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31. Deter and Assure: Charting a Course for America's Asian Alliances in a New Nuclear Age

Author:
Tim Sullivan
Publication Date:
11-2010
Content Type:
Working Paper
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
As home to a number of the world's most dynamic economies, two rising powers, and six nuclear states, Asia is a region of enormous strategic importance to the United States. For over six decades, America has functioned as the preeminent power in Asia, playing a vital role in providing security and ensuring a stable balance of power that has allowed the region's states to flourish politically and economically. The U.S. security framework in the region has rested historically upon a series of bilateral alliances and strategic partnerships. The arrangement has impressively stood the test of time despite concerns that the lack of an overarching, multilateral security architecture would lead to inefficiencies in the United States' pursuit of regional stability.
Topic:
Defense Policy, Arms Control and Proliferation, Emerging Markets, and Nuclear Weapons
Political Geography:
United States and Asia

32. The evolving post-crisis world

Author:
Stephen Grenville
Publication Date:
04-2010
Content Type:
Working Paper
Institution:
Lowy Institute for International Policy
Abstract:
The worst of the global financial crisis (GFC) is over, but it has left scars, principally in the form of fiscallydriven debt increases, balance sheets that still need repair and high unemployment in the principal crisis countries. There is also unfinished business from the precrisis period, in the form of external imbalances. More positively, the crisis offers lessons about economic policymaking that may improve the way things are done. Of course the main lessons are for the developed countries that were at the centre of the crisis. But the countries of the region had to cope with the backwash, and in doing so lessons were learned. In addition, the lessons in the crisis countries, learned in an environment of extreme stress, may have relevance for the emerging market economies of this region.
Topic:
Development, Emerging Markets, and Financial Crisis
Political Geography:
China, India, and Asia

33. The G-20 and International Financial Institution Governance

Author:
Edwin M. Truman
Publication Date:
09-2010
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper addresses the agenda for the Group of Twenty (G-20) leaders' meeting in Seoul, Korea in November 2010. This is an opportunity and challenge for Asian leaders in particular. Their test will be, first, to demonstrate that they can responsibly advance economic recovery. They must also deliver on institutional reform, in particular of the International Monetary Fund (IMF). I advocate a substantial expansion of the IMF's role as lender of last resort that is integrated with the surveillance role of the IMF in the form of comprehensive prequalification for IMF assistance and policy advice and a substantial increase in the IMF's financial resources. I also propose an approach to meaningful reform of the distribution of IMF quotas along with limiting European seats on the IMF executive board.
Topic:
Economics, Emerging Markets, Global Recession, Financial Crisis, and Governance
Political Geography:
China, Israel, Asia, and Korea

34. China's $1.7 Trillion Bet: China's External Portfolio and Dollar Reserves

Author:
Brad W. Setser and Arpana Pandey
Publication Date:
01-2009
Content Type:
Working Paper
Institution:
Council on Foreign Relations
Abstract:
China reported $1.95 trillion in foreign exchange reserves at the end of 2008. This is by far the largest stockpile of foreign exchange in the world: China holds roughly two times more reserves than Japan, and four times more than either Russia or Saudi Arabia. Moreover, China's true foreign port- folio exceeds its disclosed foreign exchange reserves. At the end of December, the State Administration of Foreign Exchange (SAFE)—part of the People's Bank of China (PBoC) managed close to $2.1 trillion: $1.95 trillion in formal reserves and between $108 and $158 billion in “other foreign assets.” China's state banks and the China Investment Corporation (CIC), China's sovereign wealth fund, together manage another $250 billion or so. This puts China's total holdings of foreign assets at over $2.3 trillion. That is over 50 percent of China's gross domestic product (GDP), or roughly $2,000 per Chinese inhabitant.
Topic:
International Relations, Debt, Economics, Emerging Markets, and International Trade and Finance
Political Geography:
Russia, United States, China, Israel, Asia, and Saudi Arabia

