Recently, real and artificial barriers to international transactions have fallen sharply, causing a rise in the overall volume of international trade. East Asia has been particularly affected by the ...economic stresses and gains derived from deregulation. Deregulation and Interdependence in the Asia-Pacific Region explores the broadly similar experiences of certain economies in the region—China, Hong Kong, Japan, Korea—in dealing with the potentially volatile process of deregulation, and examines the East Asian response to a rapidly transforming economic environment.
In recent years the tremendous growth of the service sector—including international trade in services—has outstripped that of manufacturing in many industrialized nations. As the importance of ...services has grown, economists have begun to focus on policy issues raised by them and have tried to understand what, if any, differences there are between production and delivery of goods and services. This volume is the first book-length attempt to analyze trade in services in the Asia-Pacific region. Contributors provide overviews of basic issues involved in studying the service sector; investigate the impact of increasing trade in services on the economies of Taiwan, Korea, and Hong Kong; present detailed analyses of specific service sectors (telecommunications, financial services, international tourism, and accounting); and extend our understanding of trade in services beyond the usual concept (measured in balance of payment statistics) to include indirect services and services undertaken abroad by subsidiaries and affiliates.
International trade in East Asia Takatoshi Ito, Andrew K. Rose / Takatoshi Ito, Andrew K. Rose
2005., 2007, 2005, 20050101, Letnik:
14
eBook
The practice of trading across international borders has undergone a series of changes with great consequences for the world trading community, the result of new trade agreements, a number of ...financial crises, the emergence of the World Trade Organization, and countless other less obvious developments. In International Trade in East Asia, a group of esteemed contributors provides a summary of empirical factors of international trade specifically as they pertain to East Asian countries such as China, Japan, Korea, and Taiwan. Comprised of twelve fascinating studies, International Trade in East Asia highlights many of the trading practices between countries within the region as well as outside of it. The contributors bring into focus some of the region's endemic and external barriers to international trade and discuss strategies for improving productivity and fostering trade relationships. Studies on some of the factors that drive exports, the influence of research and development, the effects of foreign investment, and the ramifications of different types of protectionism will particularly resonate with the financial and economic communities who are trying to keep pace with this dramatically altered landscape.
Over the last twenty-five years, there has been an acceleration in the move from government regulation towards privatization. Governance, Regulation, and Privatization in the Asia-Pacific Region is ...the first thoroughgoing account of the relative success of the different approaches to privatization as undertaken in Korea, China, Australia, and Japan. In most contexts, privatization is expected to yield greater efficiency and cost effectiveness while avoiding the corruption and bloated budgets of government regulation or monopoly control. But broad-scale privatization, if ill designed, has also yielded its share of difficulties in East Asia. Privatization sometimes has created a vacuum in corporate governance for some of the region's most important industries and in some cases merely reinstated the monopoly-like configurations. The papers presented in this book discuss the experiences of privatization in several industries, including railroad and telecom, corporate governance problems, accounting issues, and challenges for the future in East Asian countries. The first section is theoretical in nature and proposes boundaries among government protection, market freedom, and shareholder expectations. The second part is constituted by country case studies, beginning with an analysis of both the Korean financial crisis that followed its 1997 law to privatize large, public sector corporations and the new ways Korean corporations finance themselves. Following is an evaluation of China's approach to privatization, with an in-depth look at the financial transitions of companies slated for initial public offering. Providing provocative examples of the methods of privatization in the Asia-Pacific region specifically, these papers will be of huge import to any economist or policymaker interested in transposing those successes for their own region.
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced ...deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.
Trade and protectionism Ito, Takatoshi; Krueger, Anne O
1993., 1993, 19930101, Letnik:
2
eBook
During the first three decades following the Second World War, an increasingly open international trading system led to unprecedented economic growth throughout the world. But in recent years, that ...openness has been threatened by increased protectionism, regional trading arrangements—Europe 1992 and the U.S.-Canada Free Trade Agreement—and setbacks in negotiations on the General Agreement on Tariffs and Trade. In Trade and Protectionism, American and East Asian scholars consider the dangers of this trend for the world economy and especially for East Asian countries. The authors look at the current global trading system and at the potential threats to East Asian economies from possible regional arrangements, such as separate trading blocks in the Western Hemisphere and Europe. They cover trade between the United States and Japan, Korea and Japan, and Japanese-East Asian trade policies; trade in agriculture and semiconductors and the frictions that have jeopardized this trade; and direct foreign investment. The contributors round out the work with discussions of the political economy of protection in Korea and Taiwan and political economy considerations as they affect trade policy in general. This is the second volume of the National Bureau of Economic Research-East Asia Seminar on Economics. The first volume, The Political Economy of Tax Reform, also edited by Takatoshi Ito and Anne O. Krueger, addresses tax reform in the global economy.
The international flow of long-term private capital has increased dramatically in the 1990s. In fact, many policymakers now consider private foreign capital to be an essential resource for the ...acceleration of economic growth. This volume focuses attention on the microeconomic determinants and effects of foreign direct investment (FDI) in the East Asian region, allowing researchers to explore the overall structure of FDI, to offer case studies of individual countries, and to consider their insights, both general and particular, within the context of current economic theory.
The increased mobility and volume of international capital flows is a striking trend in international finance. While countries worldwide have engaged in financial deregulation, nowhere is this ...pattern more pronounced than in East Asia, where it has affected in unanticipated ways the behavior of exchange rates, interest rates, and capital flows. In these thirteen essays, American and Asian scholars analyze the effects of financial deregulation and integration on East Asian markets. Topics covered include the roles of the United States and Japan in trading with Asian countries, macroeconomic policy implications of export-led growth in Korea and Taiwan, the effects of foreign direct investment in China, and the impact of financial liberalization in Japan, Korea, and Singapore. Demonstrating the complexity of financial deregulation and the challenges it poses for policy makers, this volume provides an excellent picture of the overall status of East Asian financial markets for scholars in international finance and Asian economic development.
The contributors to this volume analyze the growth experiences of Japan, Korea, China, Hong Kong, Singapore, and Taiwan in light of the recently developed endogenous growth theory to provide an ...understanding of the economic boom in East Asia. The theory explored in this volume attributes the phenomenal economic success of these countries to, among other factors, the role of an outward orientation—a focus on exporting rather than on protecting home markets. In addition, the importance of exchange rate behavior, of the supportive role of government policy, and of the accumulation and promotion of physical and human capital are explored in detail. This collection also examines the extent to which growth in each country became self-sustaining once it began. Demonstrating the relevance of endogenous growth theory for studying this important region, this fourth volume in the NBER-East Asia Seminar on Economics series will be of interest to observers of East Asian affairs.
The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States ...continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities. International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.
