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2. China: Industry Forecast
- Publication Date:
- 08-2012
- Content Type:
- Policy Brief
- Institution:
- Oxford Economics
- Abstract:
- GDP is expected to rise by 7.9% in 2012 and expand by 8.7% in 2013. Over the next 10 years to 2021, GDP is predicted to grow on average by 7.8% a year. Manufacturing output growth is forecast to be higher than GDP growth over the next decade. Manufacturing output is expected to increase by 8.8% in 2012 and expand by 9.4% in 2013. Over the next 10 years to 2021, manufacturing output is expected to grow on average by 7.9% a year. As a result, the share of manufacturing output in GDP is projected to rise from 34.0% in 2011 to 35.1% by 2016 and increase to 35.6% by 2021. Over the same period, the share of service sector output in GDP is expected to expand from 41.7% in 2011 to 43.8% in 2016 and rise to 45.5% in 2021.
- Topic:
- Economics, Industrial Policy, International Trade and Finance, Markets, and Foreign Direct Investment
- Political Geography:
- China and Israel
3. The Trans-Pacific Partnership and Asia-Pacific Integration: Policy Implications
- Author:
- Peter A. Petri
- Publication Date:
- 06-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Trans-Pacific Partnership (TPP), currently at an advanced stage of negotiation, began as a small agreement but now has big implications. The TPP would strengthen ties between Asia and the Americas, create a new template for the conduct of international trade and investment, and potentially lead to a comprehensive free trade area (FTA) in the Asia-Pacific. It could generate large benefits—greater than those expected from the World Trade Organization's (WTO) global Doha Development Agenda. This Policy Brief reports on our ongoing quantitative assessment (with FanZhai) of the TPP and other Asia-Pacific integration efforts.
- Topic:
- Economics, Emerging Markets, International Trade and Finance, and Treaties and Agreements
- Political Geography:
- America, Europe, Israel, Asia, and Australia/Pacific
4. Japan Post: Anti-Reform Law Clouds Japan's Entry to the Trans-Pacific Partnership
- Author:
- Gary Clyde Hufbauer and Julia Muir
- Publication Date:
- 05-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Our last policy brief on this long-running saga recounted political machinations, late in 2011, to reverse the Koizumi era reforms of Japan Post, a giant among state-owned enterprises (SOEs). As a brief background: Japan Post is a conglomerate of five companies: the parent, Japan Post Holdings; two subsidiaries concerned with operating post offices and delivering mail, namely Japan Post Network and Japan Post Services; and two giant financial arms, Japan Post Bank and Japan Post Insurance.
- Topic:
- Economics, International Trade and Finance, Treaties and Agreements, and Law
- Political Geography:
- Japan and Israel
5. Projecting China's Current Account Surplus
- Author:
- William R. Cline
- Publication Date:
- 04-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- For several years China has run persistent current account surpluses that have been widely seen as the most serious single source of global imbalances on the surplus side, and mirrored by persistent systemically large US current account deficits on the other side. In recent years, however, both imbalances have shown moderation (figure 1). China's surpluses have posed questions of international policy rules, because they have reflected in part an unwillingness to allow the exchange rate to appreciate sufficiently to act as an effective equilibrating mechanism. Exchange rate intervention resulted in a massive buildup of international reserves, which rose from $615 billion at the end of 2004 to $3.2 trillion at the end of 2011 (IMF 2012a).
- Topic:
- Economics, Emerging Markets, Foreign Exchange, and International Trade and Finance
- Political Geography:
- United States, China, and Israel
6. Inward foreign direct investment: Does it enable or constrain domestic technology entrepreneurship?
- Author:
- Saurav Pathak, André Laplume, and Emanuel Xavier-Oliveira
- Publication Date:
- 12-2012
- Content Type:
- Policy Brief
- Institution:
- Columbia Center on Sustainable Investment
- Abstract:
- Whether or not foreign direct investment (FDI) is essential for domestic technological and economic development remains a contentious question. The controversy is illustrated by comparing the Celtic and Asian Tigers experiences from 1995 to 2000. Based on IMF and World Bank data in constant prices, Ireland and China averaged an annual growth rate of 8% in GDP per capita. However, FDI per capita grew at an average pace of 98% per year in Ireland, while in China it decreased by 1% -- absolute values averaged US$ 3,397 versus US$ 144, respectively. This suggests that, rather than a one-policy-fits-all approach, customized policies are more appropriate; and, if any generalization can be made, it should be based on a country's stage of economic development.
