Download or read book Global Imbalance and Its Implications on East Asian Economies written by Doo Yong Yang and published by . This book was released on 2006 with total page 232 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Global Financial Crisis and Asia written by Masahiro Kawai and published by OUP Oxford. This book was released on 2012-10-25 with total page 343 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Download or read book The Impact of the Economic Crisis on East Asia written by Daigee Shaw and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 233 pages. Available in PDF, EPUB and Kindle. Book excerpt: This insightful book explores the economic conditions and policy response of four major East Asian economies in the wake of the 2008 global economic crisis. Written by a distinguished group of Asian social scientists, this study summarizes and synthesizes the economic impacts of the crisis on individual countries and their policy response over the past few years, and in particular carefully scrutinizes the immediate and remote causes of the crisis. It not only offers an assessment of the impacts of the crisis, and identifies specific country measures that can be undertaken to stabilize the situation, but also looks at the crisis from three important economic perspectives: that of a healthy fiscal system, international trade, and the energy market. This insightful research monograph will be gratefully received by academics in economics and development studies as well as public policy think tanks. Government economic planning agencies in emerging countries, as well as international economic organizations and institutions such as World Bank and United Nations will also find plenty of key insights and important information in this path-breaking book.

Download or read book Crisis as Conquest written by Jayati Ghosh and published by Orient Blackswan. This book was released on 2001 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt: To What Extent Does The East Asian Experience Provide Us With A Viable Model Of Economic Development? This Tract Seeks To Answer This Through A Careful Analysis Of The Long-Term Development Of The East Asian Economies And Their Recent Crisis. The Tract Shows The Contradictory Implications Of The Process Of Industrialisation And The Problems Of Unregulated Finance Which Makes Liberalised Economies Extra Sensitive To The Slightest Ripple In Investor Sentiments. To Understand The Specificities Of The East Asian Experience, The Tract Looks Carefully At The Histories Of Crises In Other Parts Of The World, And Provides A Powerful Critique Of The Imf Response To Them.

Download or read book Global Financial Crisis and Its Policy Implications on East Asian Emerging Economies written by Yonsei University. Institute of East and West Studies and published by . This book was released on 2010 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Special Issue Global Financial Crisis and Its Policy Implications on East Asian Emerging Economies written by and published by . This book was released on 2010 with total page 113 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Causes and Consequences of Economic Imbalances Comparison of US Asia and Europe written by Ariane Hillig and published by diplom.de. This book was released on 2014-10-01 with total page 87 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the past ten years, huge economic imbalances among US-Asia as well as eurozone countries have built up which have led to numerous crisis situations. Thus, the goal of this book is to find out if economic imbalances are sustainable or if they need to be rebalanced? What role do distinct national policies play? The author is going to compare the imbalances of US-China with the intra-euro imbalances of Germany, Spain and Italy. Firstly, the historical development of the economic imbalances is presented in order to point out the unprecedented height of the mentioned imbalances. Furthermore, the author is analyzing the causes of imbalances by presenting the development of the competitiveness, the saving-/investment rates, the financial markets as well as the different national policies. It is shown that distinct national policies were the underlying causes for the development of such high economic imbalances. After having seen the historical development as well as the causes, the author describes the possible costs and benefits of having imbalances as well as the implications of the global financial crisis and the current European crisis. Due to the increasing globalization, the financial crisis spread fast and led to huge losses and decreasing investor’s trust in European countries. This resulted in the European crisis which subsequently could also endanger the global economy. Because of the huge crisis’ impact, traditional and alternative balancing channels are also compared. Despite supporting measures such as restrictive fiscal policies and financial assistance, Europe is still suffering from an economic downturn whereas the US returned to a slow economic recovery. At the end, the author concludes that global imbalances need to be rebalanced in order not to avoid reaching an unsustainable level. The occurring as well as rebalancing of economic imbalances highly depends on distinct national policies. Unless the international coordination and cooperation increases, economic imbalances will continue to occur and will lead to economic crises when reaching an unsustainable level.

Download or read book The Enduring Legacies of the Global Financial Crisis in East Asia written by Iain Pirie and published by Taylor & Francis. This book was released on 2024-07-25 with total page 169 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Enduring Legacies of the Global Financial Crisis in East Asia challenges the assumption that the global financial crisis had a limited structural impact on East Asian political economies, arguing that the crisis has led to a significant, if uneven, reorganization of major national political economies within the region where, in response to the crisis, states have promoted domestic processes of financialization as a means of stimulating their economies. The major East Asian economies, bar Japan, enjoyed strong recoveries from the 2008–2009 financial crisis. However, this success has been achieved by promoting domestic processes of financialization to maintain demand – more precisely, the rapid build-up of household debt (Malaysia, Korea, Taiwan, China) and asset price bubbles (China, Japan). In short, East Asia has employed precisely those practices that the global financial crisis itself illustrated the unsustainability of, to maintain growth. Using a post-Keynesian framework, the book argues that the dependency on these forms of financialization to support demand is a direct product of a failure to address the issue of inequality. High levels of inequality slow the growth of non-debt-based domestic consumption. An alternative approach to supporting demand in the post-crisis period would need to focus on progressive redistribution through strengthening of labour rights and systems of social support, which would directly challenge the interests of economic and political elites. The structural vulnerabilities that accelerated financialization is creating in East Asia demonstrate the necessity of a post-Keynesian growth strategy based on redistribution and curbing financialization. The book also argues that in certain Northeast Asian economies the crisis has led to a consolidation of systems of industrial activism/state control, which could have occurred without accelerated financialization, and vice versa. This book will be of great interest to students and scholars of political economy and Asian studies.

