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Persistent link: https://www.econbiz.de/10013269645
The 10 states of Southeast Asia have combined to form the developing world’s most successful and durable regional grouping, the Association of Southeast Asian Na-tions, ASEAN. Economic integration among them is high and increasing. The ambi-tious ASEAN Economic Community is scheduled to take...
Persistent link: https://www.econbiz.de/10010242841
The paper investigates the impact of exchange rate volatility on growth in Emerging Europe and East Asia. Exchange stability has been argued to affect growth negatively as it deprives countries from the ability to react in a flexible way to asymmetric real shocks and may enhance the probability...
Persistent link: https://www.econbiz.de/10010264150
Motivated by the observed international reserve hoarding behavior in the post-1997 crisis period, we explore the Mrs Machlup's wardrobe hypothesis and the related keeping up with the Joneses argument. It is conceived that, in addition to psychological reasons, holding a relatively high level of...
Persistent link: https://www.econbiz.de/10010276301
In last few decades, Asian production networks have contributed significantly toward the rapid trade expansion and economic growth in East Asia. Developed Asia produces technology-intensive intermediate goods and capital goods and ships them to the People Republic of China (PRC) and ASEAN for...
Persistent link: https://www.econbiz.de/10010283611
High income growth in many countries in East Asia and the Middle East has been accompanied by increasing income inequality and widening gaps between rich and poor, and urban and rural. It is therefore it is important to examine the interrelationships between inequality and economic growth. This...
Persistent link: https://www.econbiz.de/10010288473
This paper examines the different arguments raised by the studies that addressed the East Asian growth experience. The original arguments presented in this paper are all on the negative side, highlighting problems associated with some of the possible explanations for the East Asian miracle. The...
Persistent link: https://www.econbiz.de/10014398032
Sharp exchange rate depreciations in the East Asian crisis countries (Indonesia, Korea, and Thailand) raised doubts about the efficacy of increasing interest rates to defend the currency. Using a standard monetary model of exchange rate determination, this paper shows that tighter monetary...
Persistent link: https://www.econbiz.de/10014399883
The conventional growth-accounting approach to estimating the sources of economic growth requires unrealistically strong assumptions about the competitiveness of factor markets and the form of the underlying aggregate production function. This paper outlines a new approach utilizing...
Persistent link: https://www.econbiz.de/10014400098
The sizable hoarding of international reserves by several East Asian countries has been frequently attributed to a modern version of monetary mercantilism-hoarding international reserves in order to improve competitiveness. From a long-run perspective, manufacturing exporters in East Asia...
Persistent link: https://www.econbiz.de/10014400264