Download or read book Rebalancing Growth in Asia written by Mr.Vivek B. Arora and published by International Monetary Fund. This book was released on 2011-02-15 with total page 182 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia’s recent economic performance has been remarkable. However, the rapid growth that Asia has experienced cannot be taken for granted. This volume analyzes Asia’s need to rebalance its growth model toward domestic demand and what that rebalancing would entail. It discusses the nature of the challenge across economies in the region.
Download or read book Rebalancing for Sustainable Growth written by Masahiro Kawai and published by Springer. This book was released on 2015-04-30 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Asian model of export-led growth served it well in the post-war period, but prolonged sluggish growth of the developed economies following the global financial crisis, together with growing inequality and rising environmental problems, point to the need for a new growth model. The purpose of this book is to describe the challenges facing Asian economies in the post-global financial crisis environment and to identify structural issues and policies 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 balanced, sustainable, and inclusive long-term growth. These issues and policies span a variety of dimensions, including macroeconomic policy (monetary, fiscal, and foreign currency management), real sector issues (trade and industrial structure), infrastructure development, labor market and social policy, financial sector reform and regulation, and regional cooperation and architecture. Key recommendations to achieve these goals include measures to: deepen social protection to support social resilience; increase infrastructure investment to create a “seamless Asia”; enhance productivity in the services sector; establish a region-wide free trade agreement to encourage intraregional trade in goods and services and investment through economies of scale and dynamic efficiency of a larger market; promote a shift to a low-carbon society and support green growth; and deepen and integrate financial markets to facilitate the recycling of Asia’s high savings for investment within the region.
Download or read book Rebalancing Growth in Asia written by Eswar S. Prasad and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Rebalancing growth patterns of Asian economies is an important component of the overall rebalancing effort that will be required in the world economy. In this paper, I provide an empirical characterization of the composition of GDP levels and growth rates for the key emerging markets and other developing economies in Asia. China has by far the lowest share of private consumption to GDP in Asia and, during this decade, has recorded the lowest rate of employment growth relative to GDP growth. Investment growth has dominated GDP growth in China during this decade but is also important in the cases of India and Vietnam. To examine the global implications of domestic growth patterns in Asia, I analyze saving-investment balances, the composition of national savings, and the determinants of the evolution of household saving rates. During 2000-08, household saving rates (relative to household income) have risen gradually in China and India but fallen sharply in Korea. Corporate savings have surged across Asia during this period, becoming the main component of gross national savings in the region. In terms of sheer magnitudes, China's national savings and current account surpluses dominate the region's saving-investment balances. China accounts for just under half of GDP in Asia ex-Japan, but accounts for 60 percent of total gross national savings and nearly 90 percent of the current account surplus of the region. Finally, I discuss some policy implications that come out of the analysis on how to shift the patterns of growth, especially in China, from a welfare-enhancing perspective.
Download or read book Global Linkages and Economic Rebalancing in East Asia written by Shigeyuki Hamori and published by World Scientific. This book was released on 2013 with total page 234 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the wake of the global financial crisis, leading industrialized countries have managed to show only a gradual recovery, while East Asian economies have surged ahead. In particular, China achieved growth in excess of 10% in 2010 and is expected to continue growing at a rapid pace. It appears that in the coming years, East Asia will play an even greater role as a growth center leading global economic expansion. Following the Asian currency crisis of 1997OCo98, consumption and investment in the region decreased considerably, and East Asian economies recovered on the strength of exports. Presently, however, amid a less-than-robust recovery in the US and Europe, the sustainability of East Asia''s reliance on export-led growth has been called into question. The region''s transition to growth based on a balance of foreign and domestic demand is important for both building a stronger foundation for sustainable growth and buttressing global economic expansion. Moreover, the rebalancing of demand in East Asia holds the key to rectifying global current account imbalances OCo the disadvantage of uneven international capital flows. This unique volume illuminates policy issues involved in the efforts to promote the rebalancing of demand in East Asia.
