Suchergebnisse

"Comprises 25 articles which the author has published on the Project Syndicate website since 2012. These articles are grouped into four broad topics: (1) Growth and Structural Adjustment, (2) Economic Integration and Cooperation, (3) Business, Money, and Finance, and (4) Education and Society. Through these selected works, the author explores whether the Asian Century is coming to pass or not and how Asian economies prepare for such century. The author also presents his analyses of Asia's economic transformation as well as social and cultural changes, and suggests the ways that Asian economies can overcome major economic and social challenges to continue their path towards a more balanced and sustainable growth in the 21st century. This book serves as a useful reference text for those who seek to understand the Asian economies, and contributes to ongoing policy debate on Asia's economic future"--

"A collection of selected articles related to the Asian experience with two crises -- the Asian financial crisis in 1997-98 and the global financial crisis of 2007-08 -- written by Dr Jong-Wha Lee, former chief economist of the Asian Development Bank. These papers are grouped into three broad topics: Anatomy of Asian Growth and Crises, Asian Financial Crises: Responses and Lessons, and Global Financial Crisis and Challenges to Asia's Sustained Growth. The topics include the relation of the East Asia's development strategies with the 1997-98 Asian financial crisis, the causes of the Asian financial crisis, the desirability of IMF programs, the assessment of recovery and structural reforms, the process of spillovers of the global financial crisis to Asia, regional and global economic linkages, the role of China and the renminbi, and the long-term growth projections of Asian economies. The research collected in this book will be very useful for policymakers who want to learn from the Asian experience with the crises and it is a key contribution to ongoing research and policy debates on the future of Asian economies"--

This paper investigates the economic growth experiences of middle‐income economies over the period 1960–2014 focusing on two groups of countries. The "convergence success" group includes middle‐income economies which have graduated to a high‐income status or have achieved rapid convergence progress. When an economy in the "nonsuccess" group experienced growth deceleration and failed to advance to a high‐income status, we defined such episodes as the "middle‐income trap." We observe no clear pattern that the relative frequency of growth deceleration was higher for upper middle‐income economies, thereby refuting the "middle‐income trap hypothesis." The probit regressions show that "convergence successes" tend to maintain strong human capital, a high working‐age population ratio, effective rule of law, low‐priced investment goods, and high levels of high‐tech exports and patents. Adding to unfavorable demographic, trade, and technological factors, rapid investment expansion, hasty deregulation, and hurried financial opening could cause the "nonsuccesses" to fall into the middle‐income trap.

This study investigates the economic growth and catch-up of the Republic of Korea over the past half-century. The gap of output per worker between the Republic of Korea and United States has decreased rapidly, as the Republic of Korea's lower per capita income, relative to its potential level, has led to higher growth, confirming the prediction of a conditional convergence theory. Cross-country regression further suggests that the Republic of Korea's catch-up to the United States is also attributable to strong investment, lower fertility, greater trade openness, and improvements in human resources and rule of law, while improvement in democracy tends to slow the pace of the catch-up. Yet as the Republic of Korea catches up to the United States and its steady-state level in per worker output, it is subject to growth slowdown unless it improves institutions and policy factors. While manufacturing- and export-oriented development served the Republic of Korea's success well, poor productivity performance in the services sector has hampered overall productivity growth. The Republic of Korea's experience implies that the People's Republic of China's potential growth rates are likely to slow in the coming decades due to the convergence effect and with the rebalancing toward a domestic consumption and services-based economy. The People's Republic of China needs to upgrade its institutional quality and improve productivity, particularly in its services sector, to sustain strong growth.

The Asian model of export-led growth served it well in the post-war period, but prolonged sluggish growth of the developed economies following the global financial crisis, together with growing inequality and rising environmental problems, point to the need for a new growth model. The purpose of this book is to describe the challenges facing Asian economies in the post-global financial crisis environment and to identify structural issues and policies that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basi