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1611. Transactions: A New Look at Services Sector Foreign Direct Investment in Asia

Author:
Jacob Funk Kirkegaard
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
In this paper Kirkegaard presents new micro-level data consisting of individual greenfield investment projects and mergers and acquisitions as a source for detailed analysis of services sector cross-border investment flows among the Asian Development Bank (ADB) regional membership in Asia. The new transactional foreign direct investment (FDI) data are methodologically distinct from traditional BPM5-compliant FDI data but found to yield generally comparable aggregates, when compared with the latest available International Monetary Fund (IMF) data from the Comprehensive Direct Investment Survey for the ADB regional membership. The services sectors are found to receive considerably larger amounts of foreign investment, when compared with the Asian region's manufacturing and raw materials sectors. OECD countries account for roughly three-quarters of total recorded inward services sector FDI of about $2 trillion, relatively evenly split between the United States, the EU-27, and regional OECD-level-income countries. The presence of sizable regional "upward flowing" services sector investments into OECD-level-income economies is verified. Kirkegaard draws preliminary policy conclusions based on the new transactional FDI data results concerning prospects for regional services sector liberalization, threshold income levels for inward services sector FDI, upward-flowing regional services FDI, and preferred modes of services sector investments.
Topic:
Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
Political Geography:
United States, Israel, and Asia

1612. Choice and Coercion in East Asian Exchange Rate Regimes

Author:
C. Randall Henning
Publication Date:
09-2012
Content Type:
Working Paper
Institution:
Peterson Institute for International Economics
Abstract:
This paper examines the exchange rate regimes of East Asian countries since the initial shift by China to a controlled appreciation in July 2005, testing econometrically the weights of key currencies in the implicit baskets that appear to be targeted by East Asian monetary authorities. It finds, first, that Malaysia, Thailand, Singapore and the Philippines have formed a loose but effective “renminbi bloc” with China, and that South Korea has participated tentatively since the global financial crisis. Second, the emergence of the renminbi bloc in terms of the exchange rate has been facilitated by the continued dominance of the US dollar as a trade, investment, and reserve currency. Third, exchange rate stabilization is explained by the economic strategies of these countries, which rely heavily on export development and financial repression, and the economic rise of China. Fourth, analysts should specify the exchange rate preferences of these emerging market countries carefully before drawing inferences about Chinese influence within the region.
Topic:
Development, Emerging Markets, Foreign Exchange, and International Trade and Finance
Political Geography:
China, Malaysia, Asia, South Korea, Philippines, Singapore, and Thailand

1613. Inward foreign direct investment: Does it enable or constrain domestic technology entrepreneurship?

Author:
Saurav Pathak, André Laplume, and Emanuel Xavier-Oliveira
Publication Date:
12-2012
Content Type:
Policy Brief
Institution:
Columbia Center on Sustainable Investment
Abstract:
Whether or not foreign direct investment (FDI) is essential for domestic technological and economic development remains a contentious question. The controversy is illustrated by comparing the Celtic and Asian Tigers experiences from 1995 to 2000. Based on IMF and World Bank data in constant prices, Ireland and China averaged an annual growth rate of 8% in GDP per capita. However, FDI per capita grew at an average pace of 98% per year in Ireland, while in China it decreased by 1% -- absolute values averaged US$ 3,397 versus US$ 144, respectively. This suggests that, rather than a one-policy-fits-all approach, customized policies are more appropriate; and, if any generalization can be made, it should be based on a country's stage of economic development.
Topic:
Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
Political Geography:
Israel and Asia

1614. Sustainable Energy Futures in Southeast Asia

Author:
Murray Hiebert, Ernest Z. Bower, David Pumphrey, Gregory B. Poling, and Molly A. Walton
Publication Date:
12-2012
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Southeast Asia will be the next big growth engine in Asia. Indonesia, Malaysia, the Philippines, Thailand, and Vietnam, with a population of 525 million and a combined GDP of $2.8 trillion (when measured by purchasing power parity), are expected to grow almost 6 percent between now and 2030, according to the Asian Development Bank. For years, they have been eclipsed by China and India, but now their combined GDP is catching up with India and they could overtake Japan in less than two decades. For U.S. firms, these five members of the Association of South East Asian Nations—hereafter the ASEAN-5—are a trade, energy, and environment story.
Topic:
Development, Economics, Energy Policy, International Trade and Finance, and Oil
Political Geography:
Indonesia, Malaysia, Asia, Vietnam, Philippines, Thailand, and Southeast Asia

1615. Asian Defense Spending, 2000–2011

Author:
David J. Berteau, Guy Ben-Ari, Joachim Hofbauer, Priscilla Hermann, and Sneha Raghavan
Publication Date:
10-2012
Content Type:
Working Paper
Institution:
Center for Strategic and International Studies
Abstract:
Asia is growing in geostrategic importance. Despite the financial crisis that began in 2008, many Asian countries experienced relatively less fiscal distress and increased their level of involvement in global affairs. Indicative of the region's elevated global role is the United States' pivot toward the Asia-Pacific region as outlined in the Strategic Guidance recently released by the Department of Defense. With Asian defense spending projected to overtake that of Europe by the end of 2012, the United States' posture rebalancing toward the Asia-Pacific region is likely to continue.
Topic:
Foreign Policy, Defense Policy, Arms Control and Proliferation, and International Political Economy
Political Geography:
Israel and Asia