Download or read book Two Crises Different Outcomes written by T. J. Pempel and published by Cornell University Press. This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two Crises, Different Outcomes examines East Asian policy reactions to the two major crises of the last fifteen years: the global financial crisis of 2008–9 and the Asian financial crisis of 1997–98. The calamity of the late 1990s saw a massive meltdown concentrated in East Asia. In stark contrast, East Asia avoided the worst effects of the Lehman Brothers collapse, incurring relatively little damage when compared to the financial devastation unleashed on North America and Europe. Much had changed across the intervening decade, not least that China rather than Japan had become the locomotive of regional growth, and that the East Asian economies had taken numerous steps to buffer their financial structures and regulatory regimes. This time, Asia avoided disaster; it bounced back quickly after the initial hit and has been growing in a resilient fashion ever since. The authors of this book explain how the earlier financial crisis affected Asian economies, why government reactions differed so widely during that crisis, and how Asian economies weathered the Great Recession. Drawing on a mixture of single-country expertise and comparative analysis, they conclude by assessing the long-term prospects that Asian countries will continue their recent success. Contributors: Muhamad Chatib Basri, Minister of Finance of the Republic of Indonesia and Professor of Economics at the University of Indonesia; Yun-han Chu, Institute of Political Science, Academia Sinica; Richard Doner, Emory University; Barry Naughton, University of California, San Diego; Yasunobu Okabe, Japan International Cooperation Agency Research Institute; T. J. Pempel, University of California, Berkeley; Tom Pepinsky, Cornell University; Keiichi Tsunekawa, National Graduate Institute for Policy Studies, Tokyo

Download or read book China and the World written by SHAO Binhong and published by BRILL. This book was released on 2013-06-20 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is China's rightful place on the world stage? Will the world remain unipolar as signs of American decline appear to be mounting? How can China maintain a harmonious relationship with its neighbors? What does China intend to do with the new power and influence that appears to be at its disposal? In light of emergent post-2008 economic realities, how should China adjust its foreign economic relations? This volume, the first of its kind, gathers a collection of translations of influential essays, talks, and papers on Chinese foreign policy, national security, and foreign economic relations written by Chinese elites. Many papers have also served as propositions for policy prescriptions to China's leaders, the vast majority of which have to date only been available in Chinese.

Download or read book The Global Economic Crisis and Its Implications for Asian Economic Cooperation written by Michael G. Plummer and published by . This book was released on 2009 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Asian Financial Crisis written by Morris Goldstein and published by Peterson Institute. This book was released on 1998 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The turmoil that has rocked Asian markets since the middle of 1997, and that is now having such deep effects on the economies in the region, is the third major currency crisis of the 1990s. This study explains how the Asian crisis arose and spread. It then outlines the corrective policy measures that could help end the crisis, and the shortcomings that have been revealed in the international financial system that require reform to reduce the chances of a recurrence.