Download or read book Rebalancing Growth in Asia written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2013-04-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a Chinese translation of "Rebalancing Growth in Asia: Economic Dimensions for China."
Download or read book Transpacific Rebalancing written by Barry P. Bosworth and published by Brookings Institution Press. This book was released on 2015-01-20 with total page 283 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Brookings Institution Press and Asian Development Bank Institute publication Persistently large external imbalances in the world economy contributed to the outbreak of the recent financial crisis. The current account imbalances were particularly severe among the economies that border on the Pacific—the United States ran large deficits, with offsetting surpluses in East Asia. The depth and breadth of the global recession also demonstrated the need for a coordination of national policies to achieve a sustained recovery. While the magnitude of global-trade disruption led to some reduction in the size of the imbalances, closer examination suggests that the progress may prove temporary. On the other hand, significant changes in the underlying patterns of saving and investment suggest that some of the recent rebalancing may prove to be more permanent. Are such imbalances really a problem? If so, why and for whom? What should be done about them—if anything—and what does the future likely hold for transpacific trade relations? In this timely book, Asian and American economists explore those important questions. Copublished with the Asian Development Bank Institute, Transpacific Rebalancing is coedited by Barry Bosworth—long one of the Brookings Institution's leading economic analysts—and Masahiro Kawai, dean of the ADBI. They brought together leading economists from either side of the Pacific to analyze such issues as: • The impact of exchange rates • The policy choices facing the "Asian tigers" • The specifics and effects of trade imbalances in specific countries including the United States, South Korea, Thailand, India, and China Contributors include Hwee Kwan Chow, Susan M. Collins, Barry Eichengreen, Joonkyung Ha, Yping Huang, Ginalyn Komoto, Jong-Wha Lee, Rajiv Kumar, Deunden Nikomborirak, Gisela Rua, Lea Sumulong, Chalongphob Sussankam, Kunyu Tao, Willem Thorbecke, and Pankaj Vashisht.
Download or read book Saving in Asia written by Shikha Jha and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rebalancing Economies in Financially Integrating East Asia written by Jenny Corbett and published by Routledge. This book was released on 2014-11-13 with total page 289 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the Asian Financial Crisis (AFC) of 1997–98 large current account surpluses have accumulated in the countries of Asia and the Pacific with corresponding deficits elsewhere. The sharp plunge in global trade volumes during the global financial crisis has highlighted the need for ‘rebalancing’–focussing more on domestic sources of economic growth than on exports in some Asian economies. One key objective of the book is to elucidate the economic structures and policies that give rise to current account surpluses and imbalances and consider what policy adjustments could change them. Another objective is to show the link between financial systems, financial integration and the transmission of economic shocks between countries. The book offers new dimensions to understand ‘rebalancing’ and provides alternative and arguably more fundamental solutions to address imbalances. Rather than focusing on exchange rate misalignment, this book begins from the premise that the imbalances are a macroeconomic problem that reflects a mismatch between savings and investment in the surplus countries. Then, it examines exchange rate policies adopted by countries in the region and finds that part of the explanation for their currency strategy lies in their perceived need to build foreign exchange reserves to provide a buffer in case of instabilities. The book examines whether there are other possibilities for countries to insure against economic volatility by more actively and openly engaging with international capital markets. The studies show that closer financial integration, involving more open financial markets, with well-chosen partners, would be welfare-improving and should reduce the need for the counter-productive, self-insurance policies that result in foreign exchange accumulation.
Download or read book The Role of Fiscal Policy in Rebalancing Developing Asia s Growth written by Donghyun Park and published by . This book was released on 2010 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rebalancing Asia s Growth written by and published by . This book was released on 2009 with total page 318 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Rebalancing for Sustainable Growth written by Masahiro Kawai and published by . This book was released on 2010 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Great Rebalancing Act written by Mr.Malhar S Nabar and published by International Monetary Fund. This book was released on 2011-02-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: Ensuring stable growth in the postcrisis world economy will require a rebalancing of economic activity in several countries. In Asia’s export-dependent economies, this entails relying more on private domestic demand as a driver of growth. While some countries need to raise consumption, several need to raise investment or reorient it from tradable to nontradable sectors. These changes in investment could be facilitated by financial reforms that enhance domestically oriented firms’ access to credit, stronger incentives for corporate restructuring, policies to bolster the business climate and reduce uncertainty, and by improvements in infrastructure that raise the returns to private investment.
