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Asia’s Contribution to Global Rebalancing

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Author Info

  • Adams, Charles

    ()
    (National University of Singapore)

  • Jeong, Hoe Yun

    ()
    (Asian Development Bank)

  • Park, Cyn-Young

    ()
    (Asian Development Bank)

Abstract

Developing Asia remains at the core of global payment imbalances. While the geographical concentration of current account imbalances is rather significant, with the People’s Republic of China accounting for the lion’s share of the region’s current account surplus, how Asia contributes to global rebalancing also depends critically on the NIEs and larger ASEAN economies. Given the region’s huge diversity, the necessary national macroeconomic and structural policies will vary significantly across Asia’s 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 spending—thus reducing Asia’s 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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File URL: http://aric.adb.org/pdf/workingpaper/Adams_et_al_2010_Asia%27s_Contribution.pdf
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Bibliographic Info

Paper provided by Asian Development Bank in its series Working Papers on Regional Economic Integration with number 58.

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Length: 28 pages
Date of creation: 01 Sep 2010
Date of revision:
Handle: RePEc:ris:adbrei:0058

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Keywords: global imbalances; Asia; rebalancing;

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  1. 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.
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Cited by:
  1. 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.
  2. 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.

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