Download or read book Trade Patterns and Exchange Rates in East Asia written by Mizanur Rahman and published by CreateSpace. This book was released on 2012-06-30 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: In his Testimony on June 23 2005 before the U.S. Senate Committee on Finance, Alan Greenspan, Chairman of the Federal Reserve Board, remarked, "The enhanced integration of China into the world trading system is having notable effect on Asia's trade with the rest of the world and on trade within Asia. After having risen rapidly through the 1990s, U.S. imports from Asia excluding China have flattened since 2000. This has occurred as production within Asia has evolved, with the final stages of assembly and exporting to the United States and elsewhere becoming increasingly concentrated in China." The phenomenon is called East Asian production networks whereby production processes are fragmented across national borders in the region. This development is undeniably related to the global imbalance problem. Several studies showed that the build-up of an unsustainable payment imbalance in the U.S. was substantially mirrored in the reserve accumulation by East Asian countries including China notably. These studies predicted that unless "coordination and shared responsibility" led to a gradual adjustment of it, the world economy would move toward a major crisis. Some authors even predicted an imminent collapse of the U.S. dollar, and a global financial meltdown. A global financial crisis indeed began in 2008. The crisis has accompanied a prolonged economic slowdown across the developed and developing world. An unwinding of the imbalance has progressed but in a disorderly way. The moral of this research is that real exchange rate changes and redistribution of world expenditures will continue to play key role in the process of international adjustment. However, our focus would be on how it would affect East Asian exports within the region and between East Asia and the rest of the world. We apply an empirical framework that essentially incorporates the fact that production within Asia has evolved. The consideration has an important implication. It is that exports by country are recorded on a gross basis rather than as value added and therefore the domestic value added is only a part of the gross value of the exports. An appreciation by the exporting country per se will affect only the domestic value added but not the gross value. But a joint appreciation of countries supplying intermediate goods will increase the dollar cost of intermediate goods imported into the exporting country from the rest of Asia, which represents a significant share of the gross value. This was the conjecture of Alan Greenspan. He argued that such a coordinated exchange appreciation would have larger effect on East Asian exports. In fact, East Asian exchange rates are now on a path of real appreciation but in an environment of no explicit coordination. The question is how changes in intra-regional real exchange rates will affect trade along the production networks and final exports from East Asia to the world. This study defines two channels of this effect. The first is the production linkage effect through fragmented value chain and the other is the competitive effect. A real appreciation of one East Asian country against the others will imply an adverse competitiveness effect but a favorable linkage effect. We further examine in this research the evolving trade patterns of East Asian countries. We do it by analyzing composition as well as comparative advantage of East Asian exports by stages of production and across geographic locations. The purpose is to see how production specialization has evolved across the core and peripheral countries within the region. We conduct the analyses for all East Asian countries and over 1985-2008 period. They include Japan, South Korea, and Taiwan comprising the core region and China and seven ASEAN countries comprising the peripheral region. The ASEAN countries are Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam.

Download or read book Domestic Investment and External Imbalances in East Asia written by Jong-Wha Lee and published by . This book was released on 2006 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the 1997-98 financial crisis, many East Asian economies have experienced permanent declines of domestic investment and output growth, mainly resulting from the increase in financial risk and decrease in the return on investment. The investment decline in East Asia, outside of China, combined with the falling in public and private savings in the United States, has contributed to recent surges in global current account imbalances. The reduction of global current account imbalances requires adjustment polic[i]es to raise domestic investment in East Asia, such as expansion of public infrastructure investment and an increase in R & D and human capital investment. Continuous structural reforms in the corporate and financial sectors are also required to lower financial risk and improve investment efficiency. Simulations with a global general equilibrium model support the positive role of the investment increase or strong productivity related growth in reducing current account surpluses in East Asia. Nevertheless, a fiscal adjustment in the United States turns out to be more effective in reducing the US current account deficit and thereby correcting global imbalance."--Abstract.

Download or read book The East Asian Economic Crisis written by Mark Beeson and published by . This book was released on 1998 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Asian Economic Integration in an Era of Global Uncertainty written by Shiro Armstrong and published by ANU Press. This book was released on 2018-01-08 with total page 315 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Pacific Trade and Development (PAFTAD) conference series has been at the forefront of analysing challenges facing the economies of East Asia and the Pacific since its first meeting in Tokyo in January 1968. The 38th PAFTAD conference met at a key time to consider international economic integration. Earlier in the year, the people of the United Kingdom voted to leave the European Union and the United States elected Donald Trump as their next president on the back of an inward-looking ‘America First’ promise. Brexit and President Trump represent a growing, and worrying, trend towards protectionism in the North Atlantic countries that have led the process of globalisation since the end of the Second World War. The chapters in the volume describe the state of play in Asian economic integration but, more importantly, look forward to the region’s future, and the role it might play in defending the global system that has underwritten its historic rise. Asia has the potential to stand as a bulwark against the dual threats of North Atlantic protectionism and slowing trade growth, but collective leadership will be needed regionally and difficult domestic reforms will be required in each country.

Download or read book Global Imbalances and the Financial Crisis written by Steven Vincent Dunaway and published by Council on Foreign Relations. This book was released on 2009 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: Crafting stimulus packages and financial bailouts to address immediate problems has for many reasons been a priority for policymakers. In this Council Special Report, however, Steven Dunaway argues that policymakers must go beyond these steps and tackle one of the root causes of today's crisis: imbalances between savings and investment in major countries. The report analyzes the nature of these imbalances, which occur when some countries, such as the United States, run large current account (essentially trade) deficits while others, such as China, maintain large surpluses. Dunaway identifies three features of the international financial system that have allowed the imbalances to persist, features that involve both floating and managed exchange rates as well as the issuance of reserve assets. In particular, he notes that the United States' status as an issuer of such assets has enabled it to finance a current account deficit. The report then prescribes a variety of steps to address global imbalances. Beyond stimulus packages around the world, it urges measures to raise savings (principally government savings) in the United States, reform labor and product markets in Europe and Japan to increase competition and flexibility, and boost domestic consumption in China. Finally, the report advocates improving International Monetary Fund (IMF) surveillance of member states' economic policies by reducing the role of the Fund's executive board and depoliticizing the selection of its senior management.