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The article presents abstracts related the Asian economy including "Aggregate shocks decomposition for eight East Asian countries," by Grace Lee, "Indonesian economic development: political economy of an effective state," by Richard Grabowski, and "Economic reforms and gender inequality in urban China," by Haoming Liu.

Asia has emerged from the global financial crisis as an important stabilizing force and an engine of global economic growth. The establishment of the G-20 gives Asian economies the global forum that they need to both represent their interests in global governance and deliver on responsibilities concomitant with their growing weight in the global economy. The region has a host of cooperation arrangements in APEC, ASEAN+3, and EAS (East Asian Summit), all with ASEAN as the fulcrum. They are huge assets, but they need to be repositioned to relate effectively to the G-20 process and other global arrangements. They also need to comprehend the politics of the changing structure of regional power. This paper discusses the challenges that Asia faces in aligning regional and global objectives in financial, trade, and other areas of cooperation, such as climate change and foreign investment. It argues that Asia is now a critical player in the global system and has a central contribution to make in strengthening global governance and international policy outcomes. The paper sets out ways to fill gaps in regional cooperation and link the agenda for regional cooperation more effectively to Asia's new role globally. This is essential to sustain Asia's superior growth performance, correct imbalances, and support the global economic system. [ABSTRACT FROM AUTHOR]

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The main objective of this paper is to overview the developments of Japan's ODA and assess, in a quantitative manner, their economic impacts on Asian countries. The benefits of two alternative measures—one from capital formation by Japan's ODA loans and the other from import liberalization in the Japanese market—are compared. Those economy-wide impacts of aid and trade on six Asian countries—China, Indonesia, Malaysia, the Philippines, Thailand, and Vietnam—are estimated by a CGE model of global trade, incorporating a certain mechanism of dynamic capital formation. Japan's ODA loans are effective for economic growth in the countries. Real GDP gains range from 0.1 to 1.6% annually. Trade liberalization is efficient to improve economic welfare. Utility gains range from 0.2 to 1.9%, which exceed those on account of Japan's ODA. Variations in those economic impacts are much more significantly observed when examined by sector. [ABSTRACT FROM AUTHOR]

Using data for six Asian miracle economies over the period from 1953 to 2006, this paper examines the extent to which growth has been driven by R&D and tests which second-generation endogenous growth model is most consistent with the data. The results give strong support to Schumpeterian growth theory but only limited support to semi-endogenous growth theory. Furthermore, it is shown that R&D has played a key role for growth in the Asian miracle economies. [ABSTRACT FROM AUTHOR]

This paper very briefly surveys current research on Asian economic development, and also discusses several recent papers on the contributions of economic history to understanding development. I then review the contributions of the papers in this special volume of Explorations in light of these two literatures. [ABSTRACT FROM AUTHOR]

Dynamic growth patterns of developing Asia will continue to make strong impressions in world commodity markets. Driven by rapid income growth and economic development, developing Asia has surfaced as a major demand force behind the price dynamics of primary commodities. The region's economic growth and development has been tightly associated with rapid industrialization, urbanization, and massive infrastructure investments, which are all resource-intensive. These trends are set to intensify as Asia's mammoth economies emerge. The paper provides an overview of Asian influence in world commodity markets and examines its changing patterns. It also attempts to quantify the impact of the rapidly growing Asian economy on long-term resource utilization, using a General Equilibrium Model for Asian Trade to project regional growth scenarios. The model captures long-run equilibrium tendencies in product and factor markets for the use of natural resources. The estimated results point to fundamental changes in market dynamics for a broad range of primary commodities. [ABSTRACT FROM AUTHOR]