35. 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

36. 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

37. Russia and the Global Meltdown: Domestic and Foreign Policy Responses to the International Financial Crisis

Author:
Robert Jellinek
Publication Date:
03-2009
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
This paper has its origins in the observation that government responses to the global financial crisis are as much political phenomena as they are economic. The current global financial crisis, among its many consequences, has on a very high level shaken up the world political order. And while the crisis is international in origin—its roots lie in the breadth and the degree of the dispersal of risk associated with mortgagebacked securities, as well as the growing imbalance in international capital flows—its resolution is necessarily being carried out first and foremost on a domestic level. This is not least of all because, in the decade since the Asian financial crises, states have begun to play a dramatically increased role in international finance in relation to both multilateral financial institutions such as the IMF and traditional private actors. In an age where global economic ties are integral to domestic economies and where states themselves are becoming some of the biggest players in international capital markets, a state's global financial standing will more than ever determine its political clout on the world stage. With states acting as market makers, lenders of last resort, and regulators of last resort, the key to understanding the future of individual states in the global economic order can be found only by analyzing states' domestic and foreign policy decisions within the context of the specific constraints facing those states at home and abroad.
Topic:
Economics, Emerging Markets, Human Rights, International Trade and Finance, and Financial Crisis
Political Geography:
Russia and Asia

38. Economic Integration and Incipient Democracy

Author:
Philip I. Levy
Publication Date:
03-2008
Content Type:
Working Paper
Institution:
American Enterprise Institute for Public Policy Research
Abstract:
Contrary to the common approach in the literature, the economic and other forces that push countries toward democratization are continuous rather than discrete. This paper argues that failure to account for the latent variable of "incipient democracy" can bias estimates of democracy's determinants. The paper presents a new avenue by which economic integration can foster democracy, one that focuses on the means for democratization rather than the motive. This strengthening of civil society is identified as a necessary component of economic integration with modern distributed production, though we would not expect to see it in autocracies dependent on natural resource trade. The arguments are applied to the case of China.
Topic:
Democratization, Development, Economics, and Emerging Markets
Political Geography:
China and Asia

39. The End of History? - Certainly Not Through Asia's Eyes

Author:
William Marmon
Publication Date:
09-2008
Content Type:
Journal Article
Journal:
European Affairs
Institution:
The European Institute
Abstract:
According to Kishore Mahbubani, a strategist in Singapore, the West – especially Europe – has presumed too long that Asia is and will remain “dormant.” As Marmon explains, Mahbubani is perhaps the most articulate exponent of a widely-held view in Asia: that Westerners are dangerously behind the curve in reading the major trends of global change.
Topic:
Emerging Markets
Political Geography:
United States, Europe, and Asia

40. The Asian Financial Crisis, Uphill Flow of Capital, and Global Imbalances: Evidence from A Micro Study

Author:
Brahima Coulibaly and Jonathan Millar
Publication Date:
08-2008
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This study assesses the role of the Asian Önancial crisis of the late 1990s in the emergence and persistence of the large current account surpluses across non-China emerging Asia, which have been a signiÖcant counterpart to the U.S. current account deÖcit. Using panel data encompassing nearly 3,750 Örms, we trace the current account surpluses to a marked and broad-based decline in corporate expenditures on Öxed investment in the aftermath of the crisis that cuts across a wide spectrum of countries, industries, and Örms. The lower corporate spending in turn depressed aggregate investment rates, widened the saving-investment gap, and allowed the region to turn into a net exporter of capital. We then consider the factors behind this reduction in postcrisis corporate investment. While weaker Örm-level fundamentals in the postcrisis period seem to explain part of the drop in investment rates, ongoing re-structuring owing to large debts accumulated and excess investment undertaken in the run-up to the crisis has been the main source of restraint postcrisis corporate investment. The results suggest that even after a decade, the e§ect of the Önancial crisis is still a§ecting corporate investment decisions in emerging Asia, and that as the restructuring completes its course, investment rates will likely rise to contribute to a gradual reduction in the regionís current account surpluses.
Topic:
Emerging Markets, Financial Crisis, Economic Inequality, and Investment
Political Geography:
Asia