Asia Rising

Asia Rising
Author: Hal Hill
Publisher: Edward Elgar Publishing
Total Pages: 449
Release: 2013-01-01
Genre: Business & Economics
ISBN: 1781007985

'This book provides a coherent and current account of how India, Indonesia, Malaysia, Thailand, the Philippines and the People's Republic of China coped with the Asian financial crisis of the 1990s and the recent global economic recession, and how they may address future challenges in maintaining growth in difficult times. It features a valuable overview of issues from a regional perspective, five chapters on general elements and obstacles in development, and individual chapters on the experience of each of the six countries. Every chapter is replete with relevant institutional and statistical data. The volume fills a void in the literature and is highly recommended for graduate students and for economists concerned with contemporary Asia.' – Peter Drake, The University of New England and Australian Catholic University, Australia 'To understand what makes Asia tick in the face of continuing global uncertainty and instability one has to go beyond numbers into the region's psyche and idiosyncrasies. This volume provides an interestingly intrusive and refreshingly insightful analysis of a highly complex phenomenon that defies generalizations as shown by the diversity of individual country experiences.' – Mohamed Ariff, International Centre for Education in Islamic Finance (INCEIF), Malaysia The center of global economic activity is shifting rapidly towards Asia, driven by a combination of the economic dynamism of the People's Republic of China, India, and other middle-income Asian countries, and sluggish growth in the OECD economies. The rapid growth and rising global prominence have raised a range of major challenges for Asia and for the rest of the world. This comprehensive, forward-looking book examines these issues through in-depth studies of major Asian economies and an analysis of the key development policy options. The contributors, leading international authorities in their field, explore cross-cutting thematic issues with special reference to developing Asia. They address a broad range of subjects including: investment and productivity, savings and the savings–investment relationship, financial development, the provision of infrastructure, and governance and institutions. Detailed country studies focusing on the People's Republic of China, India, Indonesia, Malaysia, the Philippines, and Thailand not only provide an analytical narrative for each case study, but also draw attention to the similarities and diversity within the region. This challenging and thought-provoking book will prove an important point of reference for scholars, researchers, and students in the fields of economics, development economics, and Asian studies.

Avoiding the Fall

Avoiding the Fall
Author: Michael Pettis
Publisher: Brookings Institution Press
Total Pages: 172
Release: 2013-09-24
Genre: Political Science
ISBN: 0870034081

The days of rapid economic growth in China are over. Mounting debt and rising internal distortions mean that rebalancing is inevitable. Beijing has no choice but to take significant steps to restructure its economy. The only question is how to proceed. Michael Pettis debunks the lingering bullish expectations for China's economic rise and details Beijing's options. The urgent task of shifting toward greater domestic consumption will come with political costs, but Beijing must increase household income and reduce its reliance on investment to avoid a fall.

Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies

Spillovers from China’s Growth Slowdown and Rebalancing to the ASEAN-5 Economies
Author: Allan Dizioli
Publisher: International Monetary Fund
Total Pages: 35
Release: 2016-08-09
Genre: Business & Economics
ISBN: 1475524269

After many years of rapid expansion, China’s growth is slowing to more sustainable levels and is rebalancing, with consumption becoming the main growth driver. This transition is likely to have negative effects on its trading partners in the near term. This paper studies the potential spillovers to the ASEAN-5 economies through trade, commodity prices, and financial markets. It finds that countries with closer trade linkages with China (Malaysia, Singapore, and Thailand) and net commodity exporters (Indonesia and Malaysia) would suffer the largest impact, with growth falling between 0.2 and 0.5 percentage points in response to a decline in China’s growth by 1 percentage point depending on the model used and the nature of the shock. The impact could be larger if China’s slowdown and rebalancing coincides with bouts of global financial volatility. There are also opportunities from China’s rebalancing, both in merchandise and services trade, and there is preliminary evidence that some ASEAN-5 economies are already benefiting from these trends.

Economic Development of Emerging East Asia

Economic Development of Emerging East Asia
Author: Frank S.T. Hsiao
Publisher: Anthem Press
Total Pages: 385
Release: 2017-09-27
Genre: Business & Economics
ISBN: 1783086890

Economic Development of Emerging East Asia presents economic studies of Taiwan and South Korea, compares them chiefly with Japan and the United States and finds that these East Asian countries are still in the process of emerging in the world economy. A timely quantitative and econometric analysis of the regional economies of emerging East Asia, the volume examines development indicators, effects of the 1997 Asian financial crisis, productivity growth, catching up and convergence of long run real GDP per capita growth, the time required for a country to catch up, colonialism and economic development in Taiwan and India. Arranged in increasing complexity of economic analyses, the chapters in this book provide a comprehensive understanding of emerging East Asian economies. In addition to serving as a handy reference for regional economists, policy analysts and researchers, Economic Development of Emerging East Asia can also be used as a textbook on economics and business.

