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'China's Vulnerability Paradox' explains the uneven transformations in global commodity markets resulting from China's contemporary, dramatic economic growth. At times, China displays vulnerabilities towards global commodity markets because of unequal positions of market power. Why is it that Chinese stakeholders are often unable to shape markets in their preferred direction? Why have some markets undergone fundamental changes while other similar ones did not? And how can we explain the uneven liberalization dynamics across markets? Through a series of case studies, Pascale Massot argues that the balance of market power between Chinese domestic and international market stakeholders explains their behavior as well as the likelihood of global institutional change.

Commodity exchanges --- Mineral industries --- China --- Foreign economic relations. --- Finance and Accounting. --- Economics. --- China, commodities, global markets, iron ore, copper, potash, uranium, market power, pricing regimes, liberalization

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We construct a novel measure of technology adoption, the Embodied Technology Imports Indicator (ETI), available for 181 countries over the period 1970-2020. The ETI measures the technological intensity of imports of each country by leveraging patent data from PATSTAT and product-level trade data from COMTRADE. We use this index to assess the link between capital flows and the diffusion of new technologies across emerging economies and low-income countries. Through a local projection difference-in-differences approach, we establish that variations in statutory capital flow regulations increase technological intensity by 7-9 percentage points over 5 to 10 years. This increase is accompanied by a significant 28-33 pp rise in the volume of gross capital inflows, driven primarily by foreign direct investment (21 pp increase), and a 9 to 12 percentage points shift in the level of Real GDP per capita in PPP terms.

Balance of payments --- Capital account liberalization --- Capital account --- Capital flows --- Capital movements --- Currency crises --- Current Account Adjustment --- Diffusion Processes --- Economic & financial crises & disasters --- Economics of specific sectors --- Economics --- Economics: General --- Exports and Imports --- General issues --- Imports --- Industries: Information Technololgy --- Informal sector --- Information technology industries --- Innovation and Invention: Processes and Incentives --- Innovation --- Institutions and Growth --- Intellectual Property Rights: General --- International economics --- International Investment --- International trade --- Long-term Capital Movements --- Macroeconomics --- Research and Development --- Short-term Capital Movements --- Technological Change --- Technological Change: Choices and Consequences --- Technology --- Trade: General