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Asia has shown the world what success in economic development looks
like. From the amazing transformations of Japan, the Republic of
Korea, and the other 'tigers' in the early 70s, to the more recent
takeoffs of the People's Republic of China (PRC), India, and the
leading economies in Southeast Asia, the region has prospered at a
startling pace. Technologies were adopted, productivity raised, and
export markets conquered. Billions were lifted out of poverty. What
was once a backwater is now a global engine of growth. That roaring
progress was, however, fueled by a lesser-known factor: borrowing.
Governments, corporations, and households financed their path to
prosperity with debt-lots of debt. Today, the volume of debt
hanging over Asian economies is huge, in both absolute and relative
terms. It was growing fast before the pandemic and is projected to
grow even faster because of it. Demography is bound to make matters
worse in the long term. How sustainable is this? What should policy
makers do to keep Asia's finances stable? Should markets worry?
These are the core questions of this book. Through a collection of
chapters by renowned experts, a diagnosis of Asia's debt
accumulation is offered. The approach is both country- and
issue-driven, so both idiosyncratic and common elements can be
identified. Matters like Japan's social insurance promises, the
PRC's state-owned enterprises, the Pacific islands' aid dependency,
and the saving habits of households in the Republic of Korea are
dissected. As are trends that are present across countries, such as
population aging, shrinking fiscal space, and contingent
liabilities. This allows for a deeper understanding of what makes
borrowing sustainable-or not. And it leads directly into policy
recommendations, especially those involving the use of new
financial instruments. The final product is a book whose
comprehensiveness and practicality are unprecedented in the field.
It will be equally invaluable for governments, investors, and
scholars in Asia and beyond.
New measures have opened up insights into the extent and complexity
of global production networks. The chapters in this timely book
deploy new tools to understand how global value chains change the
nature of global economic interdependence, and to assess how that
in turn changes our understanding of policies in this new
environment.The authors bring to bear a wide variety of
methodological tools and data, and perspectives ranging from the
firm-level micro economy to the global macro economy. The book has
two broad themes. The first is national economies' heightened
exposure to adverse shocks (natural disasters, political disputes,
recessions) elsewhere in the world as a result of greater
integration and interdependence. The second theme is focused on the
evolution of global value chains at the firm level and how this
will affect competitiveness in Asia. It also traces the past and
future development of production sharing in Asia. Employing an
array of the latest methods and data to study global value chains,
the book will prove a valuable resource for international
organizations and regional bodies who have an active interest in
anything related to global supply chain analysis. Researchers,
academics and students in the fields of international trade and
economics will also find its assessment of the evolution of global
value chains at the firm level, and how this affects
competitiveness in Asia, to be an insightful guide. Contributors:
R.Baldwin, M. Chinn, H.Escaith, B.Ferrarini, R.Forslid, T.W.
Hertel, D.Hummels, A.Levchenko, A.C. Ma, L.Puzzello, D.L. Swenson,
P.A. Raschky, A.Van Assche, T.L. Walmsley, J.Zhang
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