Given the importance of globalization in today’s world, this salutary and timely book explores ho... more Given the importance of globalization in today’s world, this salutary and timely book explores how globalization is specifically shaping the Asia-Pacific. It investigates future prospects and challenges, identifies the key winners and losers, and concludes in many cases that the portents for globalization are not particularly promising.
Using three easily measured variables – growth in aggregate output, change in net factor income a... more Using three easily measured variables – growth in aggregate output, change in net factor income and change in national saving – this paper estimates the degree of consumption smoothing by a group, East Asia. Using the Penn World Tables data for nine East Asian countries, we provide evidence that about 22 percent of shocks to GDP are smoothed via a credit market channel while the international capital market is almost insignificant. Furthermore, we find that around 75 percent of shocks to GDP remain unsmoothed. Portfolio investment intensity calculations suggest that, of this already small degree of smoothing achieved by access to international capital markets, a disproportionately small share is coming from within the region for many countries, although some countries are achieving a more balanced geographical spread of their portfolio investments. Given these results, we argue that countries in the region may benefit from having more open financial systems, which they could use as ...
CHAPTER 2. Services Liberalization toward the ASEAN Economic Community Philippa Dee 58 CHAPTER 3.... more CHAPTER 2. Services Liberalization toward the ASEAN Economic Community Philippa Dee 58 CHAPTER 3. Trade Facilitation Christopher Findlay 97 CHAPTER 4. Investment Climate Study on ASEAN Member Countries Shujiro Urata and Mitsuyo Ando CHAPTER 5. Background Data for Constructing Quantitative Measures Project Members
hospitality is gratefully acknowledged. I am extremely grateful to Masaharu Hanazaki of Hitotsuba... more hospitality is gratefully acknowledged. I am extremely grateful to Masaharu Hanazaki of Hitotsubashi University and to Hideaki Miyajima of Waseda University for assistance in gaining access to Japanese data sources, to Colin Mayer for the industry growth data, and to Nao Saito and Anat Tamir for research assistance. I am also grateful to Larry Meissner, Sumner la Croix, the editors of this volume, and participants of the National Bureau of Economic Research (NBER) Structural Impediments to Growth in Japan conference for helpful comments and suggestions. 260 Yishay Yafeh An International Perspective of Corporate Groups and Their Prospects 261 1. Okazaki (2001) argues that the zaibatsu were not powerful enough to dominate the Japanese economy before the start of World War II, but during the war they increased market power and played an important role in providing military equipment and supplies to the Japanese Imperial Army.
This paper uses a different approach to measuring financial openness, highlighting interconnected... more This paper uses a different approach to measuring financial openness, highlighting interconnectedness in a network of financial flows. Applying an adapted version of eigenvector centrality, often used in network analysis, the new measure captures multidimensional and high-degree financial relations among countries. It provides a nuanced picture of financial integration and interconnectedness in the global and regional financial networks. The United Kingdom and the United States remain the 'core' in the global banking network, with all other countries scattered in the 'periphery'. The application of the new measure of financial integration to the empirical analysis reveals the nonlinear relationship between financial integration and output volatility.
One recently suggested impediment to China revaluing the renminbi is that the authorities believe... more One recently suggested impediment to China revaluing the renminbi is that the authorities believe that a prime cause of Japan's 20-year stagnation was its caving in to US demand for an appreciation of the yen. This paper argues that it was not caving in to US pressure but resisting it that made monetary policy too lax and contributed to the asset bubble. Although the rhetoric has recently softened, Chinese leaders have repeatedly said that they would not allow a renminbi (RMB) appreciation while foreign countries, notably the US, are demanding action. They have called the measure 'protectionist' and have made clear that it is the measure, as much as the economics of appreciation, to which they object. However another impediment is that Chinese authorities believe that a prime cause of Japan's 20-year stagnation was caving in to the US demand on yen appreciation. . We argue here that it is important to learn the correct lessons from Japanese experience for coping with...
