Globalization and East Asia

Kaynak, Erdener; Fatemi, Khosrow

• About the Editor Contributors Preface Part I: Introduction Part II: Comparative Studies Part III: International Finance Part IV: Industry-Specific and Future Research Acknowledgments PART I: INTRODUCTION Chapter 1. East Asian Economic Performance in Retrospect (M. Raquib Zaman) Introduction The East Asian Miracle The Financial Crises of 1997 and 1998 and the Aftermath Lessons from the EAC Model of Economic Development Chapter 2. East Asia: The Growth Center of the Late Twentieth Century (H. Peter Gray) Introduction Borrowed Growth The Benefits of Open Industrialization in a Macroregion The Importance of Social Organization Conclusion PART II: COMPARATIVE STUDIES Chapter 3. Comparative Advantage Recycling and Clustered Growth: The Flying-Geese Paradigm of Tandem Catch-Up on the Pacific Rim (Terutomo Ozawa) Introduction Hegemon-Led Macroclustering and the Flying-Geese Paradigm Evolutionary Patterns of Trade and Investment Theory of Comparative Advantage Recycling The Krugman and Sachs Puzzles Final Remarks Chapter 4. The Relative Efficiencies of U.S. and Pacific Rim Industries: The Case of the Four Dragons (Parviz Asheghian) Introduction The Limitations of the Study and the Sample Size The Testing of Hypotheses Concluding Remarks Chapter 5. Asian Structural Differences and Comparative Economic Performance (Vincent Dropsy and Dennis Pollard) Introduction Structural Differences in Asia Methodology Empirical Results Conclusions Chapter 6. The Asian Influence: An Analysis of Trade Flows Between the United States and Thailand in the Home Furnishings Industry (Kennita Kind) Introduction Purpose Part I Part II Implications for Future Research Chapter 7. Trade and Environment Issues in APEC (Antonina Ivanova and Manuel Angeles) Introduction Trade Liberalization, Economic Integration, and the Environment Environmental Costs of Rapid Growth Evolution of APEC’s Environmental Agenda The Trade-Environment Interface Economic Integration and the Harmonization of Environmental Policy Toward Common Principles in APEC’s Environmental Agenda Conclusion Chapter 8. Financial Resource Flows, the Exchange Rate, and Trade: Recent East Asian Experience (Glenville Rawlins and Chandana Chakraborty) Introduction The Nature of Capital Flows The Impact of Capital Inflows and the Policy Response Causal Link Between FDI, Trade, and Exchange Rate Empirical Analysis Conclusion PART III: INTERNATIONAL FINANCE Chapter 9. Emerging Trends in Asian Financial Markets: Evidences from Malaysia (Rajesh Mohnot and Wan Fadzilah Wan Yusoff) Introduction The Malaysian Financial System Structure Developments in Financial Markets Derivative Markets Financial Markets and Economic Implications Conclusion Chapter 10. The Impact of Globalization on Economic Transition in China (Joanna K. Poznanska) Economic Performance Liberalization Process Globalization Impact Conclusions Chapter 11. The Exchange Rate of Chinese Yuan: Before and After WTO Entry (Robin H. Luo and Yunhua Liu) Introduction Approaches to Measuring Equilibrium Real Exchange Rate (ERER) Misalignment of Chinese Yuan and China’s Trade Balance Forecast and Conclusion Chapter 12. Trade Elasticities of the