Rebalancing Economies in Financially Integrating East Asia by Taylor & Francis Ltd (Hardback, 2014)
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About this product
- DescriptionSince the Asian Financial Crisis (AFC) of 1997-98 large current account surpluses have accumulated in the countries of Asia and the Pacific with corresponding deficits elsewhere. The sharp plunge in global trade volumes during the global financial crisis has highlighted the need for 'rebalancing'-focussing more on domestic sources of ecomic growth than on exports in some Asian ecomies. One key objective of the book is to elucidate the ecomic structures and policies that give rise to current account surpluses and imbalances and consider what policy adjustments could change them. Ather objective is to show the link between financial systems, financial integration and the transmission of ecomic shocks between countries. The book offers new dimensions to understand 'rebalancing' and provides alternative and arguably more fundamental solutions to address imbalances. Rather than focusing on exchange rate misalignment, this book begins from the premise that the imbalances are a macroecomic problem that reflects a mismatch between savings and investment in the surplus countries. Then, it examines exchange rate policies adopted by countries in the region and finds that part of the explanation for their currency strategy lies in their perceived need to build foreign exchange reserves to provide a buffer in case of instabilities. The book examines whether there are other possibilities for countries to insure against ecomic volatility by more actively and openly engaging with international capital markets. The studies show that closer financial integration, involving more open financial markets, with well-chosen partners, would be welfare-improving and should reduce the need for the counter-productive, self-insurance policies that result in foreign exchange accumulation.
- Author BiographyJenny Corbett is Professor of Economics, Australian National University, and Pro Vice-Chancellor (Research and Research Training), Australian National University. She is also Reader in the Economy of Japan, University of Oxford; a Research Associate of the Centre for Applied Macroeconomic Analysis (CAMA); and a Research Fellow at the Centre for Economic Policy Research (CEPR), London. Ying Xu is Lecturer in the Crawford School of Public Policy, Australian National University. She is also Research Associate at the Centre for Applied Macroeconomic Analysis (CAMA), Australian National University.
- PublisherTaylor & Francis Ltd
- Date of Publication20/11/2014
- SubjectEconomics: Professional & General
- Series TitleRoutledge-Eria Studies in Development Economics
- Place of PublicationLondon
- Country of PublicationUnited Kingdom
- Content Note101 black & white illustrations, 66 black & white tables, 101 black & white line drawings
- Weight521 g
- Width156 mm
- Height234 mm
- Spine23 mm
- Edited byJenny Corbett,Xu Ying
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