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222. The Global Economic Crisis and Its Implications for Asian Economic Cooperation
- Author:
- Michael G. Plummer
- Publication Date:
- 10-2009
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- The economic crisis of 2008–09 is the second major crisis in just over a decade that Asia has endured. Unlike the Asian crisis of 1997–98, however, the current crisis originated mainly in the West. Asia's excessive reliance on net exports as the principal driver of economic growth since the 1997–98 crisis rendered it especially vulnerable to external shocks, and most Asian countries have paid dearly. The more open the economy, the more vulnerable it is to such shocks. The newly industrialized Asian economies (Singapore, Hong Kong, South Korea, and Taiwan), which are among the most open and dynamic in the world, are expected to contract by about 6 percent in 2009.
- Topic:
- Emerging Markets, International Trade and Finance, Regional Cooperation, Global Recession, and Financial Crisis
- Political Geography:
- Taiwan, Asia, South Korea, Singapore, and Hong Kong
223. A New Geography of Knowledge in the Electronics Industry? Asia\'s Role in Global Innovation Networks
- Author:
- Dieter Ernst
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- Political debates about globalization are focused on offshore outsourcing of manufacturing and services. But these debates neglect an important change in the geography of knowledge––the emergence of global innovation networks (GINs) that integrate dispersed engineering, product development, and research activities across geographic borders.
- Topic:
- Emerging Markets, Globalization, Industrial Policy, International Trade and Finance, and Science and Technology
- Political Geography:
- Asia
224. The United States and Mexico: Towards a Strategic Partnership
- Publication Date:
- 01-2009
- Content Type:
- Working Paper
- Institution:
- The Wilson Center
- Abstract:
- It is time to strengthen the U.S. relationship with Mexico. here are few countries—if any—which are as important to the United States as Mexico. We share more than just a two-thousand mile border. Our economies and societies are deeply interwoven and what happens on one side of our shared border inevitably affects the other side. As the United States seeks to redefine its role in the world, it is vital to start at home, with our neighbors.
- Topic:
- Economics, Emerging Markets, Regional Cooperation, International Security, Bilateral Relations, Immigration, and Law Enforcement
- Political Geography:
- United States, Central America, and Mexico
225. Monetary Policy Challenges for Emerging Market Economies
- Author:
- Ravi Kanbur, Eswar Prasad, and Gill Hammond
- Publication Date:
- 08-2009
- Content Type:
- Working Paper
- Institution:
- The Brookings Institution
- Abstract:
- This paper introduces a significant collection of papers on monetary policy in emerging market economies, written by leading analysts and policymakers. Does existing economic theory provide lessons that are pertinent for designing effective monetary policy frameworks in emerging markets? What can be learnt from cross-country studies and from experiences of individual countries that have adopted different approaches? While country-specific circumstances and initial conditions matter a great deal in formulating suitable frameworks, are there clear general principles that can serve as a guide in this process? These are among the issues addressed in the dialogue between academics and policymakers represented in the volume. In this paper, we provide an overview of the main issues, linking them to broader debates in the academic literature as well as an assessment of how individual countries have chosen to respond to specific policy challenges and what the consequences have been. We discuss many controversies where there are still sharp differences in views between and amongst theorists and practitioners. We also delineate a few key analytical issues where there is still a yawning gap between theory and practice. In the process, we set out a broad agenda for further re- search in this area.
- Topic:
- Economics, Emerging Markets, Markets, and Monetary Policy
226. Getting Off Lightly? The Impact of the International Financial Crisis on the Middle East and North Africa
- Author:
- Juliane Brach and Markus Loewe
- Publication Date:
- 08-2009
- Content Type:
- Working Paper
- Institution:
- German Institute of Global and Area Studies
- Abstract:
- The international financial crisis has hit the Middle East and North Africa (MENA), like other developing regions, unexpectedly, during a long phase of above-average growth. In contrast to other parts of the world, however, most MENA developing countries will able to get off lightly if the crisis does not last for too long. In Turkey and Israel, the region's more industrialized countries, different initial conditions apply and the situation is not comparable to the Arab MENA countries.