This paper provides empirical estimates of total factor productivity (TFP) trends in a sample of 17 APEC countries over the period 1975 to 1996. TFP growth is an important measure of an economy's performance and if measured correctly it can provide valuable guidance on issues related to the assessment of sustainable growth trends. We use the Malmquist index to measure TFP growth and decompose it into an efficiency change and a technical change component. This decomposition provides extra insight on assessing sustainable growth trends. The measurement technique itself is regarded as a significant improvement over previous conventional measures of TFP growth. The results are very interesting. Japan, Thailand and primarily Indonesia and Malaysia are identified as countries exhibiting on average negative TFP growth rates in the 1975-1990 period. In all these countries as well as in South Korea and Taiwan the main cause of low TFP growth is a poor (negative) efficiency record. The average TFP growth rate for Japan and Malaysia is positive in the 1975-1996 period but the efficiency change component remains negative. In all these countries the main contributor to labour productivity growth is capital accumulation. Unlike previous studies we find no evidence of a poor TFP growth performance for Singapore. Furthermore, we estimate that most of Singapore's labour productivity growth is driven by efficiency change. Estimates of rates of convergence towards the frontier economy that is estimated (not assumed as in other studies) to be the US, are also reported. [ABSTRACT FROM AUTHOR]

The quest for the development of financial system has been the major concern of the Asian economies over the years. Using a System Generalized Methods of Moments technique for 44 Asian countries over the period 1980–2017, we evaluate the effect of financial development on economic growth for the entire Asia, sub-regions and groups of the countries by their levels of income. Additionally, we considered the subcomponents of the financial system. The contribution of this study hinges on the use of a comprehensive measure of financial development, and consideration of the heterogeneity of the Asian countries concerning the finance-growth nexus. The findings revealed that financial development spurs economic growth in Asia. Specifically, the development of financial institutions have a greater impact than development of financial markets on growth of upper-middle and high-income countries while the reverse is the case for low and low-middle income countries in the continent. [ABSTRACT FROM AUTHOR]

Abstract: This paper identifies emerging trends in the world economy during the next decade. The first is that China will overtake the U.S. in terms of gross domestic product (GDP), ending more than a century of U.S. leadership as the world''s largest economy. The second is that Developing Asia, excluding Japan, will overtake the G7, a group of the seven largest industrialized economies established in 1975–76. Finally, India will overtake Japan, Russia will overtake Germany, and Brazil will overtake the U.K., leading to a New World Economic Order: China, the U.S., India, Japan, Russia, Germany, and Brazil. [Copyright &y& Elsevier]

Abstract: This paper introduces a new framework for projecting potential growth of the world economy, emphasizing the contribution of information technology. We first analyze the sources of economic growth for the world economy, seven regions, and fourteen major economies during four periods—1989–1995, 1995–2000, 2000–2004, and 2004–2008. The contribution of investment in information technology has increased in all regions, but especially in industrialized economies and Developing Asia. We then project the potential growth rates of labor productivity and GDP for 122 economies over the ten-year period 2009–2019. Relative to historical growth for 1989–2008, we project lower growth rates for productivity and GDP. [ABSTRACT FROM AUTHOR]

While the set of liberalising and fiscally conservative development precepts dubbed the ‘Washington Consensus’ are now discredited as a tool for development, there is as yet no widely adopted or accepted alternative other than references to the ‘East Asian model’. In this paper, we distil the essence of the experience of East Asia—of Japan initially, then of Korea and Taiwan, and now of China—in a set of flexible precepts that we suggest underpin the policies and strategies pursued with success by these East Asian economies. In the spirit of proposing an alternative to the Washington Consensus, we suggest that these precepts—pragmatic and known to work—be dubbed the Beijing–Seoul–Tokyo Consensus (or BeST Consensus for development). The essence of this consensus is its focus on capability building, on dynamic transitions from one stage to the next, and on building an institutional platform to capture latecomer effects. We outline what this BeST Consensus might be and discuss why it is that its elements appear to work so well; and whether they can still be applied in the world of 21st-century conditions. [ABSTRACT FROM AUTHOR]

Describes the economic development of Asia and the history of Japanese industrial policy. Initiatives launched by the Japanese government to increase its international presence in the late 1980s; Support given by the World Bank to Japan; Role of the Japanese foreign aid program in bailing out Japanese industry from the effects of the high yen.

