIP data. Structural Change and Economic Dynamics, 57, 251-264.
https://doi.org/10.1016/j.strueco.2021.04.002 - Shashidhar, K. (2019). Who is ‘Middle Class’ in India, Today? Retrieved from Bloomberg:
https://www.bloombergquint.com/bq-blue-exclusive/who-is-middle-class-in-india-today . - Shome, S. (2013). India’s urbanization and business attractiveness by 2020. Cities, 31, 412-416. DOI: 10.1016/j.cities.2012.06.015
- Silverstein, M. J., Singhi, A., Liao, C., & Michael, D. (2012). The $10 trillion prize: captivating the newly affluent in China and India. Boston: Harvard Business Review Press.
- The World Bank Group (2007). Global Economic Prospects – Managing the Next Wave of Globalization. Washington: The World Bank Group. Retrieved from
https://openknowledge.worldbank.org/handle/10986/7157 . - The World Bank Group (2018). India’s Growth Story Since the 1990s Remarkably Stable and Resilient. Retrieved from
https://www.worldbank.org/en/news/press-release/2018/03/14/india-growth-story-since-1990s-remarkably-stable-resilient . - The World Bank Group (2019). Global Economic Prospects: Darkening Skies. Washington: The World Bank Group.
- The World Bank Group (2019a). The changing nature of work. Washington: The World Bank Group.
- The World Bank Group (2021). The World Bank data. Indicators. Retrieved from
https://data.worldbank.org/indicator?tab=all . - The World Bank Group (2021a). The World bank databank. World development indicators. Retrieved from
https://databank.worldbank.org/source/world-development-indicators - United Nations (n.d.). World Population Prospects 2019. Retrieved from
https://population.un.org/wup/Country-Profiles/ . - United Nations (n.d.a). World Urbanization Prospects 2018. Retrieved from
https://population.un.org/wup/ . - Wang, J., & Xie, Y. (2015). Feeling good about the iron rice bowl: Economic sector and happiness in post-reform urban China. Social Science Research, 53, 203-217.
https://doi.org/10.1016/j.ssresearch.2015.05.008 - Wheary, J. (2010). The Global Middle Class Is Here: Now What? World Policy Journal, 26 (4), 75-83.
https://doi.org/10.1162/wopj.2010.26.4.75 - Woetzel, J., Lin, D. Y., Seong, J., Madgavkar, A., & Lund, S. (2017). China’s role in the next phase of globalization. McKinsey Global Institute. Retrieved from
https://www.mckinsey.com/featured-insights/china/chinas-role-in-the-next-phase-of-globalization - Wong, D. (2021). China’s Six New Free Trade Zones: Where are they located? (2019 Expansion). China Briefing, September 2021. Retrieved from
https://www.china-briefing.com/news/china-free-trade-zones-six-provinces/ - Wong, S.-L. (2021a). The World Ahead 2022: China is unlikely to re-open its borders in 2022. Retrieved from
https://www.economist.com/the-world-ahead/2021/11/08/china-is-unlikely-to-re-open-its-borders-in-2022 - Yu, L. (2018). China’s Free Trade Area Strategy: an alternative avenue to China’s »peaceful« rise? The Social Science Journal, 57(2), 206-218.
https://doi.org/10.1016/j.soscij.2018.10.009
Language: English
Page range: 33 - 55
Submitted on: Oct 1, 2021
Accepted on: Nov 1, 2021
Published on: Dec 30, 2021
Published by: University of Maribor, Faculty of Organizational Science
In partnership with: Paradigm Publishing Services
Publication frequency: 4 issues per year
Keywords:
Related subjects:
© 2021 Romana Korez Vide, Irena Zavrl, Anica Hunjet, published by University of Maribor, Faculty of Organizational Science
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.