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Author: United Nations Publications
Publisher: UN
ISBN: 9789211207231
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
Recent years has seen a sharp increase in the trade of intermediate goods between ASEAN countries and China, reflecting the emergence of China as a regional 'assembly centre' and sourcing the bulk of parts and components from countries in South-East and North-East Asia in the production of final goods for export to the United States and the European Union. This expansion of trade in intermediates is closely linked to the spread of international production networks (IPNs) in Asia. The expansion raises important new analytical and policy challenges generating rapidly growing literature. This study focuses on how new patterns of production and trade influence the effects of exchange rates on international trade flows of manufactured goods, and draws attention to several ways in which IPNs have altered the nature of international production and trade
Author: United Nations Publications
Publisher: UN
ISBN: 9789211207231
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
Recent years has seen a sharp increase in the trade of intermediate goods between ASEAN countries and China, reflecting the emergence of China as a regional 'assembly centre' and sourcing the bulk of parts and components from countries in South-East and North-East Asia in the production of final goods for export to the United States and the European Union. This expansion of trade in intermediates is closely linked to the spread of international production networks (IPNs) in Asia. The expansion raises important new analytical and policy challenges generating rapidly growing literature. This study focuses on how new patterns of production and trade influence the effects of exchange rates on international trade flows of manufactured goods, and draws attention to several ways in which IPNs have altered the nature of international production and trade
Author: Witada Anukoonwattaka
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
Author: Ramkishen S Rajan
Publisher: World Scientific
ISBN: 9814475823
Category : Business & Economics
Languages : en
Pages : 273
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Book Description
This book consists of 20 short essays on different dimensions of international economic policy with specific (though not exclusive) focus on Asia. Topics covered include: exchange rate regimes and reserve buildup in Asia; global macroeconomic imbalances; financial sector liberalization; international capital flows to and from Asia; infrastructure financing in Asia; foreign direct investment (FDI) flows, production networks, manufacturing and outsourcing in Asia; the economic rise of China and India; and trade, financial and monetary regionalism in Asia. While the book covers important and often technical economic issues of contemporary policy relevance, it is written in a manner that is easily accessible to non-economists, including students of public policy, international affairs, international commerce and business, as well as policy-makers and interested observers.
Author: Sven W. Arndt
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Economic integration in East Asia is proceeding along two tracks. One involves discussions among governments and focuses on formal agreements covering bilateral and regional free trade areas, as well as cooperation at the level of macroeconomic stabilization. The other is informal and driven mainly by market forces, as part of the larger process of globalization and the growing integration of national economies into the world economy. A key feature of that process is the spread of cross-border production networks. The paper examines the implications of this development for official integration and concludes that its effects are negative for the suitability of traditional free trade areas and customs unions, but positive for "single-market" policies. De facto, market-oriented integration diminishes the sensitivity of trade flows to exchange-rate changes, which may be interpreted as reducing the case for floating rates and favoring (or facilitating) monetary cooperation.
Author: Benno Ferrarini
Publisher: Edward Elgar Publishing
ISBN: 178347209X
Category : Business & Economics
Languages : en
Pages : 393
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Book Description
This timely book deploys new tools and measures to understand how global production networks change the nature of global economic interdependence, and how that in turn changes our understanding of which policies are appropriate in this new environment.
Author: Mizanur Rahman
Publisher: CreateSpace
ISBN: 9781514305942
Category :
Languages : en
Pages : 96
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Book Description
In his Testimony on June 23 2005 before the U.S. Senate Committee on Finance, Alan Greenspan, Chairman of the Federal Reserve Board, remarked, "The enhanced integration of China into the world trading system is having notable effect on Asia's trade with the rest of the world and on trade within Asia. After having risen rapidly through the 1990s, U.S. imports from Asia excluding China have flattened since 2000. This has occurred as production within Asia has evolved, with the final stages of assembly and exporting to the United States and elsewhere becoming increasingly concentrated in China." The phenomenon is called East Asian production networks whereby production processes are fragmented across national borders in the region. This development is undeniably related to the global imbalance problem. Several studies showed that the build-up of an unsustainable payment imbalance in the U.S. was substantially mirrored in the reserve accumulation by East Asian countries including China notably. These studies predicted that unless "coordination and shared responsibility" led to a gradual adjustment of it, the world economy would move toward a major crisis. Some authors even predicted an imminent collapse of the U.S. dollar, and a global financial meltdown. A global financial crisis indeed began in 2008. The crisis has accompanied a prolonged economic slowdown across the developed and developing world. An unwinding of the imbalance has progressed but in a disorderly way. The moral of this research is that real exchange rate changes and redistribution of world expenditures will continue to play key role in the process of international adjustment. However, our focus would be on how it would affect East Asian exports within the region and between East Asia and the rest of the world. We apply an empirical framework that essentially incorporates the fact that production within Asia has evolved. The consideration has an important implication. It is that exports by country are recorded on a gross basis rather than as value added and therefore the domestic value added is only a part of the gross value of the exports. An appreciation by the exporting country per se will affect only the domestic value added but not the gross value. But a joint appreciation of countries supplying intermediate goods will increase the dollar cost of intermediate goods imported into the exporting country from the rest of Asia, which represents a significant share of the gross value. This was the conjecture of Alan Greenspan. He argued that such a coordinated exchange appreciation would have larger effect on East Asian exports. In fact, East Asian exchange rates are now on a path of real appreciation but in an environment of no explicit coordination. The question is how changes in intra-regional real exchange rates will affect trade along the production networks and final exports from East Asia to the world. This study defines two channels of this effect. The first is the production linkage effect through fragmented value chain and the other is the competitive effect. A real appreciation of one East Asian country against the others will imply an adverse competitiveness effect but a favorable linkage effect. We further examine in this research the evolving trade patterns of East Asian countries. We do it by analyzing composition as well as comparative advantage of East Asian exports by stages of production and across geographic locations. The purpose is to see how production specialization has evolved across the core and peripheral countries within the region. We conduct the analyses for all East Asian countries and over 1985-2008 period. They include Japan, South Korea, and Taiwan comprising the core region and China and seven ASEAN countries comprising the peripheral region. The ASEAN countries are Cambodia, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam.
