9780415776097

China and Asia: Economic and Financial Interactions

by ;
  • ISBN13:

    9780415776097

  • ISBN10:

    0415776090

  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2009-01-16
  • Publisher: Routledge
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Summary

It is difficult to overstate the growing importance of China and Asia in the global economy. Despite the sharp downturn experienced in the 1997 financial crisis, China and Asia have bounced back strongly in the new millennium and delivered solid economic growth. In this book, Ying-Wong Cheung and Kar-Yiu Wong have gathered together 35 renowned researchers from four continents to examine contemporary issues on the economic and financial interactions with a focus on China and Asia. Four broad areas are discussed. The first part deals with China and her interactions with other economies, the second with economic interactions within the region, the third with foreign exchange rate issues facing Asian economies, and the fourth with financial market development in the region. Within these chapters, some interesting results are explained, many of which differ from what is commonly believed. For example it is explained how exports from China and other Asian economies follow the "flying geese' pattern and that these economies can grow in harmony; that appreciating the Asian exchange rates would not have much impact on their current account surpluses; that financial liberalization in Thailand did not create the short-term debt problem, which is believed to a major cause of the 1997 financial crisis. It is also described how developments in the US have very strong influences on Asian economies and that Mainland China was a less important source of external shocks than is commonly held.

Table of Contents

Introduction
China, Flying Geese or Sitting Ducks?
China's Impact on the Trading Fortunes of other Asian Countries
A Decade of Flow of Funds in China (1995-2006)
China's Approach to Capital Flows since 1978: A Brief Overview
The Estimation of Domestic Value-Added and Employment Induced by Exports: An Application to Chinese Exports to the United States
Economic Interactions, External Shocks, Transmission Mechanisms and Deflation in Asia
External Balances in Five Asian Countries
What Drives Business Cycle Synchronization in the Pacific Rim Countries?
Foreign Exchange Rates, Have Exchange Rate Regimes in Asia Become More Flexible Post Crisis?
Re-Visiting the Evidence
The Evolution of the East Asia Currency Baskets Still Undisclosed and Changing
Effective Exchange Rates in Asia with Entrepat and Growing Intra-Regional Trade
Financial Markets, Foreign Intermediation in Japan
During the Lost Decade
The Core-AMU denominated Asian Bonds for Local Investors in East Asia
A New Framework for Analyzing Adequate and Excessive Reserve Levels under High Capital Mobility
Financial Liberalization and Corporate Debt Maturity in Thailand, 1993-97
Foreign Lending Under Limited Enforcement
Table of Contents provided by Publisher. All Rights Reserved.

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