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Growth perspectives in emerging market economies are increasingly dependent on international capital flows in recent decades because of their influences on business cycles. In fact, volatile international capital flows has been one of the main concerns for the macroeconomic policy authorities. Focusing on emerging economies in the Pacific region, this book reveals how they are different from those in other regions in terms of international macro-financial linkages to the global capital market and domestic financial development,.The book also discusses how these characteristics have interacted with their macroeconomic policy regimes and their macroeconomic performance throughout the two major international financial crises in the past more than two decades. It suggests facts that have strengthened the resilience of these emerging economies in the Pacific region against the global financial crisis along with the intensified intra-regional economic integration through trade and investment. The book also examines their macroeconomic management focusing on monetary policy regimes and suggests that their factual unorthodox policies with exchange rate management and capital controls have contributed to their resilience against the intrinsic volatility of the international capital market and financial flows.

The Pacific region is in the final stage of the demographic transition with declining fertility and expanding life expectancy, where significant changes in population size and age distribution, i.e.'aging'have been and will be witnessed. They are unprecedented and going to affect economic growth in various ways. This book focuses on the Pacific region, one of the most rapidly aging regions, and examines the possible risk aspects. Particularly, the book takes into account of possible adjustments both endogenous and exogenous (including policy responses) to the new reality of aging population. It also assesses their quantitative influences on the growth impact of aging population, which might be very different from those in the past experience.The book highlights the doubts on the steadiness across periods and similarities across economies of parameters relevant to labor market participation, saving and investment of private sectors, and productivity growth, which a bulk of prior studies were crucially based on. Policy measures to enhance labor supply, domestic savings and productivity have been scrutinized. The book discusses the policy alternatives in practice and their implementations and/or planning of each category across regional economies.

In the past, undersupply of public infrastructure was blamed for low productivity growth in the United States in the 1970s, while greater private sector participation was emphasized for infrastructure development in the Asia-Pacific region before the Asian Economic Crisis in the 1990s. This revealing book looks at the current economic situation and the state of infrastructure on both sides of the Pacific. Including contributions from leading authorities such as Satya Paul, Jim Storey, Tony Makin and Naoyuki Yoshino, this book closely investigates the experiences of Japan, Canada, the US, China, Korea and Australia.

Fiscal policy is an incredibly important tool for governments across the world, with many countries facing dilemmas in crafting fiscal policies to meet changing demographic needs, greater demands for social welfare and sudden spending due to shocks such as terrorism. This important book looks at fiscal policy in the Asian Pacific economies and with a broad array of contributors will be a useful tool to students, researchers and professionals working in international economics and finance.