- Topic:
- Development, Economics, Emerging Markets, International Trade and Finance, and Foreign Direct Investment
- Political Geography:
- Israel and Asia
7. Japan Post: Retreat or Advance?
- Author:
- Gary Clyde Hufbauer and Julia Muir
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- Legislation to reform Japan Post is again gathering steam in Tokyo. The real question is whether the latest act in this long- running drama will represent true reform or in fact will camouflage an entrenchment of Japan Post's formidable monopoly powers. Antireform proposals being lined up for consideration in the Diet would indefinitely extend effective government control of Japan Post's financial arms (thereby reversing the Koizumi era reforms). On the other hand, reform forces in the Japanese government want new legislation to guarantee a level playing field in banking and insurance between Japan Post and private firms, whether domestic or foreign.
- Topic:
- Economics, Government, International Trade and Finance, and Natural Disasters
- Political Geography:
- Japan and Israel
8. Consumption boosts China's resilience but risks of a property bust still loom
- Publication Date:
- 01-2012
- Content Type:
- Policy Brief
- Institution:
- Oxfam Publishing
- Abstract:
- With the outlook for exports subdued and investment weak, we expect industrial output growth to slow further in 2012H1. But consumption is taking up the slack and fiscal policy is set to be supportive. As a result, we only expect a relatively modest slowing in growth in 2012 to 8.4% from 9.2% in 2011. But with house prices still falling in December, we remain concerned about the risk of a sharp slowing in the property market leading to strains on local government finances and a hard landing for growth, particularly with the external environment weak. However, central government finances are strong and fiscal transfers could provide a significant cushion in the event of a property bust.
- Topic:
- Communism, Economics, Government, International Trade and Finance, and Global Recession
- Political Geography:
- China and Israel
9. Security developments in East Asia: what implications for the EU?
- Author:
- Nicola Casarini
- Publication Date:
- 02-2011
- Content Type:
- Policy Brief
- Institution:
- European Union Institute for Security Studies
- Abstract:
- East Asia is home to some of the most important trading partners of the Union. China is foremost among these, ranking second only to the US - in 2009, EU-China trade totalled a massive €296 billion - while the EU is China's most important trading partner. Japan is the sixth-largest trade partner of the EU - in 2009, EU-Japan trade was almost €92 billion. South Korea is the EU's eighth-largest trade partner and the EU has become South Korea's second largest export destination - total trade in 2009 was above €53 billion. Furthermore, on 6 October 2010 the EU and South Korea signed a Free Trade Agreement (FTA) which is the most ambitious bilateral trade agreement ever negotiated by the EU, and the first with an Asian country.
- Topic:
- International Trade and Finance
- Political Geography:
- Japan, China, Europe, Israel, Asia, and South Korea
10. Korea, Colombia, Panama: Pending Trade Accords Offer Economic and Strategic Gains for the United States
- Author:
- Mauricio Cá¡rdenas and Joshua Meltzer
- Publication Date:
- 07-2011
- Content Type:
- Policy Brief
- Institution:
- The Brookings Institution
- Abstract:
- A trio of trade agreements now pending before Congress would benefit the United States both economically and strategically. Carefully developed accords with South Korea, Colombia and Panama will boost U.S. exports significantly, especially in the key automotive, agricultural and commercial services sectors. Among the other benefits are: increased U.S. competitiveness enhancement of U.S. diplomatic and economic postures in East Asia and Latin America new investment opportunities better enforcement of labor regulation and improved transparency in these trading partners' regulatory systems.
- Topic:
- Diplomacy, Economics, International Trade and Finance, Treaties and Agreements, and Labor Issues
- Political Geography:
- Kenya, United States, Israel, Colombia, and Latin America
11. Prospects for Implementing the Korea-US Free Trade Agreement
- Author:
- Jeffrey J. Schott
- Publication Date:
- 10-2010
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- The Korea-US Free Trade Agreement (KORUS FTA) was signed on June 30, 2007. Since then, the Korean National Assembly has vetted the agreement and the pact cleared a major legislative hurdle when the Foreign Affairs and Trade Committee approved it in April 2009; the full assembly has deferred final passage pending comparable action by the US Congress. In the United States, the ratification process has not yet begun; neither President George W. Bush nor President Barack Obama has submitted implementing legislation to Congress.