The Global Trade Slowdown and Its Implications for Emerging Asia

The Global Trade Slowdown and Its Implications for Emerging Asia
Author: Board of Governors of the Federal Reserv
Publisher: Createspace Independent Publishing Platform
Total Pages: 34
Release: 2016-11-18
Genre:
ISBN: 9781542904476

The global economy is at a critical juncture today. According to the International Monetary Fund's latest World Economic Outlook, global gross domestic product (GDP) is set to grow at only 3.1 percent this year, the lowest rate of growth since the Global Financial Crisis. Investment and productivity remain subdued, despite extremely low and even negative interest rates in many economies. One key aspect of global weakness that is of particular relevance to emerging Asian economies is the sharp slowdown in global trade. This slowdown represents a notable departure from the "normal" times of the past few decades, and is the subject of my remarks today.

Inclusive, Balanced, Sustained Growth in the Asia-Pacific

Inclusive, Balanced, Sustained Growth in the Asia-Pacific
Author: Peter A Petri
Publisher: Institute of Southeast Asian Studies
Total Pages: 148
Release: 2010
Genre: Business & Economics
ISBN: 9812309667

The recovery of the Asia-Pacific region from the global economic crisis of 2008_2009 is underway but incomplete. Risks range from slow growth and persistent unemployment to re-emerging international imbalances and financial volatility. While early policy responses to the crisis were successful in avoiding a larger calamity, new policy strategies are now needed to resolve imbalances among the United States, China, and other economies, and to build robust demand in the medium term. This report, drafted by an international team of experts for the Pacific Economic Cooperation Council (PECC), provides a policy framework for completing the recovery and achieving sustained growth beyond it. The report identifies priorities for replacing stimulus programmes with structural reforms, and for launching new growth engines to drive investment and employment throughout the Asia-Pacific region. Led by Professor Peter Petri (Brandeis University/East-West Center), the team included eminent scholars from China, Japan, the United States and other countries. The report presents a regional strategy as well as separate, detailed analyses of the challenges facing China, Advanced Asia, Southeast Asia, North America, and South America. It concludes that inclusive, balanced, sustained growth in the region is feasible, but will require structural reforms that change economic relationships within economies and among them, and substantial international cooperation in implementing coherent national policies.

Poverty and Sustainable Development in Asia

Poverty and Sustainable Development in Asia
Author: Armin Bauer
Publisher: Asian Development Bank
Total Pages: 532
Release: 2015-01-01
Genre: Social Science
ISBN: 9290920653

This joint publication from the Asian Development Bank and the Asian Development Bank Institute features selected papers from the September 2009 conference on the social and environmental impact of the global economic crisis on Asia and the Pacific, especially on the poor and vulnerable. The publication is designed with the needs of policy makers in mind, utilizing field, country, and thematic background studies to cover a large number of countries and cases. This publication suggests that the crisis is an opportunity to rethink the model of development in Asia for growth to become more inclusive and sustainable. Issues that need to be more carefully considered include: closing the gap of dualistic labor markets, building up social protection systems, rationalizing social expenditures, addressing urban poverty through slum upgrading, promoting rural development through food security programs in pro-poor growth potential areas, and concentrating climate change interventions on generating direct benefits for the environments of the poor.

The Global Financial Crisis and Asia

The Global Financial Crisis and Asia
Author: Masahiro Kawai
Publisher: OUP Oxford
Total Pages: 343
Release: 2012-10-25
Genre: Business & Economics
ISBN: 0191636738

This book aims to identify and analyze the impact of the 2007-09 global financial crisis on Asian economies and to assess the short-term and longer-term policy responses to the crisis in terms of their effectiveness and sustainability. It draws lessons on how best to avoid and/or mitigate future crises and to identify structural policy recommendations that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for sustainable and inclusive long-term growth. Organized into four parts, it offers an accessible explanation of the causes, consequences, and contagion mechanisms of the crisis. Part 1 provides an overview of the major issues and presents policy recommendations. Part 2 reviews the crisis in the US and its transmission to Europe. Part 3 focuses on the impact on Asia. And Part 4 concludes lessons of the crisis for Asian countries. The volume highlights that Asian economies have already recovered strongly from the global financial crisis, reflecting their aggressive moves to ease monetary and fiscal policy as well as the underlying fundamental strength of their economies. However, the biggest challenge lies ahead. It asserts that, given that it is unlikely that the US and Europe will be engines of global growth, Asian economies should contribute to global economic adjustment by creating their own growth engines.

Asia and Policymaking for the Global Economy

Asia and Policymaking for the Global Economy
Author: Kemal Dervis
Publisher: Brookings Institution Press
Total Pages: 213
Release: 2011-06-01
Genre: Business & Economics
ISBN: 0815704380

A Brookings Institution Press and Asian Development Bank publication In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organizations such as the International Monetary Fund. Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20's role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions. After analyzing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyze financial stability in emerging Asia and then assess the implications of Asia's increasing role within the newly emerging system of global economic governance, focusing especially on reform of the international monetary structure. Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis¸ (Brookings), Hasan Ersel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University), Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi(Oxford University and Brookings), José Antonio Ocampo (Columbia University),Jim O'Neill (Goldman Sachs)