Globalisation,Institutional Reforms and Financial Development in East Asian Economies

This study investigates the dynamic effects of globalisation on institutions and financial development in East Asian economies using panel data tests. Our empirical results demonstrate that globalisation has a significant influence on institutional quality, and that institutional reforms in turn facilitate and support financial development, in particular the development of the banking sector in East Asia. Globalisation is also found to have a favourable direct impact on stock market development without passing through an institutional quality channel.     

Economic Theory and Industrial Policy in East Asia

Economic liberalisation has been advocated as universally valid for developed and developing countries alike, and, as a result, the role of the state has been disparaged in favour of unrestricted markets and free trade. The neo-classical proposition is by no means fully justified from a theoretical point of view, and there exist powerful, countervailing arguments why government intervention and market coordination, especially during a nation's initial stage of industrialisation, can achieve improved resource allocation and greater competitive advantage. By helping to explain the very creation of industrial capacity, as well as the enhancement of long-term growth rates, institutional economics can provide clearer insights into the complementary roles of state and market. These theories are, moreover, supported by empirical evidence from East Asia, where government has been a contributory but not dominant factor in the achievement of economic success.     

Missed Opportunities: The WTO Trade Policy Review for the East African Community

The East African Community (EAC), comprising Kenya, Tanzania and Uganda, came into force on 7 July 2000 with a Common External Tariff (CET) established in January 2005. This Trade Policy Review (TPR) of the EAC is timely as all three countries had implemented significant trade liberalisation since the late 1980s while the CET represented an asymmetric change – Kenya and Tanzania essentially reduced tariffs whereas Uganda increased tariffs. The TPR provides considerable information on the CET and on trade and related policies in each of the member countries. However, the EAC and the TPR missed a number of opportunities: the EAC included no coordinated export promotion or investment provisions, while the TPR says little on the potential for intra‐regional trade, and nor does it address the position of the EAC in the economic partnership agreements (EPAs) being negotiated with the EU. This review concentrates on these omissions to explore the implications of the EAC for developments in trade policy in the region.     

东亚经济冲击对称性分析与东亚货币合作

经济冲击的对称性程度,是判断一组经济体是否可以进行货币合作的一个良好指标。本文在前人研究的基础上,对经济冲击的分解变量进行了重新选择,将东亚9个经济体的经济冲击分解为供给冲击、需求冲击和货币冲击。静态与动态实证结果都显示东亚目前的冲击对称性程度还不高。未来东亚货币合作的方向,除了在整体上继续推动东亚各经济体在各领域的合作外,重点是要推进大国之间的经济合作与协调。     

欧元模式适合亚洲吗?

随着欧元的构想成为现实，亚洲的公司、银行、投资看以及政府有必要了解和认识欧洲的单一货币可能产生的诸多影响。     

Business Responses to Climate Change Regulation in Canada and Germany: Lessons for MNCs from Emerging Economies

This article proposes a novel mapping of the complex relationship between business ethics and regulation, by suggesting five distinct ways in which business ethics and regulation may intersect. The framework is applied to a comparative case study of business responses to climate change regulation in Canada and Germany, both signatories to the Kyoto Protocol. Both countries represent distinctly different approaches which yield significant lessons for emerging economies. We also analyze the specific role of large multinational corporations in this process.     

东亚区域经济体货币汇率政策协调的理论探讨

由于东亚区域合作性得益的存在,基于贸易商品渠道和市场的区域共同篮子货币的协调性汇率稳定机制一旦形成,基础性的区域宏观货币政策协调机制能够推动东亚区域成员经济体之间非货币汇率竞争性政策的竞争经济的形成,这将在更大程度上推进东亚区域货币金融合作和货币一体化的实际进程.     

Vulnerability to a Currency Crisis: Lessons from the Asian Experience

Are currency crises caused by manias and panics in financial markets, or by unsustainable deteriorations in domestic macroeconomic conditions? This question is explored in the context of the recent Asian currency crisis. The theoretical concept of vulnerability is used to identify three early‐warning indicators of susceptibility to a currency crisis: rapid accumulation of mobile capital; domestic lending booms; and overvalued exchange rates. It is shown that the crisis and noncrisis countries of Asia may be distinguished empirically, using these indicators, over the decade preceding the crisis. This exercise provides convincing evidence that the crisis emanated largely from domestic macroeconomic conditions.     

Terms-of-Trade and Trade Balance: Some Empirical Evidence of Asian Economies

This study examines the impact of terms-of-trade and oil price on trade balance in Asian economies. Generally, the results of the normalized cointegrating vectors show that the impact of terms-of-trade on trade balance is different across economies. An increase in oil price or permanent oil price will lead to a decrease in terms-of-trade while the impact of an increase in temporary oil price on terms-of-trade is ambiguous. Generally, terms-of-trade, domestic demand, foreign demand, and oil price (permanent oil price, temporary oil price) are important in the determination of trade balance in the short run and long run.     

Foreign Direct Investment in Ireland: Policy Implications for Emerging Economies

Ireland's success in attracting foreign direct investment (FDI) provides guidance for emerging economies. The key to Ireland's success is its consistency of policy towards FDI. Ireland's success suggests that emerging countries should be proactive in seeking FDI, offer a package of incentives that is enterprise‐centred yet is sufficiently selective to build self‐sustaining clusters. Policy consistency is important to inward investors and this can be traded off against selectivity and monitoring of performance.     

East Asian FDI in Europe and Germany

During the 1980s foreign direct investment (FDI) expanded remarkably. Simultaneously, the regional structure of foreign direct investment changed. This relationship is discernible among industrial countries, as well as between industrial and developing countries. Of particular importance is the interface of foreign trade relations between the “Triad” and the economically dynamic East Asian and Pacific area. This article highlights, in particular, foreign investment coming from Eastern Asia into Europe and Germany.