- Topic:
- Development, Economics, Emerging Markets, Markets, and Financial Crisis
- Political Geography:
- Middle East, Arabia, and North Africa
227. Brazil's Rise as an Emerging Power: Implications for the U.S. and Europe
- Author:
- Stefan A. Schirm
- Publication Date:
- 06-2009
- Content Type:
- Working Paper
- Institution:
- Center for Transatlantic Relations
- Abstract:
- The last 20 years have witnessed the economic emergence of several countries, which are considered today to be “pivotal states”, “regional powers”, and “emerging powers” in world politics. These emerging powers encompass countries such as China, India, Brazil and Russia, (the BRICs), which have in common both that they have experienced rapid economic growth and that they seek to influence the global economy and world politics to a greater degree than they did before their rise. The BRICs have become leading exporters and lenders (especially China to the US) as well as holders of currency reserves, and they (plus Mexico) are expected to surpass the GNP of the G7 industrialized countries by the year 2040. The reasons for the assignment of a new role, and often of increased power, to these states are their demographic and geographic size, their economic and military capacities, and their political aspirations.
- Topic:
- Economics, Emerging Markets, and Globalization
- Political Geography:
- Russia, United States, China, Europe, India, Brazil, and Latin America
228. China: Bogus Boom?
- Author:
- John H. Makin
- Publication Date:
- 08-2009
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- China's economic statistics have become the envy of the world. On July 15, China reported a 7.9 percent growth rate for the second quarter of 2009 compared to the same period a year earlier. Meanwhile, China's stock markets are on fire, and its property markets are heating up fast as well. Shanghai's two stock markets are up 75 percent and 95 percent respectively so far this year. The more widely traded Hong Kong Index is up 27 percent, a stellar performance compared to largely flat stock markets in the United States, Europe, and Japan. In even stronger contrast, Russia, which is one of China's emerging-market peers, has seen its economy drop by 10.1 percent during the first half of this year, while its stock market has struggled as well.
- Topic:
- Economics, Emerging Markets, and International Political Economy
- Political Geography:
- Russia, United States, Japan, China, Europe, and Hong Kong
229. Can China Keep Growing?
- Author:
- John H. Makin
- Publication Date:
- 05-2009
- Content Type:
- Policy Brief
- Institution:
- American Enterprise Institute for Public Policy Research
- Abstract:
- Governor Zhou Xiaochuan's comment is an open acknowledgement that the “adverse feedback loop,” in which financial-sector problems hurt the real economy, which in turn intensifies negative conditions in finance, has hit China hard. China's real growth rate, which peaked at 13 percent in 2007 and is heavily dependent on exports, plunged to 6.1 percent on a year-over-year basis in the first quarter of 2009. Nominal growth, a measure of the current money value of goods and services, fell even more sharply, from 21.4 percent in 2007 to 3.6 percent in the first quarter of this year. The fact that the nominal growth rate is 2.5 percent below the real growth rate suggests that, at least as far as output is concerned, deflation has taken hold at a 2.5 percent rate in China.
- Topic:
- Economics, Emerging Markets, and International Political Economy
- Political Geography:
- China
230. Participation of Small Developing Economies in the Governance of the Multilateral Trading System
- Author:
- Richard L. Bernal
- Publication Date:
- 12-2009
- Content Type:
- Working Paper
- Institution:
- Centre for International Governance Innovation
- Abstract:
- Given their vulnerability to external economic events, small developing countries (SDEs) are particularly cognizant of their place in the world economy. Moreover, given their reliance on international trade for prosperity, SDEs are also concerned about the rules and institutions governing the multilateral trading system. In this paper, the author reviews and evaluates the participation of SDEs in the governance of the multilateral trading system, with a particular focus on the WTO. He suggests how SDEs can improve the efficacy of their participation in the WTO's decision-making process, and proposes ways in which the WTO could be adapted to better integrate SDEs in its governance.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, Third World, and World Trade Organization