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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.
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