Download or read book Financial Integration and Rebalancing in Asia written by Ms.Runchana Pongsaparn and published by International Monetary Fund. This book was released on 2011-10-01 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper shows that Asia's degree of financial integration, both with the world and within the region remains low by various measures. The paper also provides empirical evidence that greater financial integration can support economic rebalancing in statistically meaningful ways. The implication is that in the debate on managing capital inflows the longer-term benefits of financial openness for broader-based growth should not be forgotten.
Download or read book Asia s Rebalancing and Growth written by Soyoung Kim and published by . This book was released on 2017 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper investigates the impact of Asia's demand rebalancing and supply-side productivity changes on long-term economic growth in Asia and worldwide. Results from a panel vector autoregression model show that a productivity-neutral demand rebalancing shock has no permanent effect on Asian output, whereas labor productivity shocks have significant, positive, and permanent effects. Simulations using a global intertemporal multi-sector general equilibrium model suggest that labor productivity shocks increase the foreign GDP over time, but rebalancing shocks have a negative international spillover effect. In addition, labor productivity shocks helps rebalancing. Structural reforms promoting labor productivity growth along with rebalancing policies across Asia can achieve higher economic growth worldwide.
Download or read book China s Economy in Transition written by Mr.Anoop Singh and published by International Monetary Fund. This book was released on 2013-11-07 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: China's current account surplus has declined to around one-quarter the peak reached before the global financial crisis. While this is a major reduction in China's external imbalance, it has not been accompanied by a decisive shift toward consumption-based growth. Instead, the compression in its external surplus has been accomplished through increasing fixed investment so that it is now an even higher share of China's national economy. This increasing reliance on fixed investment as the main driver of China's growth raises questions about the durability of the compression in the external surplus and the sustainability of the current growth model that has had unprecedented success in lifting about 500 million people out of poverty over the last three decades. This volume examines various aspects of the rebalancing process underway in China, highlighting policy lessons for achieving stable, sustainable, and inclusive growth.
Download or read book Regional Economic Outlook April 2012 Asia and Pacific written by International Monetary Fund. Asia and Pacific Dept and published by International Monetary Fund. This book was released on 2012-04-27 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: Barring the realization of downside risks to the global economy, growth in the Asia and the Pacific region is expected to gain momentum over the course of 2012, according to this report, and now projected at 6 percent in 2012, rising to about 61⁄2 percent in 2013. Stronger economic and policy fundamentals have helped buffer the region's economies against the global financial crisis, by limiting adverse financial market spillovers and ameliorating the impact of deleveraging by European banks, but a sharp fall in exports to advanced economies and a reversal of foreign capital flows would have a severe impact on the region. The region's policymakers now face the difficult task of calibrating the amount of insurance needed to support stable, noninflationary growth. Some Asian and Pacific economies can afford to lengthen the pause in the normalization of their macroeconomic policies that was initiated when the global recovery stalled late in 2011; others may need a faster return to more neutral policy stances. Similarly, the pace of fiscal consolidation should be calibrated to country-specific circumstances. Additional chapters in the report discuss whether China is rebalancing and the particular challenges facing Asian low-income and small island economies.
Download or read book China and Asia in Global Trade Slowdown written by Gee Hee Hong and published by International Monetary Fund. This book was released on 2016-05-26 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: Asia and China made disproportionate contributions to the slowdown of global trade growth in 2015. China’s import growth slowed starkly, driven by both external and domestic factors, including a rebalancing of demand. Econometric results point to weak investment and rebalancing as the main causes of the import slowdown. Spillover effects from China’s rebalancing are estimated for some 60 countries using value-added trade data, and are found to be more negative on Asia and commodity exporters than others.
