Asia's contribution to global rebalancing
AbstractDeveloping Asia remains at the core of global payment imbalances. While the geographical concentration of current account imbalances is rather significant, with the Peopleâs Republic of China accounting for the lionâs share of the regionâs current account surplus, how Asia contributes to global rebalancing also depends critically on the NIEs and larger ASEAN economies. Given the regionâs huge diversity, the necessary national macroeconomic and structural policies will vary significantly across Asiaâs emerging economies. Whereas near-term rebalancing efforts will be driven primarily by macroeconomic and exchange rate policies, medium- to long-term measures will involve policies and structural reforms directed to boost domestic and regional demand as a source of economic growth. In this paper, we argue that regional rebalancing will depend critically on the adoption of deeper and more comprehensive structural reforms and further trade liberalization that promote domestic spendingâthus reducing Asiaâs high dependence on extra regional demand. Priority policies should include infrastructure spending, competition, trade, financial development, investment, immigration, and other social policies to reduce national savings.
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Bibliographic InfoArticle provided by Asia Pacific School of Economics and Government, The Australian National University in its journal Asian-Pacific Economic Literature.
Volume (Year): 25 (2011)
Issue (Month): 2 (November)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0818-9935
Other versions of this item:
- E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
- F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
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- Cyn-Young Park & Ruperto P. Majuca & Josef T. Yap, 2010.
"The 2008 Financial Crisis and Potential Output in Asia : Impact and Policy Implications,"
Finance Working Papers
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- Yap, Josef T. & Majuca, Ruperto P. & Park, Cyn-Young, 2010. "The 2008 Financial Crisis and Potential Output in Asia: Impact and Policy Implications," Discussion Papers DP 2010-11, Philippine Institute for Development Studies.
- Hong Bum Jang, 2011. "Financial Integration and Cooperation in East Asia: Assessment of Recent Developments and Their Implications," IMES Discussion Paper Series 11-E-05, Institute for Monetary and Economic Studies, Bank of Japan.
- Chin, Gregory, 2012. "Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization," ADBI Working Papers 343, Asian Development Bank Institute.
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