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Globalization and East Asia : Opportunities and Challenges - Erdener Kaynak

Globalization and East Asia

Opportunities and Challenges

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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 importsGlobalization and East Asia is important, insightful reading for researchers, scholars, and professionals specializing in regional economics and economic development.

About the Editorp. xi
Contributorsp. xiii
Prefacep. xxi
Introductionp. xxi
Comparative Studiesp. xxii
International Financep. xxiv
Industry-Specific and Future Researchp. xxvi
Acknowledgmentsp. xxix
East Asian Economic Performance in Retrospectp. 3
Introductionp. 3
The East Asian "Miracle"p. 4
The Financial Crises of 1997 and 1998 and the Aftermathp. 8
Lessons from the EAC Model of Economic Developmentp. 11
East Asia: The Growth Center of the Late Twentieth Centuryp. 15
Introductionp. 15
Borrowed Growthp. 16
The Benefits of Open Industrialization in a Macroregionp. 18
The Importance of Social Organizationp. 19
Conclusionp. 21
Comparative Studies
Comparative Advantage Recycling and Clustered Growth: The Flying-Geese Paradigm of Tandem Catch-Up on the Pacific Rimp. 25
Introductionp. 25
Hegemon-Led Macroclustering and the Flying-Geese Paradigmp. 27
Evolutionary Patterns of Trade and Investmentp. 29
Theory of Comparative Advantage Recyclingp. 32
The Krugman and Sachs Puzzlesp. 42
Final Remarksp. 44
The Relative Efficiencies of U.S. and Pacific Rim Industries: The Case of the Four Dragonsp. 51
Introductionp. 51
The Limitations of the Study and the Sample Sizep. 53
The Testing of Hypothesesp. 54
Concluding Remarksp. 58
Asian Structural Differences and Comparative Economic Performancep. 61
Introductionp. 61
Structural Differences in Asiap. 62
Methodologyp. 70
Empirical Resultsp. 75
Conclusionsp. 81
The Asian Influence: An Analysis of Trade Flows Between the United States and Thailand in the Home Furnishings Industryp. 85
Introductionp. 85
Purposep. 86
p. 86
p. 95
Implications for Future Researchp. 98
Trade and Environment Issues in APECp. 101
Introductionp. 101
Trade Liberalization, Economic Integration, and the Environmentp. 102
Environmental Costs of Rapid Growthp. 103
Evolution of APEC's Environmental Agendap. 105
The Trade-Environment Interfacep. 109
Economic Integration and the Harmonization of Environmental Policyp. 113
Toward Common Principles in APEC's Environmental Agendap. 116
Conclusionp. 122
Financial Resource Flows, the Exchange Rate, and Trade: Recent East Asian Experiencep. 127
Introductionp. 127
The Nature of Capital Flowsp. 132
The Impact of Capital Inflows and the Policy Responsep. 134
Causal Link Between FDI, Trade, and Exchange Ratep. 139
Empirical Analysisp. 140
Conclusionp. 144
International Finance
Emerging Trends in Asian Financial Markets: Evidences from Malaysiap. 149
Introductionp. 149
The Malaysian Financial System Structurep. 150
Developments in financial Marketsp. 151
Derivative Marketsp. 156
Financial Markets and Economic Implicationsp. 156
Conclusionp. 159
The Impact of Globalization on Economic Transition in Chinap. 161
Economic Performancep. 161
Liberalization Processp. 168
Globalization Impactp. 174
Conclusionsp. 180
The Exchange Rate of Chinese Yuan: Before and After WTO Entryp. 183
Introductionp. 183
Approaches to Measuring Equilibrium Real Exchange Rate (ERER)p. 186
Misalignment of Chinese Yuan and China's Trade Balancep. 195
Forecast and Conclusionp. 198
Trade Elasticities of the Export-Oriented Household Electrical Appliances Industry of Hong Kongp. 207
Introductionp. 207
The Modelp. 208
Estimation and Resultsp. 211
Trade Elasticities and Interpretationp. 211
Summary and Conclusionp. 214
A Multifactor Stock Valuation Model: An Empirical Application to the Thai Telecommunications Sectorp. 217
Introductionp. 217
Stock Valuationp. 218
Characteristics of the Financial Market in Developing Countriesp. 219
Financial Characteristics in the Thai Telecommunications Sectorp. 221
A New Model for Valuation of Stocksp. 222
Datap. 224
Resultsp. 225
Implications of the Results for Stock Valuationp. 225
The Need for Other Approaches for Valuationp. 228
Conclusionp. 229
Industry-Specific Studies and Future Research
Implications for the Vietnamese Textile and Apparel Industry in Light of Abolishing the Multifiber Arrangement and the U.S.-Vietnam Bilateral Investment Treatyp. 233
Introductionp. 233
The Vietnamese Textile and Apparel Industryp. 234
The U.S.-Vietnam Textile Agreement Debatep. 245
Concluding Remarksp. 251
Competition for Market Share: A Markov Analysis of U.S. Apparel Importsp. 253
Introductionp. 253
Methodologyp. 258
Findingsp. 261
Conclusionsp. 272
Globalization and Future Research Interests on East Asiap. 277
Introductionp. 277
Continuation of the Past and Current Trendp. 277
Future Direction of Researchp. 279
Indexp. 281
Table of Contents provided by Ingram. All Rights Reserved.

ISBN: 9780789027443
ISBN-10: 0789027445
Audience: Professional
Format: Paperback
Language: English
Number Of Pages: 326
Published: 5th October 2006
Country of Publication: US
Dimensions (cm): 20.32 x 14.61  x 1.91
Weight (kg): 0.48
Edition Number: 1