Author: Tony Cavoli
Publisher: Hong Kong University Press
ISBN: 9622090532
Category : Business & Economics
Languages : en
Pages : 249
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Book Description
With the rise of China, India and the re-emergence of East Asia from the financial crisis of 1997–98, monetary issues in Asia have acquired great significance as the region holds the largest reserves in the world and consequently plays a major role in the global macro-economy. In addition, there are also a great variety of monetary policy regimes at play in the region – reflecting each country's needs and policy preferences. This volume explores monetary, exchange rate and macroeconomic policies in Asia. A particular question that is analysed is Asia's experience since the crisis with the use of monetary policy to manage the resurgence in capital inflows. It also examines the theoretical and policy issues associated with international capital flows, the increasing degree of integration of financial markets and exchange rates for emerging Asian economies. The book is unique in focussing on China, India and Southeast Asia, rather than just having a sub-regional or country-specific focus. Rigorous empirical analysis is applied to important practical policy issues. The book also provides accessible overviews of recent research relevant to the questions that are explored and is written throughout in a manner that is accessible to policy makers, students and business/financial journalists.
Author: Willem Thorbecke
Publisher: Cambridge University Press
ISBN: 1009216856
Category : Business & Economics
Languages : en
Pages : 149
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Book Description
The lion's share of smartphones, computers, televisions, semiconductor devices, and other electronics goods is made in East Asia. Final electronics goods are assembled in China, and sophisticated parts and components (P&C) such as semiconductor chips, image sensors, and ceramic filters in upstream Asian economies such as Japan, South Korea, and Taiwan. How did Asia become the center of electronics manufacturing? How did learning take place that allowed Asian workers to produce cutting-edge products? Are there lessons for countries like the US that seek to reshore manufacturing of semiconductors, flat-panel displays, and related products? This Element addresses these issues.
Author: Erdener Kaynak
Publisher: Routledge
ISBN: 1317955048
Category : Business & Economics
Languages : en
Pages : 316
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Book Description
Learn to apply the strategies used in East Asia’s phenomenal economic expansion The phenomenal economic growth of many countries in East Asia has no historic parallel. Globalization and East Asia: Opportunities and Challenges examines different aspects of the economic performance of the region over the past three decades, with a focus on what it takes to replicate the experience elsewhere. Nineteen of the finest presentations from the 12th International Conference of the International Trade and Finance Association in Bangkok, Thailand, have been carefully selected and revised by their expert authors, providing powerful, practical economic development approaches that can be used to develop other economies. This comprehensive volume presents an insightful four-part view of the intricate economic workings of East Asia. The first part introduces the distinctive qualities of the policies that sparked economic growth and development. Part two provides comparative studies of different countries and industries in the region and an in-depth study of the East Asian area over the past fifty years. Part three presents sector specific studies within several countries, focusing on international finance. The fourth part spotlights important industry-specific elements and explores the future of globalization in relation to its effects on East Asia. Each chapter is extensively referenced, and several use tables and charts to clearly reinforce crucial points. Globalization and East Asia includes topics such as: the characteristics of East Asian economic growth—and how other areas will benefit the rapid economic growth of the region since the end of World War II an evaluation of efficiency and leveraging of assets comparing the United States and the Four Dragon (FD) industries structural weaknesses within Asian countries trade flows between the United States and Thailand— a bilateral study the progress of APEC’s environmental cooperation financial resource flows during the 1990s Malaysian financial markets and the Asian financial crisis China’s economic transition and exchange rate policies the use of dual production theory as a model in the world economy Thailand’s telecommunications sector—and how it provides illustration for other sector specific industries in developing countries development of bilateral trade negotiations between the United States and Vietnam the status of United States apparel imports Globalization and East Asia is important, insightful reading for researchers, scholars, and professionals specializing in regional economics and economic development.
Author: Duck-Koo Chung
Publisher: Rowman & Littlefield
ISBN: 0815714181
Category : Business & Economics
Languages : en
Pages : 176
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Book Description
East Asian exchange rates have become a global flashpoint. U.S. policymakers blame artificially low Asian currency values for global imbalances, including America's ballooning current account deficit. The solution, they argue, lies in some combination of greater exchange rate flexibility and the appreciation of Asian currencies against the dollar. Asian officials recognize the need to let their exchange rates rise, but they fear that would hamper growth and cut sharply into the value of their dollar reserves. Toward an East Asian Exchange Rate Regime offers a timely and comprehensive analysis of the resulting debates, drawing on expertise from China, Japan, South Korea, and the United States. The introduction reviews the issues at stake, sketches a variety of proposed exchange rate regimes, and discusses comparisons between East Asia and the West. Subsequent chapters examine the connection between global financial imbalances and East Asian monetary cooperation, China's potential role in regional coordination, the relationship between monetary and trade integration, and different paths toward regional cooperation. Authoritative yet concise, this is an essential primer on East Asian monetary integration. Contributors include Gongpil Choi (Korean Institute of Finance, Federal Reserve Bank of San Francisco), Masahiro Kawai (University of Tokyo, Asian Development Bank), Kwanho Shin (Korea University), Yunjong Wang (SK Institute), Masaru Yoshitomi (RIETI,Tokyo), and Yongding Yu (Chinese Academy of Social Sciences).