- Topic:
- Diplomacy, International Trade and Finance, Bilateral Relations, and Law
- Political Geography:
- United States, Israel, Asia, and Korea
12. Not Beyond Limits: The Prospects of the Shanghai Cooperation Organization (SCO)
- Author:
- Pál Dunay
- Publication Date:
- 08-2010
- Content Type:
- Policy Brief
- Institution:
- The Geneva Centre for Security Policy
- Abstract:
- The Shanghai Cooperation Organization (SCO) was created in 2001, and it is the first regional integration attempt in the post - Soviet space that has spread beyond the boundaries of the former Soviet Union, and has included the People's Republic of China. Since its inception the organization has gone through breathtaking developments, simultaneously broadening and deepening its agenda. Its international surrounding has also changed fundamentally. Following the terrorist attacks of 11 September 2001 the strategic importance of the area where the SCO has been operating increased enormously, with particular reference to Afghanistan, Turkmenistan, Tajikistan and Uzbekistan, the last two being SCO members. The organization's special relationship with Afghanistan is another factor that has contributed to the SCO's increasing stature. The importance of natural resources (primarily oil and gas) has steadily increased, and this is likely to be a prolonged point of contention between all the major powers, among others, in Central Asia.
- Topic:
- International Trade and Finance and Regional Cooperation
- Political Geography:
- Afghanistan, China, and Israel
13. Safety of Navigation in the Straits of Malacca
- Author:
- Mansoureh Arshad and Mohd Arshad
- Publication Date:
- 09-2010
- Content Type:
- Policy Brief
- Institution:
- Maritime Institute of Malaysia
- Abstract:
- Well-recognized as a critical waterway in the world, the Straits of Malacca has seen a tremendous increase in traffic movements as ship operators seek the shortest route to destinations between Europe and the Far East. In 2009 alone there were over 76,000 ship movements in the Straits not including the 30,000 crisscrossing between the littoral states. These huge numbers require constant monitoring and management as any incident would have tremendous impact not only on international traffic and its economic implications to shipper states, but also to the lifelines of the communities straddling this key waterway.
- Topic:
- International Cooperation, International Trade and Finance, and Maritime Commerce
- Political Geography:
- Europe and Israel
14. The Future of the Chiang Mai Initiative: An Asian Monetary Fund?
- Author:
- C. Randall Henning
- Publication Date:
- 02-2009
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- In September 1997, at the outset of the last global financial crisis, the Japanese Ministry of Finance proposed the creation of an Asian Monetary Fund. Although this particular proposal was scuttled, the idea of a common regional fund on which East Asian governments might draw in times of financial turmoil survives. The region's disaffection from the International Monetary Fund (IMF), stemming from the 1997–98 crisis, sustains this idea and a desire on the part of individual countries to self-insure with large holdings of foreign exchange reserves. East Asian governments and central banks have created a set of bilateral swap arrangements (BSAs) dubbed the Chiang Mai Initiative (CMI) and are negotiating among themselves to build these BSAs into a more comprehensive facility. Some Asian officials hope that such a facility could underpin exchange rate cooperation and monetary integration in the region, although such proposals remain for the moment long-term visions.
- Topic:
- Economics, International Cooperation, International Trade and Finance, Regional Cooperation, and Financial Crisis
- Political Geography:
- Japan, Israel, and Asia
15. Multitrack Integration in East Asian Trade: Noodle Bowl or Matrix?
- Author:
- Peter A. Petri
- Publication Date:
- 10-2008
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- East Asian trade agreements are often described as a complicated "noodle bowl," which shows links in the region as a snarled, overlapping and intertwined mass. But this is a misleading representation--Asia's regional agreements may in fact be creating an order of a different sort, building the foundations for a stronger regional trading system. Asian trade arrangements can be more constructively seen in terms of a trade agreements matrix, in which multiple negotiations produce an orderly progression of agreements to liberalize all potential bilateral relationships and move the region toward a coherent system of freer trade. The various approaches to deeper economic integration--regional arrangements, trans-Pacific agreements, and global engagement--are complementary paths that should eventually lead to an open global trading system. East Asia is of growing importance in the global marketplace, and adopting an aggressive multitrack strategy--as the region appears to be doing--may be the fastest route toward a new global framework.
