1st Edition
Globalization and East Asia Opportunities and Challenges
Learn to apply the strategies used in East Asia’s phenomenal economic expansion
The phenomenal economic growth of many countries in East Asia has no historic parallel. Globalization and East Asia: Opportunities and Challenges examines different aspects of the economic performance of the region over the past three decades, with a focus on what it takes to replicate the experience elsewhere. Nineteen of the finest presentations from the 12th International Conference of the International Trade and Finance Association in Bangkok, Thailand, have been carefully selected and revised by their expert authors, providing powerful, practical economic development approaches that can be used to develop other economies.
This comprehensive volume presents an insightful four-part view of the intricate economic workings of East Asia. The first part introduces the distinctive qualities of the policies that sparked economic growth and development. Part two provides comparative studies of different countries and industries in the region and an in-depth study of the East Asian area over the past fifty years. Part three presents sector specific studies within several countries, focusing on international finance. The fourth part spotlights important industry-specific elements and explores the future of globalization in relation to its effects on East Asia. Each chapter is extensively referenced, and several use tables and charts to clearly reinforce crucial points.
Globalization and East Asia includes topics such as:
- the characteristics of East Asian economic growth—and how other areas will benefit
- the rapid economic growth of the region since the end of World War II
- an evaluation of efficiency and leveraging of assets comparing the United States and the Four Dragon (FD) industries
- structural weaknesses within Asian countries
- trade flows between the United States and Thailand— a bilateral study
- the progress of APEC’s environmental cooperation
- financial resource flows during the 1990s
- Malaysian financial markets and the Asian financial crisis
- China’s economic transition and exchange rate policies
- the use of dual production theory as a model in the world economy
- Thailand’s telecommunications sector—and how it provides illustration for other sector specific industries in developing countries
- development of bilateral trade negotiations between the United States and Vietnam
- the status of United States apparel imports
- About the Editor
- Contributors
- Preface
- Part I: Introduction
- Part II: Comparative Studies
- Part III: International Finance
- Part IV: Industry-Specific and Future Research
- Acknowledgments
- PART I: INTRODUCTION
- Chapter 1. East Asian Economic Performance in Retrospect (M. Raquib Zaman)
- Introduction
- The East Asian “Miracle”
- The Financial Crises of 1997 and 1998 and the Aftermath
- Lessons from the EAC Model of Economic Development
- Chapter 2. East Asia: The Growth Center of the Late Twentieth Century (H. Peter Gray)
- Introduction
- Borrowed Growth
- The Benefits of Open Industrialization in a Macroregion
- The Importance of Social Organization
- Conclusion
- PART II: COMPARATIVE STUDIES
- Chapter 3. Comparative Advantage Recycling and Clustered Growth: The Flying-Geese Paradigm of Tandem Catch-Up on the Pacific Rim (Terutomo Ozawa)
- Introduction
- Hegemon-Led Macroclustering and the Flying-Geese Paradigm
- Evolutionary Patterns of Trade and Investment
- Theory of Comparative Advantage Recycling
- The Krugman and Sachs Puzzles
- Final Remarks
- Chapter 4. The Relative Efficiencies of U.S. and Pacific Rim Industries: The Case of the Four Dragons (Parviz Asheghian)
- Introduction
- The Limitations of the Study and the Sample Size
- The Testing of Hypotheses
- Concluding Remarks
- Chapter 5. Asian Structural Differences and Comparative Economic Performance (Vincent Dropsy and Dennis Pollard)
- Introduction
- Structural Differences in Asia
- Methodology
- Empirical Results
- Conclusions
- Chapter 6. The Asian Influence: An Analysis of Trade Flows Between the United States and Thailand in the Home Furnishings Industry (Kennita Kind)
- Introduction
- Purpose
- Part I
- Part II
- Implications for Future Research
- Chapter 7. Trade and Environment Issues in APEC (Antonina Ivanova and Manuel Angeles)
- Introduction
- Trade Liberalization, Economic Integration, and the Environment
- Environmental Costs of Rapid Growth
- Evolution of APEC’s Environmental Agenda
- The Trade-Environment Interface
- Economic Integration and the Harmonization of Environmental Policy
- Toward Common Principles in APEC’s Environmental Agenda
- Conclusion
- Chapter 8. Financial Resource Flows, the Exchange Rate, and Trade: Recent East Asian Experience (Glenville Rawlins and Chandana Chakraborty)
- Introduction
- The Nature of Capital Flows
- The Impact of Capital Inflows and the Policy Response
- Causal Link Between FDI, Trade, and Exchange Rate
- Empirical Analysis
- Conclusion
- PART III: INTERNATIONAL FINANCE
- Chapter 9. Emerging Trends in Asian Financial Markets: Evidences from Malaysia (Rajesh Mohnot and Wan Fadzilah Wan Yusoff)
- Introduction
- The Malaysian Financial System Structure
- Developments in Financial Markets
- Derivative Markets
- Financial Markets and Economic Implications
- Conclusion
- Chapter 10. The Impact of Globalization on Economic Transition in China (Joanna K. Poznanska)
- Economic Performance
- Liberalization Process
- Globalization Impact
- Conclusions
- Chapter 11. The Exchange Rate of Chinese Yuan: Before and After WTO Entry (Robin H. Luo and Yunhua Liu)
- Introduction
- Approaches to Measuring Equilibrium Real Exchange Rate (ERER)
- Misalignment of Chinese Yuan and China’s Trade Balance
- Forecast and Conclusion
- Chapter 12. Trade Elasticities of the
Biography
Kaynak, Erdener; Fatemi, Khosrow
