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Economics - International Economics / European Integration | Asian Economy and Finance: - A Post-Crisis Perspective

Asian Economy and Finance:

A Post-Crisis Perspective

Das-Gupta, Dilip K.

2005, XXIV, 309 p.

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Topicality of Asian economy has refused to fade for almost four decades; if anything it has been levitating. The Asian economy has changed markedly since the economic and financial crisis of 1997-1998 and is continuing to evolve.   As a scholarly subject matter, Asian economy has not stopped attracting academicians, policy mandarins, decision makers in the arena of business and students of Asian economy. The Asian crisis was a cataclysmic event for the region and brought to the surface several systemic limitations, like those in the financial sector, corporate governance, regulatory oversight, legal framework, and exchange rate management. Managers of Asian economy need to get to the bottom of these acutely problematical systemic issues. Additionally, Asian economies need to change with the demands of time and devise their post-crisis development strategy. Asia’s growth model, that served it so well for four decades, is overdue for renewal so that it can re-strengthen its bonds with the ever-evolving regional and global economic reality. The old growth model is likely to be less relevant and effective in the post-crisis future of the Asian economies. It is sure to run into the wall of diminishing returns.

An outstanding feature of Asian Economy and Finance: A Post-Crisis Perspective is that unlike most Asia-related books, it is written in a comprehensive and authoritative manner and covers large areas of Asian macro-economy and finance. The noteworthy areas of focus include global and intra-regional trade and investment, as well as financial and monetary aspects. In-depth discussions have been provided on regional integration through expanding trade, financial flows, regional production networks, financial and monetary co-operation. In taking a contemporary or post-crisis view of the Asian economy, this book offers the newest knowledge related to relevant themes on the Asian economies as well as the latest concepts. In a succinct manner, this book deals with the principal normative and positive strands with which one need to be properly familiar in this subject area. This tightly written volume covers a great deal of ground and imparts knowledge on the Asian economy related themes to students, researchers and policy makers alike.

Asian Economy and Finance: A Post-Crisis Perspective is neither overly technical nor model-oriented. It is easy to access for the target readership because of its descriptive analysis style, which stops short of mathematical formulations and econometric modeling. Many students and other readers who have good analytical minds and sound knowledge of economic principles feel lost in mathematical formulations. This writing style makes it accessible to a much larger number of readers.

Content Level » Professional/practitioner

Keywords » ASEAN - Asian Economies - Asian Economy - European Union (EU) - Global economy - Trading - Trends - WTO - production

Related subjects » Financial Economics - International Economics / European Integration - Macroeconomics / Monetary Economics / Growth - Public Finance

Table of contents / Sample pages 

Preface Acknowledgments About the Author 1: ASIAN ECONOMY: THE HERITAGE 1.1 Past is Prelude to the Future 1.2 Alternative Historical Perspective on Asian Economy 1.3 Economic Linkages and Interactions in the Second Millennium 1.4 Quantitative Dimensions of Growth 1.5 Past Trends in Trade 1.6 Industrial Revolution and Its Aftermath 1.7 Asian Economic 'Miracle' of the Post-War II Era 1.8 Summary and Conclusion 2: ECONOMIC DIVERSITY IN ASIA 2.1 Heterogeneity 2.2 High-Performing Economic Sub-Groups 2.3 Regional Economies and Economic Groupings 2.4 Japan-the Domineering Regional Economy 2.5 Contrasting the Two Populous Giants 2.6 Newly Industrialized Asian Economies 2.7 Southeast Asian Economies 2.8 Post-Crisis Performance 2.9 Summary and Conclusions 3: MARKET-DRIVEN REGIONALIZATION IN ASIA 3.1 Introduction 3.2 Trends in Intra-Regional Trade and Investment 3.3 Impact of Other RIAs on the Asia-Pacific Economies 3.4 Need for Regional Co-operation in the Aftermath of the Crisis 3.5 Impediments to Regionalization 3.6 Conclusions and Summary 4: CONTEMPORARY INITIATIVES IN INSTITUTIONALIZED REGIONAL INTEGRATION 4.1 Regional Integration and the Global Economy 4.2 Agglomeration or Clustering Effect 4.3 Institutionalized Regional Economic Integration 4.4 ASEAN-Plus-Three Grouping 4.5 Asia-Pacific Economic Co-operation Forum 4.6 Bilateral Trade Agreements 4.7 Summary and Conclusion 5: TRADE, COMPETITIVENESS AND FOREIGN INVESTMENT AND THE LINKAGES AMONG THEM 5.1 Outer-Orientation: The Strategic Stance 5.2 Trade Performance 5.3 Growing Cohesion in Trading Pattern 5.4 Competitiveness in Global Market Place 5.5 Regional Trends in FDI 5.6 Integrated Production Networks and Refinement of Comparative Advantage 5.7 Outsourcing in ICT and Business-Process Services 5.8 China’s WTO Accession and its Regional Ramifications 5.9Summary and Conclusion 6: FINANCIAL SECTOR DEVELOPMENT: STRUCTURE, INSTITUTIONS AND MARKETS 6.1 Financial Sector: Chink in the Asian Armor 6.2 The Quality Continuum 6.3 Financial Market Structure and Country Classification 6.4 Carrying out Financial Market Development 6.5 Banking Sector 6.6 Intermediate Financial Structure 6.7 Bond Markets 6.8 Regional Bond Market 6.9 Equity Markets 6.10 Risk Management 6.11 Conclusions and Summary 7: POST-CRISIS REGIONAL ECONOMIC COOPERAT1ON AND THE EMERGING FINANCIAL ARCHITECTURE 7.1 Realistic Dimension of the Asian Crisis 7.2 Launching the Chiang Mai Initiative 7.3 Multilateral and Bilateral Swap Arrangements 7.4 Future Challenges for the Chiang Mai Initiative 7.5 Pros and Cons of Institutionalized Regional Cooperation 7.6 Predilection for a Regional Financial and Monetary Institution 7.7 Augmenting Foreign Exchange Reserves Holdings 7.8 Monetary and Central Banking Cooperation 7.9 Evolution of Exchange Rate Regimes 7.10 Lessons from the EU Experience 7.11 Monitoring and Surveillance 7.12 Summary and Conclusions Bibliography Index

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