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 growthand 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 sectorand 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 Globalization and East Asia is important, insightful reading for researchers, scholars, and professionals specializing in regional economics and economic development.

Table of Contents:
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

About the Author :
Kaynak, Erdener; Fatemi, Khosrow