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"There has been a proliferation of proposals for bilateral free trade areas in East Asia in recent times. These initiatives fly in the face of the long-standing support of key players in the region such as Japan for the MFN-based non-discriminatory trading system and the commitment to non-discriminatory trade liberalisation and reform within APEC. As China establishes its role in the WTO, its interests are very much in an open global trading system. The paper argues that the core interests of East Asian economies remain in non-discriminatory global trading arrangements and prosecuting those interests within the Doha Round of trade negotiations. It suggests that a way forward in sorting out the trade-distorting and protectionist effects of free trade agreements would be for East Asian economies to take a lead in negotiations on strengthening WTO rules on preferential trade arrangements. In terms of global economic welfare, the only good preferential arrangement is one that disappears in time. The paper makes specific recommendations for re-vamping the rule on preferential trade arrangements with that objective in mind"--P. 1.
This dissertation seeks to understand the pattern of trade and portfolio investment in East Asian economies and how trade integration can affect the level of bilateral asset holdings. On the trade side, the determinants of bilateral trade flow is examined at the product level, not the aggregate, so as to assess the impact of RTAs across product types as well as the nature of the home market effect and the role of similarity of demand structures. On the financial side, the dissertation synthesizes analyses of the composition of cross-border portfolio holdings in East Asian economies, focusing on the importance of capital market development as well as a linkage between goods and financial markets. The dissertation begins with a re-examination of the determinants of bilateral trade in differentiated, reference-priced, and homogeneous products over the period of 1983-2000. The results suggest that trade liberalization under the ASEAN PTA and AFTA frameworks played a significant role in promoting intra-regional trade in differentiated and reference-priced, but perhaps not homogeneous products. The weak evidence of trade creation in homogeneous products reflects the fact that the implementation of trade liberalization among ASEAN states has provided limited benefits to its members due to waivers of concessions. Despite the massive increase in intra-ASEAN trade, nevertheless, the findings reveal that the formation of RTAs in the region did not lead to trade diversion in any product category. The analysis of the composition of cross-border portfolio holdings in East Asian financial markets employs a panel dataset of the IMF's CPIS over the period of 2001-2009. One key finding from the analysis is that the volume of bilateral imports appeared to play a significant role in spurring cross-border portfolio holdings in East Asian financial markets. In particular, the dissertation shows empirically that the development of the capital markets in East Asia has become one of the key factors in attracting foreign portfolio investment from most regions of the world
This book applies a spatial economics perspective to the understanding of the recent dynamism of the global economy, with particular focus on East Asia, and examines the prospects of regional integration in East Asia.
East Asia is now experiencing significant economic growth and social change. Integration of East Asia seems an irresistible trend, as East Asian countries are closely interdependent with each other and share many common interests in economic development.
Despite the diversity in income levels, languages, culture, resource endowments, and political systems, the countries of East Asia are more integrated now than they have ever been. Goods, money, and ideas are being traded across the region. East Asia is redefining itself from a collection of disparate nations that looked mainly to markets in the west, to a more self-reliant, innovative, and networked region. Countries in this region are strengthening ties with each other and seeking more strategic partnerships with the rest of the world. 'East Asian Visions' is a collection of essays that convey, firsthand, how some of the most influential thinkers in East Asia view these challenges. The writers are eminent policy makers, statesmen, and scholars. They write about how competition with the west has bred success; how crises in the region have provoked introspection; and how the rise of China is catalyzing change.
'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
Costs and Benefits of Economic Integration in Asia brings together authoritative essays that identify and examine various initiatives to promote economic integration in Asia.
Increasing numbers of free trade and economic partnership agreements have been concluded among many countries in East Asia, and economic integration has progressed rapidly on both a de facto and de jure basis. However, as the authors of this book argue, integration may intensify regional inequalities in East Asia and so this process has attracted much attention of late. Will it actually succeed in achieving greater economic growth or will it in fact cause growing regional disparity? This book presents a clear picture of East Asian integration, focusing on various aspects including: the structure of intra-regional trade industrial location patterns especially of multinational enterprises the formation of industrial agglomeration the development of political and institutional frameworks for integration. Economic Integration in East Asia addresses these issues from the perspectives of both spatial and neoclassical economics. As the book highlights, if the regional disparities continue to grow, this may constitute a fatal obstacle to deepening integration and the growth potential of East Asia. With its focus firmly on recommendations for the future, this book will be of great interest to academics and researchers of development, Asian studies and economic geography as well as development specialists in government and international organizations involved in East Asian integration.