Research Project Reports

Achieving Sustainable Growth in East Asia

By Jenny Corbett, Ying Xu (Eds.)

ERIA Research Project Report 2010-28

Posted: March 2011

Abstract


The studies in this volume address the major causes of the build-up of current account surpluses in the East Asian region, commonly referred to as the problem of "global imbalances". We note that the external surpluses are matched by domestic imbalances of savings and investment. There are broadly two types of policies available to the countries on the surplus side of the global imbalances - changes to the domestic economy to give different savings-investment outcomes and changes to relative prices between home-produced and foreign-produced good. Adjustment cannot and should not, however, come only from one side of the imbalance equation. We do not explicitly address the policies that might help the deficit side but look at the policies that would benefit both the Asian surplus economies themselves and help address global imbalances.



List of Project Members


DR. JENNY CORBETT (PROJECT LEADER): Australia-Japan Research Centre, Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. YING XU (PROJECT COORDINATOR): AAustralia-Japan Research Centre, Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. PETER WARR: Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. EMMA AISBETT: Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. GARRY TWITE: School of Finance and Statistics, Australian National University (ANU), Australia.

DR. SHANG-JIN WEI: Columbia Business School, Columbia University, U.S.A.

DR. NOBUAKI YAMASHITA: School of Economics and Finance, La Trobe University, Australia.

DR. VICTOR PONTINES: South East Asian Central Banks (SEACEN) Research and Training Centre, Kuala Lumpur, Malaysia.

DR. REZA Y. SIREGAR: South East Asian Central Banks (SEACEN) Research and Training Centre, Kuala Lumpur, Malaysia.

MR. HENG DYNA: Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. TONY CAVOLI: School of Commerce and Centre for Asian Business, University of South Australia.
MR. ACHMAD MAULANA: Center for Economics and Development Studies (CEDS), Department of Economics, Padjadjaran University, Indonesia.

DR. ADIL MIANKHEL: Pakistan Institute of Trade and Development (PITAD), Ministry of Commerce, Pakistan.

DR. KALI KALIRAJAN: Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. MARDI DUNGEY: School of Economics and Finance, University of Tasmania, Australia.

MR. TUGRUL VEHBI: Centre for Financial Analysis & Policy (CFAP), Cambridge University, U.K.

DR. DAVID VERA: Department of Economics, California State University, U.S.A.

DR. PRASANNA GAI: University of Auckland Business School, New Zealand.

DR. KAZUKI ONJI: Australia-Japan Research Centre, Crawford School of Economics and Government, Australian National University (ANU), Australia.

DR. SHANDRE MUGAN THANGAVELU: Faculty of Arts and Social Science, Department of Economics, National University of Singapore (NUS), Singapore.

DR. CHRISTOPHER FINDLAY: School of Economic, University of Adelaide, Australia.



Full Report


RPR-2010-28

Contents


Front cover

Foreword

List of Project Members

Table of Contents

Executive Summary

CHAPTER 1: Macroeconomic Rebalancing and Financial Integration in East Asia: Overview

CHAPTER 2: Growth Rebalancing and Investment in Asia and the Pacific

CHAPTER 3: Were East Asian Policies Particularly Outward Biased? Evidence from the World Business
Environment Survey

CHAPTER 4 Corporate Savings, Investment and Financial Structure in East Asia: Micro-evidence:

CHAPTER 5: Is There A Risk in Overvaluing the Role of the Exchange Rate in Global Rebalancing?

CHAPTER 6: China's Export Responses to Exchange Rate Movement in Global Production Networks

CHAPTER 7: Do Asian Countries Fear Appreciation Against the Renminbi?

CHAPTER 8: What Drives Some Countries to Hoard Foreign Reserves?

CHAPTER 9: The Real/Financial Dimensions to Measuring Regional Economic Integration in ASEAN and East Asia

CHAPTER 10: Choosing Partners for Integration: Maximising Benefits from Risk Sharing

CHAPTER 11: Trends, Patterns and Dynamics of Capital Inflows in Asia

CHAPTER 12: Business-Cycle Transmission Mechanism in ASEAN+3:
Financial Integration or Trade?

CHAPTER 13: Modelling East Asian Economies in a Small Open Economy VECM: The Influences of International and Domestic shocks

CHAPTER 14: International Bank Claims to East Asian Economies:
Stabilizers or Destabilizers?

CHAPTER 15: The Rise of Asian-Owned Foreign Banks and the Implications for Credit Stability in Asia

CHAPTER 16: Banking Structures and the Transmission of Shocks to the Real Sector

CHAPTER 17: Financial Crisis and Effects of Bank Regulation on Bank Performance in Key Asian Countries

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