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With increased resilience in the financial systems, emerging Asian
economies were less affected by the recent global financial crisis,
recovering more quickly from the crisis than major advanced
economies. Yet, Asian financial systems remain underdeveloped. More
open and efficient financial systems continue to be a key priority
for Asia's development strategy. Emerging Asian economies need to
tackle the new challenges to macroeconomic and financial stability
posed by financial globalisation. This book identifies the key
challenges to Asia's financial development in an era of rapid
financial globalisation and discusses their policy implications for
financial reforms and regional cooperation in East Asia. Particular
areas of focus include: the impact of financial globalisation on
economic stability and inequality in East Asian economies; the
progress of Asia's regional financial cooperation and lessons from
the recent European economic crisis; and the priority of financial
reforms in individual Asian economies. Combining advanced
econometric methods and in-depth case studies, this book provides
rigorous and contextual analyses of the most critical issues for
Asia's financial development. It offers a comprehensive and useful
guide for students, academics, and policymakers interested in the
current state and future prospects of Asian financial systems.
With increased resilience in the financial systems, emerging Asian
economies were less affected by the recent global financial crisis,
recovering more quickly from the crisis than major advanced
economies. Yet, Asian financial systems remain underdeveloped. More
open and efficient financial systems continue to be a key priority
for Asia's development strategy. Emerging Asian economies need to
tackle the new challenges to macroeconomic and financial stability
posed by financial globalisation. This book identifies the key
challenges to Asia's financial development in an era of rapid
financial globalisation and discusses their policy implications for
financial reforms and regional cooperation in East Asia. Particular
areas of focus include: the impact of financial globalisation on
economic stability and inequality in East Asian economies; the
progress of Asia's regional financial cooperation and lessons from
the recent European economic crisis; and the priority of financial
reforms in individual Asian economies. Combining advanced
econometric methods and in-depth case studies, this book provides
rigorous and contextual analyses of the most critical issues for
Asia's financial development. It offers a comprehensive and useful
guide for students, academics, and policymakers interested in the
current state and future prospects of Asian financial systems.
Besides export expansion, a growing middle class in Asia has
contributed to the area's economic expansion, providing Asian
countries with a window of opportunity to leap from low/middle
income levels to high income levels. It may sound easy for these
countries to run up the ladder of economic growth, but the
potential risks of quickly shifting from low/middle to high income
levels are often overlooked. Careful studies in history reveal that
the experience of moving up the ladder of economic growth has
varied among countries.This book explores (1) the current state of
Asian economies and 2) the conditions or policy counter-measures
that lead to higher income levels under changing external
circumstances. This is illustrated through case studies on five
Asian economies, with emphasis on their structural problems. It
also aims to paint a comprehensive picture of necessary policies,
which will encourage Asian countries to move up the ladder of
growth.
The purpose of this book is to empirically analyse the multifaceted
nature of financial linkages in East Asia and to discuss the key
policy challenges faced by the region's economies. Although the
emphasis is placed on East Asia, some of the chapters cover a
broader area of countries depending on the aim of the study.
Particular areas of focus in these studies include: the evolution
of cross-border financial linkages in East Asia; long-run economic
consequences of remittance inflows and natural resource dependence;
and policy priorities for the financial integration and management
of resource-rich economies.
In the wake of the global financial crisis, leading industrialized
countries have managed to show only a gradual recovery, while East
Asian economies have surged ahead. In particular, China achieved
growth in excess of 10% in 2010 and is expected to continue growing
at a rapid pace. It appears that in the coming years, East Asia
will play an even greater role as a growth center leading global
economic expansion. Following the Asian currency crisis of 1997-98,
consumption and investment in the region decreased considerably,
and East Asian economies recovered on the strength of exports.
Presently, however, amid a less-than-robust recovery in the US and
Europe, the sustainability of East Asia's reliance on export-led
growth has been called into question. The region's transition to
growth based on a balance of foreign and domestic demand is
important for both building a stronger foundation for sustainable
growth and buttressing global economic expansion. Moreover, the
rebalancing of demand in East Asia holds the key to rectifying
global current account imbalances - the disadvantage of uneven
international capital flows. This unique volume illuminates policy
issues involved in the efforts to promote the rebalancing of demand
in East Asia.
In the wake of the global financial crisis, leading industrialized
countries have managed to show only a gradual recovery, while East
Asian economies have surged ahead. In particular, China achieved
growth in excess of 10% in 2010 and is expected to continue growing
at a rapid pace. It appears that in the coming years, East Asia
will play an even greater role as a growth center leading global
economic expansion. Following the Asian currency crisis of 1997-98,
consumption and investment in the region decreased considerably,
and East Asian economies recovered on the strength of exports.
Presently, however, amid a less-than-robust recovery in the US and
Europe, the sustainability of East Asia's reliance on export-led
growth has been called into question. The region's transition to
growth based on a balance of foreign and domestic demand is
important for both building a stronger foundation for sustainable
growth and buttressing global economic expansion. Moreover, the
rebalancing of demand in East Asia holds the key to rectifying
global current account imbalances - the disadvantage of uneven
international capital flows. This unique volume illuminates policy
issues involved in the efforts to promote the rebalancing of demand
in East Asia.
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