"The Belt and Road"Initiative and Global Economic Governance——Based on the Perspective of External Imbalance
Tackling the imbalance of the world economy has become one of the critical issues of global economic gover-nance.In this context,China's Belt and Road Initiative provides a new path for global economic governance.This paper first theoretically shows the mechanism of"the Belt and Road"Initiative on the external imbalance in partici-pating countries,then empirically tests the impact of"the Belt and Road"Initiative by constructing difference-in-difference framework based on the sample data of 130 economies from 2000 to 2020.The results show that"the Belt and Road"Initia-tive has significantly alleviated external imbalance for participation entities and played a positive role in global economic gover-nance.The validity of this conclusion is verified by a series of robustness tests.Heterogeneity analysis shows that the reduction effect is more significant in economies with middle-high income,low level of financial development,and persistent current ac-count deficit.Mechanism analysis reveals that"the Belt and Road"Initiative alleviates external imbalance through channels of trade,finance,and optimization of the scale and structure of equity assets.This study highlights the function of"the Belt and Road"Initiative from the perspective of global economic governance.It provides important policy implications for promoting the adjustment of external imbalance and improving the global economic governance system in practice while effectively contributing to the high-quality development of"the Belt and Road"Initiative.
"The Belt and Road"InitiativeGlobal Economic GovernanceExternal Imbalance
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