Description
Book SynopsisThe structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the rapid transformation of the Asian economy, the challenges it faces, emerging regional solutions, and how Asia can play a more constructive role in the global economy.
Asia is becoming not just the world?s factory, but also its leading creditor, and one of its key sources of dynamism and stability. Key questions are identified and addressed in three areas: Asia?s growth and productivity, financial stability, and regional economic integration. In each of these areas, the contributing authors evaluate current trends and the forces shaping the future. They consider whether the region?s progress is sustainable and what it will take to make it so. How is Asia reshaping its economy in response to the changing global landscape? More urgently, how can Asia weather the severe financial and economic storm originating from the global credit crisis? How will it extend its gains to people left behind? And how can it contribute to better governance and greater prosperity in the world economy? This book covers new ground by connecting theory, assembling detailed evidence on trends and challenges, and offering forward-looking policy prescriptions.
This timely book will appeal to Asian economic policy-makers as well as postgraduate students interested in Asian economies, international economics and regional integration. Staff of international and regional organizations interested in Asian economies will also find this book invaluable.
Trade Review'The important contributions included in this book make it a very exciting read about relevant issues of Asian economic cooperation and integration. I strongly believe that the time for Asian regionalism has come, and this study makes us understand why and how. I recommend anyone interested in Asian economic development and regional integration to read this book.' -- Chalongphob Sussangkarn, Thailand Development Research Institute and former Minister of Finance of the Royal Kingdom of Thailand
Table of ContentsContents: 1. Asian Growth and Global Stability Masahiro Kawai, Jong-Wha Lee and Peter A. Petri PART I: SUSTAINING DYNAMISM: PRODUCTIVITY AND GROWTH 2. Technology Policy for Sustained Asian Dynamism Albert Guangzhou Hu and Gary H. Jefferson 3. Will Demographic Change Undermine Asia’s Growth Prospects? Andy Mason, Sang-Hyop Lee and Ronald Lee 4. Alternative Growth Strategies in Asia: Liberalization, Deregulation, Structural Reforms Philippa Dee 5. Regional Trade Agreements in Integrating Asia Masahiro Kawai and Ganeshan Wignaraja PART II: FINANCING DEVELOPMENT: INNOVATION AND STABILITY 6. Governance and Financial Integration in East Asia Douglas W. Arner, Paul Lejot and Wei Wang 7. Patterns and Determinants of Financial Integration in Asia Jong-Wha Lee 8. From Crisis to Crisis: Changing Capital Flows and Foreign Exchange Reserves in Asia Yiping Huang 9. Monetary Policy and Exchange Rate Stability in East Asia Ryuzo Miyao PART III: EXTENDING COOPERATION: SOCIAL AND POLITICAL FRAMEWORKS 10. Perceptions of Economic Interdependence: The View of Asian Opinion Leaders Giovanni Capannelli 11. How Asia Can Benefit from the European Experience Barry Eichengreen 12. South Asian Integration: Prospects and Lessons from East Asia Ramesh Chandra and Rajiv Kumar 13. Asia in Global Governance: A Case for Decentralized Institutions Masahiro Kawai, Peter A. Petri and Elif Sisli Ciamarra 14. Deepening Asian Integration and the Architecture for Regional Cooperation Peter Drysdale Index
