Description
Book SynopsisIn 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 1997-98, 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 — 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.
Table of ContentsDecoupling - A Re-Examination (Hiroshi Tsubouchi and Hideaki Matsuoka); Business Cycle Synchronization and Production Fragmentation in East Asia (Fumihide Takeuchi); Financial Market Linkage in East Asian Countries (Kyosuke Shiotani and Yoichi Matsubayashi); The Impact of East Asian FTAS on the Structure of Demand (Hikari Ban); Inflation Targeting in South Korea, Indonesia, the Philippines and Thailand: The Impact on Business Cycle Synchronization Between Each Country and the World (Takeshi Inoue, Yuki Toyoshima and Shigeyuki Hamori); Globalization and Economic Growth in East Asia (Fengbao Yin and Shigeyuki Hamori); Can South - South Trade Be a Driving Force for Future Economic Growth? (Shigesaburo Kabe); An Empirical Analysis of the Determinants of Household Saving (Consumption) in China: A Panel Analysis of Provincial Data, 1995 - 2010 (Guifu Chen); Financing Infrastructure Construction in China (Long Ke); Is the Renminbi Appreciating Fast Enough? (Takuji Kinkyo).