1616. A North Korean Spring?

Author:
Nicholas D. Anderson and Victor D. Cha
Publication Date:
12-2012
Content Type:
Journal Article
Journal:
The Washington Quarterly
Institution:
Center for Strategic and International Studies
Abstract:
Is revolution similar to the Arab Spring possible in North Korea? The answer from most scholars and intelligence analysts has been “no”—that the Pyongyang regime's stability in the aftermath of the events in the Middle East and North Africa is an “old question” that was answered in the 1990s when the DPRK (Democratic People's Republic of Korea, North Korea) faced the most critical test of its life, and survived. The collapse of the Soviet Union, the drastic cuts in patron aid from China, and the onset of famine that killed hundreds of thousands all constituted the ultimate test of DPRK stability, and the regime staggered on through it all. Thus, the assumption is that the Arab Spring has little relevance to the DPRK. The scholarly literature tends to support this assessment. Scholars like Georgetown University's Daniel Byman have argued that Kim Jong-il has effectively “coup-proofed” himself through an elaborate system of patronage, bribery, and draconian rule.
Topic:
International Relations and Arab Spring
Political Geography:
Asia, North Korea, and Asia-Pacific

1617. Pacific Island Nations: How Viable Are Their Economies?

Author:
Francis X. Hezel
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
East-West Center
Abstract:
The Pacific is receiving a fair share of attention today from many quarters. Even as the parade of economic consultants continues, others are coming to explore concerns that have more recently claimed the attention of western nations. These concerns cover a broad range, including food security, global warming, elimination of illegal drug traffic in the region, prevention of AIDS or even drug-resistant tuberculosis, protection from spouse abuse, and public-school improvement. These are legitimate interests, but none of them addresses the central concern that vexes each of the island nations of Micronesia, and perhaps the islands elsewhere in the Pacific: How will the country grow its economy to ensure its survival in the future?
Topic:
Development, Economics, Poverty, and Foreign Aid
Political Geography:
Asia, Australia, and Island

1618. The Process of ASEAN's Institutional Consolidation in 1968-1976: Theoretical Implications for Changes of Third-World Security Oriented Institution

Author:
Kei Koga
Publication Date:
02-2012
Content Type:
Working Paper
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
This paper, focusing on the 1968-1976 institutional changes of ASEAN, a Third World Security-Oriented Institution (SOI), attempts to develop a theoretical model of institutional transformation by utilizing a punctuated equilibrium model. This theoretical model illustrates interactions between structure and agent to explain both why and how institutional transformation occurs: first, changes in the external security environment foster or hinder SOI's functions, and thus, they trigger internal political discussions among member states; and second, internal political discussions define the direction of SOI's institutional transformation. Focusing on changes in the regional balance of power in Southeast Asia from 1968 to 1971 and from 1972-1976, this paper examines the process of ASEAN's creation of the Zone of Peace, Freedom, and Neutrality (ZOPFAN) in 1971, and the Treaty of Amity and Cooperation (TAC) and the Bali Concord in 1976.
Topic:
Security, Regional Cooperation, Political Theory, and Power Politics
Political Geography:
Asia and Southeast Asia

1619. Cough It Up

Author:
Jack Chow, Shenglan Tang, and Enis Baris
Publication Date:
03-2012
Content Type:
Journal Article
Journal:
Foreign Affairs
Institution:
Council on Foreign Relations
Abstract:
Yanzhong Huang (“The Sick Man of Asia,” November/December 2011) paints a troubling picture of a China that has rapidly industrialized yet lags in modernizing its health-care system. Yet in his cogent history of China's health policy, much of which centers on self-reliance, Huang puzzlingly omits China's success in winning nearly $1 billion in recent years from the Global Fund to Fight AIDS, Tuberculosis and Malaria. That the country's health officials have had to resort to tapping a fund ostensibly dedicated to helping the world's poorest countries speaks to their inability to persuade the government to pay for public health with its national coªers. Only when the incongruity of a financial giant getting grants at the expense of impoverished African countries was illuminated did China choose to stop taking Global Fund awards.
Topic:
Government
Political Geography:
Africa, China, and Asia

1620. Sector-specific Activities as the Driving Force towards a Low-Carbon Economy: From the Asia-Pacific Partnership to a Global Partnership

Author:
Noriko Fujiwara
Publication Date:
01-2012
Content Type:
Policy Brief
Institution:
Centre for European Policy Studies
Abstract:
From 2006 to 2011, the Asia-Pacific Partnership on Clean Development and Climate (APP) provided a non-legally binding framework based on a public–private partnership to support projects towards clean development and climate objectives in seven countries in the region. Three of the eight sectoral APP task forces (on power generation and transmission, cement and steel) are to continue their activities under the Global Superior Energy Performance partnership (GSEP), with a stronger focus on energy efficiency and environmental performance, and participation expanded to the global scale. This decision was based on the official view that the APP activities were successful and could lead to other successes in similar initiatives with similar working formats.
Topic:
Climate Change and Environment
Political Geography:
Europe, Asia, Australia, and Asia-Pacific