- Topic:
- International Trade and Finance and Treaties and Agreements
- Political Geography:
- Israel and Asia
16. What Motivates Regional Financial Cooperation in East Asia Today?
- Author:
- Jennifer Amyx
- Publication Date:
- 02-2005
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- Regional financial cooperation in East Asia is proceeding with unprecedented intensity. Latest developments include two Asian Bond Funds, created by the regional central bankers group, and an Asian Bond Markets Initiative launched by the finance ministers of the Association of South East Asian Nations member states plus China, Japan, and South Korea (or ASEAN+3). Some observers continue to attribute such cooperation to sharpened antagonism between East Asia and the West since the Asian financial crisis of 1997–98. But this view overlooks a key internal driver: ChinaÂ's shift to a more proactive stance toward regional cooperation. Far from demonstrating an antagonism toward market-based financial systems, ASEAN+3 members are embracing more liberal rules for economic interaction in their creation of regional bond funds and markets. Financial cooperation in East Asia is today motivated by factors that differ considerably from those observed in the immediate aftermath of the Asian financial crisis—and the implications extend beyond East Asia.
- Topic:
- International Relations, International Trade and Finance, and Regional Cooperation
- Political Geography:
- Israel
17. Banking Crises in East Asia: The Price Tag of Liberalization?
- Author:
- Ilan Noy
- Publication Date:
- 11-2005
- Content Type:
- Policy Brief
- Institution:
- East-West Center
- Abstract:
- The banking crises that swept through East Asia in 1997– 1998 set off dramatic recessions in the affected countries and imposed heavy costs on the domestic taxpayers. Fear of further crises prompted searches causes and early warning signs. It soon became apparent that liberalization the domestic financial sectors of the countries in crises contributed to genesis of these crises, but policymakers, regulators, and economists disagree about the reason for this. Initial scrutiny fell on unregulated international capital flows, but a comprehensive study suggests that liberalization can to financial instability either because of insufficient regulation of the financial sector or because of erosion of previously granted monopolies of existing banks. These possibilities suggest varying policy implications for the current state domestic financial systems in East Asia, including the challenges inherent opening up ChinaÂ's banking system to foreign competition as mandated in China–World Trade Organization accession agreement.
- Topic:
- Economics and International Trade and Finance
- Political Geography:
- Israel and Asia
18. Policy Coherence Towards East Asia: Development Challenges for OECD Countries
- Author:
- K. Fukasaku, M. Kawai, M.G. Plummer, and A. Trzeciak-Duval
- Publication Date:
- 05-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- The East Asian development experience needs to be better understood — especially the region's clustered, sequential development process and neighbourhood effects linking economies at different levels of industrial development. How have different policy vectors transmitted by OECD countries, notably in the areas of trade, investment and aid, contributed to the development of the region? To what extent have the impacts of OECD-country policies depended on the capacity of East Asian economies to respond through their own public policies?
- Topic:
- Development, Economics, and International Trade and Finance
- Political Geography:
- Israel and East Asia
19. Economic Survey of Japan, 2005
- Publication Date:
- 01-2005
- Content Type:
- Policy Brief
- Institution:
- The Organisation for Economic Co-operation and Development
- Abstract:
- The strengthening of the economy has raised hopes that Japan is emerging from a decade of stagnation. Output has been increasing at a more than 2 per cent annual rate since 2002, reflecting strong external demand and the progress made in corporate restructuring and economic reform. However, Japan still faces a number of serious headwinds to sustained growth, notably entrenched deflation and continued declines in bank lending and land prices. Meanwhile, the government's financial position continues to deteriorate, raising concerns about fiscal sustainability at the same time that population ageing is increasing demands for public spending. Addressing these challenges requires a combination of well-designed macroeconomic policies and structural measures to boost the growth potential and ensure rising living standards in the face of rapid population ageing.
- Topic:
- Economics, Government, and International Trade and Finance
- Political Geography:
- Japan and Israel
20. A Currency Basket for East Asia, Not Just China
- Author:
- John Williamson
- Publication Date:
- 08-2005
- Content Type:
- Policy Brief
- Institution:
- Peterson Institute for International Economics
- Abstract:
- China recently announced that it is adopting a basket of currencies as the peg for its exchange rate instead of the US dollar. This announcement raises questions of how such a system works, whether other East Asian countries would be advised to follow China in adopting a basket numeraire, and whether it would be advantageous to these countries if they were all to adopt the same basket. This brief answers these questions.
- Topic:
- Economics, International Cooperation, and International Trade and Finance
- Political Geography:
- United States, Israel, East Asia, and Asia