Capital flight from a small developing country in the Asia Pacific region, Fiji, is estimated using a variant of the residual approach. The findings show that between 1991 and 2009, approximately US$5 billion, averaging some US$265 million per annum has leaked out of Fiji in the form of capital flight. On an annual average basis, this has translated into 12 percent of Fiji's gross domestic product; 19 percent of imports bills and 17 percent of lost tax revenues. The implications of this finding is that Fiji's policymakers need to institute policies that focus on long-term secure and stable business and political environment. Some of these may include making the domestic business and investment environment more attractive, reforming the foreign investment tax incentives, retaining qualified and skilled people, eliminating institutional weaknesses in banking systems, and effective enforcement of banking and customs regulations relating to transfers of financial capital. [ABSTRACT FROM AUTHOR]

It has become the new truth of our age that the western world we have known is fast losing its pre-eminence to be replaced by a new international system shaped by China and increasingly determined by the economic rise of Asia. This at least is how many economists, historians and students of world politics are now viewing the future of the larger international system. This essay does not dispute some self-evident economic facts nor assume that the world will look the same in 50 years time as it does now. It does, however, question the idea that there is a power shift in the making and that the West and the United States are in steep decline. The world has a long way to go before we begin to live in a 'post-western' world. [ABSTRACT FROM AUTHOR]

Because of Asia's remarkable economic performance since the 1980s, some observers have predicted Asia's rise and the coming of a Pacific Century. We doubt this optimistic view. In the knowledge-based economy, ways of amassing wealth have changed, and better criteria for evaluating economic development are needed. This study compares research and development activities of four Asian developing countries - China, India, South Korea and Taiwan - with those of two advanced economies - the USA and Japan - to emphasise a neglected trend. The Asian cases do succeed in the information technology industry, a typical sector in the knowledge-based economy. None the less, Asia may be lagging further behind in relative terms. We show that this may not be the Asian century. In addition, it is possible that the battlefield between multinationals will switch from markets to intellectual property courts. [ABSTRACT FROM AUTHOR]

How does one understand the differences and similarities of corruption among various Asian countries? We use a recent framework developed by Rodriguez, Uhlenbruck, and Eden () to suggest that corruption has to be examined from two different dimensions: pervasiveness and arbitrariness. Using this framework, we ask why some Asian countries are able to achieve high levels of economic growth in the midst of high level corruption while other countries suffer from economic stagnation. We specifically suggest that more firms would bribe when pervasiveness is high, while fewer firms would bribe when arbitrariness is high. We also look into the implications on foreign direct investment. [ABSTRACT FROM AUTHOR]

Asia has witnessed an unprecedented period of growth and poverty reduction over the past decade, By 2015 absolute poverty in Asia could be halved and eradicated altogether a decade later But while there are strong prospects for continued progress these are by no means assured. Asian countries face a number of challenges -- the potential for Financial instability, environmental degradation, rising inequality, inadequate infrastructure and energy supplies as well as global threats -- all of which could throw growth and poverty reduction off-track Much depends on how the costs and benefits of growth are distributed and how far the growth process creates opportunities for poor people to participate in economic activity, Rapid urbanisation and migration are raising new challenges For policy makers. Growth alone cannot eradicate poverty without public action by governments in the region to tackle problems of exclusion, marginalisation and the threat of rising inequality. [ABSTRACT FROM AUTHOR]

The article discusses the quantitative and qualitative impact of economic growth in Asia on the international oil market. Quantitative impact signifies the demand for imported oil and its price effect while qualitative impact signifies the relation between oil importers and exporters. The first part presents the political background for economic performance in Asia as well as the rising demand of energy and the continuous quest for imported oil. Market competition between oil importers is discussed in the next section followed by the global impact of oil trading. The last part discusses the relation of Asia in the Middle East and the United States in terms of oil trading, commerce and finance.

This article argues that the impact of globalization on labour markets and human resources on the Asia-Pacific economies may be recognizable but is as yet relatively limited. The sheer variation of geography, population, economies, labour markets, IR and HRM systems there, as well as of values and the like, makes it difficult to talk of 'hard convergence'. We thus emphasize the notion of 'soft convergence'. The article develops a number of empirical propositions regarding the uneven impact of globalization on economies in the region. It concludes that any generalization on this theme should be greatly qualified. [ABSTRACT FROM AUTHOR]

Examines the Asian financial crisis to draw implications about the developmental state model and the concept of Confucian capitalism in East and Southeast Asia. Logic of the developmental state model; Criticisms on the developmental state model viewed in the perspective of laissez-faire; Discussion of the political economies of Asian countries.

Examines the implications of the green revolution for economic development in Asia. Implementation of the green revolution; Influence of the imperfections in the money market; Social costs of mechanization in the agricultural industry.