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Costs and Benefits of Economic Integration in Asia brings together authoritative essays that identify and examine various initiatives to promote economic integration in Asia.
'This book offers a fascinating exploration of the contradictions of East Asian economic integration: a topic of enormous contemporary significance to observers of world political and economic affairs. The collection provides an unusually rigorous and systematic treatment of this important topic, drawing on contributions from an impressive array of experts. It will provide a valuable resource for students, scholars and other observers seeking deeper understanding of the contemporary dynamics and challenges of East Asian integration.' - Kate MacDonald, University of Melbourne, Australia 'East Asia is a crucial part of the global economy. This book analyses three key elements of East Asian economic integration: trade, investment and international finance. The authors are leading experts in their fields. Their book represents an important addition to the literature on a subject of fundamental importance both regionally and globally.' - Bradly J. Condon, ITAM, Mexico City This book analyses recent developments and likely future paths for trade and financial integration in East Asia. It suggests a more coherent, balanced way forward for regional economic integration and analyses implications for institution building in East Asia. East Asia has achieved a high degree of intra-regional trade, investment and GDP correlation, through an expanding web of free trade agreements and production networks. However, financially, most regional economies are linked more closely to North America and Europe than to each other. As trade integration has accelerated, financial and monetary integration has not kept pace. East Asian Economic Integration analyses potential reasons and remedies for this phenomenon through a multidisciplinary framework of law, politics and economics. This comprehensive book will appeal to researchers and students in political science, international relations, trade law, international finance law, and regional studies generally. It will also be of great interest to regional
Emerging East Asian economies have seen their share of world exports more than triple during the past quarter-century, and intraregional trade has driven this growth. Broad measures of development in East Asia have improved at the same headlong pace. Why push further integration now? Two economic events of historic proportions provide the context: strategic thinking of development in the region following the East Asian financial crisis of 1997-98 and the accession of China to the World Trade Organization. Policymakers interested in a stable, prosperous region are concerned by mildly rising inequality within countries and a widening gap between richer economies and the poorest economies. Increasingly, the development agenda in the region with its focus on growth, jobs, and social stability and the trade policy agenda with its focus on market access and competitiveness have become intertwined. East Asian policymakers seek to develop a coherent set of economic policies that can deliver stability, growth, and regional integration. Without attempting to be comprehensive, 'East Asia Integrates' offers fundamental strategies that promote cross-border flows of trade, along with domestic policies on logistics, trade facilitation, standards and institutions to maximize the impact of these flows on development and distribute the gains from trade widely. As the authors demonstrate, multilateral and regional trade initiatives must provide a compelling vision of how integration can deliver broadly shared growth and prosperity if they are to succeed. In addition, they must use the momentum offered by trade agreements to address the links between trade on the one hand, and social stability, poverty reduction, and growth on the other.
Production networks have been at the heart of the recent growth in trade among East Asian countries. Fragmentation trade, reflected mainly in the trade in parts and components, is expanding more rapidly than the conventional trade in final goods. This is mainly due to the relatively more favorable policy setting for international production, agglomeration benefits arising from the early entry into this new form of specialization, considerable intercountry wage differentials in the region, lower trade and transport costs, and specialization in products exhibiting increasing returns to scale. The economic integration of China has deepened production fragmentation in East Asia, countering fears of crowding out other countries for international specialization. International production fragmentation in East Asia has intensified intraregional trade but has depended heavily on extraregional trade in final goods. While production networks centered on China have contributed significantly to growth in East Asia, they also breed vulnerabilities. They have not automatically led to technology spillovers and have led to an extreme interdependence across East Asian countries.
International production networks in manufacturing, particularly in machinery industries, have rapidly developed over the last two decades, resulting in dramatic increases in intra-regional and intra-industry trade, providing a key source of regional growth, integration and development in East Asia. This book provides a better understanding on how to effectively further increase SME participation in East Asian production networks, and in doing so identifies key challenges and issues that they need to address. This book aims to not only fill the theory-practice gap, but also to lay solid foundations for designing national arrangements and a regional institutional frameworks to further encourage and support SME engagement and participation in regional and global production networks. The book contains several country case studies and by drawing upon individual country experiences, at various stages of economic development, this book demonstrates the varying difficulty faced by SMEs in ASEAN member countries attempting to participate in regional production networks and highlighting differences in needs and policy priorities. This book offers both a more focused theme on the assessment of globalization and a rather unique approach by focusing upon the particular importance of SMEs, and by utilizing micro-level data at the firm or plant level. Its policy insights and the richness and uniqueness of the empirical findings will make the book an invaluable contribution to understanding East Asian production networks.
The growth of world trade has been stagnant in recent times; trade liberalisation now has been challenged. The recent rise of anti-globalisation calls for a better integration in East Asia. How should East Asia manage its openness? This book provides profound analyses on rules of origins, non-tariff measures, restrictiveness in services and investment. It gives insight into how East Asian countries should shape its trade, investment and industrial policies. This book helps to answer what kind of a better integration it should be, and how East Asia can realise it. “The Open Access version of this book, available at http://www.taylorfrancis.com/books/10.4324/9780429433603, has been made available under a Creative Commons Attribution-Non Commercial-No Derivatives 4.0 license.”
This paper reexamines the relationship between trade integration and business cycle synchronization (BCS) using new value-added trade data for 63 advanced and emerging economies during 1995–2012. In a panel framework, we identify a strong positive impact of trade intensity on BCS—conditional on various controls, global common shocks and country-pair heterogeneity—that is absent when gross trade data are used. That effect is bigger in crisis times, pointing to trade as an important crisis propagation mechanism. Bilateral intra-industry trade and trade specialization correlation also appear to increase co-movement, indicating that not only the intensity but also the type of trade matters. Finally, we show that dependence on Chinese final demand in value-added terms amplifies the international spillovers and synchronizing impact of growth shocks in China.