Given the importance of globalization in today’s world, this salutary and timely book explores ho... more Given the importance of globalization in today’s world, this salutary and timely book explores how globalization is specifically shaping the Asia-Pacific. It investigates future prospects and challenges, identifies the key winners and losers, and concludes in many cases that the portents for globalization are not particularly promising.
Using three easily measured variables – growth in aggregate output, change in net factor income a... more Using three easily measured variables – growth in aggregate output, change in net factor income and change in national saving – this paper estimates the degree of consumption smoothing by a group, East Asia. Using the Penn World Tables data for nine East Asian countries, we provide evidence that about 22 percent of shocks to GDP are smoothed via a credit market channel while the international capital market is almost insignificant. Furthermore, we find that around 75 percent of shocks to GDP remain unsmoothed. Portfolio investment intensity calculations suggest that, of this already small degree of smoothing achieved by access to international capital markets, a disproportionately small share is coming from within the region for many countries, although some countries are achieving a more balanced geographical spread of their portfolio investments. Given these results, we argue that countries in the region may benefit from having more open financial systems, which they could use as ...
CHAPTER 2. Services Liberalization toward the ASEAN Economic Community Philippa Dee 58 CHAPTER 3.... more CHAPTER 2. Services Liberalization toward the ASEAN Economic Community Philippa Dee 58 CHAPTER 3. Trade Facilitation Christopher Findlay 97 CHAPTER 4. Investment Climate Study on ASEAN Member Countries Shujiro Urata and Mitsuyo Ando CHAPTER 5. Background Data for Constructing Quantitative Measures Project Members
hospitality is gratefully acknowledged. I am extremely grateful to Masaharu Hanazaki of Hitotsuba... more hospitality is gratefully acknowledged. I am extremely grateful to Masaharu Hanazaki of Hitotsubashi University and to Hideaki Miyajima of Waseda University for assistance in gaining access to Japanese data sources, to Colin Mayer for the industry growth data, and to Nao Saito and Anat Tamir for research assistance. I am also grateful to Larry Meissner, Sumner la Croix, the editors of this volume, and participants of the National Bureau of Economic Research (NBER) Structural Impediments to Growth in Japan conference for helpful comments and suggestions. 260 Yishay Yafeh An International Perspective of Corporate Groups and Their Prospects 261 1. Okazaki (2001) argues that the zaibatsu were not powerful enough to dominate the Japanese economy before the start of World War II, but during the war they increased market power and played an important role in providing military equipment and supplies to the Japanese Imperial Army.
This paper uses a different approach to measuring financial openness, highlighting interconnected... more This paper uses a different approach to measuring financial openness, highlighting interconnectedness in a network of financial flows. Applying an adapted version of eigenvector centrality, often used in network analysis, the new measure captures multidimensional and high-degree financial relations among countries. It provides a nuanced picture of financial integration and interconnectedness in the global and regional financial networks. The United Kingdom and the United States remain the 'core' in the global banking network, with all other countries scattered in the 'periphery'. The application of the new measure of financial integration to the empirical analysis reveals the nonlinear relationship between financial integration and output volatility.
One recently suggested impediment to China revaluing the renminbi is that the authorities believe... more One recently suggested impediment to China revaluing the renminbi is that the authorities believe that a prime cause of Japan's 20-year stagnation was its caving in to US demand for an appreciation of the yen. This paper argues that it was not caving in to US pressure but resisting it that made monetary policy too lax and contributed to the asset bubble. Although the rhetoric has recently softened, Chinese leaders have repeatedly said that they would not allow a renminbi (RMB) appreciation while foreign countries, notably the US, are demanding action. They have called the measure 'protectionist' and have made clear that it is the measure, as much as the economics of appreciation, to which they object. However another impediment is that Chinese authorities believe that a prime cause of Japan's 20-year stagnation was caving in to the US demand on yen appreciation. . We argue here that it is important to learn the correct lessons from Japanese experience for coping with...
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