The center of global economic activity is shifting rapidly towards Asia, driven by a combination of the economic dynamism of the People’s Republic of China, India, and other middle-income Asian countries, and sluggish growth in the OECD economies. The rapid growth and rising global prominence have raised a range of major challenges for Asia and for the rest of the world. This comprehensive, forward-looking book examines these issues through in-depth studies of major Asian economies and an analysis of the key development policy options.
The contributors, leading international authorities in their field, explore cross-cutting thematic issues with special reference to developing Asia. They address a broad range of subjects including: investment and productivity, savings and the savings–investment relationship, financial development, the provision of infrastructure, and governance and institutions. Detailed country studies focusing on the People’s Republic of China, India, Indonesia, Malaysia, the Philippines, and Thailand not only provide an analytical narrative for each case study, but also draw attention to the similarities and diversity within the region.
This challenging and thought-provoking book will prove an important point of reference for scholars, researchers, and students in the fields of economics, development economics, and Asian studies.
"This book provides a coherent and current account of how India, Indonesia, Malaysia, Thailand, the Philippines, and the People’s Republic of China coped with the Asian financial crisis of the 1990s and the recent global economic recession, and how they may address future challenges in maintaining growth in difficult times. It features a valuable overview of issues from a regional perspective, five chapters on general elements and obstacles in development, and individual chapters on the experience of each of the six countries. Every chapter is replete with relevant institutional and statistical data. The volume fills a void in the literature and is highly recommended for graduate students and for economists concerned with contemporary Asia."
– Peter Drake, The University of New England and Australian Catholic University, Australia
"To understand what makes Asia tick in the face of continuing global uncertainty and instability one has to go beyond numbers into the region’s psyche and idiosyncrasies. This volume provides an interestingly intrusive and refreshingly insightful analysis of a highly complex phenomenon that defies generalizations as shown by the diversity of individual country experiences."
– Mohamed Ariff, International Centre for Education in Islamic Finance (INCEIF), Malaysia
Contributors include: D.H. Brooks, S.Y. Chia, E.S. de Dios, D.A. Desierto, D.A. Desierto, G.M. Ducanes, K. Fukao, S.-i. Fukuda, E.C. Go, H. Hill, C.Y. Horioka, A. Kuncoro, B. Nidhiprabha, C. Rhee, M. Socorro Gochoco-Bautista, A. Terada-Hagiwara, R.R. Vaidya, T.S. Yean