The objective of this paper is to identify the common factors that enable the East Asian economies to become developed in the post-World War II period. The East Asian economies have been able to take advantage of the open global economy. They all have sound economic fundamentals — a high...

The Chinese economy is in the midst of a process of transition to a “New Normal”, with slower growth of real GDP, international trade and investment. China has a very high domestic saving rate and hence significant excess savings. Its outbound direct investment has surpassed its inbound...

Pareto-improving economic reforms that also simultaneously achieve efficiency can be implemented through a strategy of "dual-track" liberalization. Its success requires the feasibility of the original plan and its continued enforcement by the state. The Chinese experience demonstrates that such...