Macroeconomics for Emerging East Asia

Calla Wiemer has taught at the University of Hawaii at Manoa, the University of the Philippines, the National University of Singapore, the KDI School of Public Policy and Management, and Claremont McKenna College. She was Editor-in-Chief of the Journal of Asian Economics from 2015 to 2020. As President of the American Committee on Asian Economic Studies, she moderates the Asia Economics Blog. She is bi-continental with homes in Los Angeles and Manila.

• 1. Fitting macroeconomics to emerging East Asia; 2. Taking the measure of emerging East Asia; 3. Microeconomic fundamentals; 4. National income and product accounts; 5. Balance of payments accounts; 6. Money; 7. Finance; 8. Exchange rates; 9. Models of equilibrium and disequilibrium; 10. Business cycles; 11. Monetary policy; 12. Fiscal policy; 13. Policy for internal and external balance; 14. Macroprudential policy; 15. Crises; 16. Epilogue.

'Calla Wiemer has written a highly readable, accessible, and analytically rigorous volume that will be of great value to scholars and policymakers both in East Asia and for anybody with an interest in this fascinating, diverse, and dynamic region. Macroeconomics for Emerging East Asia is grounded in mainstream macroeconomic theory and practice. But the author is rightly at pains to emphasize that the standard US macro textbooks are generally written with the implicit assumption that economies enjoy the 'exorbitant privilege' of possessing an internationally accepted reserve currency, and that this framework needs to be modified for the East Asian economies. An attractive feature of the volume is its application to real-world policy issues and challenges. These range from the misleading allegation, frequently directed at China and some other East Asian economies, of 'currency manipulation', to the origins and management of recent economic crises such as those of 1997–98, 2008–9, and the current pandemic. Highly recommended.' Hal Hill, H. W. Arndt Professor Emeritus of Southeast Asian Economies, Crawford School of Public Policy, Australian National University