East Asia

About: East Asia is a research topic. Over the lifetime, 17591 publications have been published within this topic receiving 274073 citations. The topic is also known as: Eastern Asia.

East Asian Financial Cooperation

Abstract: Since the financial crisis in the late 1990s, Asian governments have been considering strengthening regional monetary and financial cooperation Proposals have ranged from the Asian Monetary Fund to common currencies During the past two years, China, Japan, Korea, and the member-states of ASEAN have established a set of financial facilities under an agreement made in Chiang Mai, Thailand The Chiang Mai Initiative (CMI) mobilizes a portion of the very large reserve holdings of its members for financial stabilization in a crisis Organized under the "ASEAN plus three" grouping, these arrangements do not include the United States or other countries outside the region The CMI thus raises several important questions: Under what terms will financing be extended on a regional basis? Is it likely to stabilize or destabilize international capital flows? What will CMI's relationship be to the International Monetary Fund and other official financial institutions? How should governments build on these arrangements in the future? Could they provide the basis for broader integration of the East Asian region?This study examines the case for and against regional financial arrangements in East Asia, describes the CMI, compares it to financial arrangements in other regions, and recommends how the Initiative can preserve its complementarity to multilateral institutions and be strengthened in the future The study specifically addresses the concerns of Americans, Europeans, and multilateral organizations, assessing the pros and cons of such regional financial arrangements for the global system

The Newly Industrializing Economies of East Asia

Abstract: The phenomenal success of the East Asian Newly Industrializing Economies (NIEs) of Korea, Taiwan, Hong Kong, and Singapore is now well-known and documented. Their success has been discussed to such an extent that it has become entrenched as part of the folklore of development economics. The Newly Industrializing Economies of East Asia takes a fresh look at the relevant literature and sifts the rhetoric from the reality. In the course of surveying the vast range of writing two competing paradigms become clear: the neo-classical approach which interprets the East Asian economic miracle as the predictable outcome of `good' policies; and the statist perspective which draws attention to the central role of the government in guiding East Asian economic development. Throughout the book the authors mix country-specific experiences with broader trends.

Crisis, Contagion, and Country Funds: Effects on East Asia and Latin America

Abstract: Spillover effects, from one country or region to the other countries and regions, have attracted renewed attention in the aftermath of the Mexican crisis of December 1994. This paper uses data on closed-end country funds to study how a negative shock in Mexican equities is transmitted to Asia and Latin America, and to particular countries within each region. Country funds allow us to study the transmission to other fund net asset values (NAVs) and prices, which are traded in local stock markets and in New York, respectively. The evidence indicates that shocks such as the Mexican crisis produce spillover effects which are less strong in Asia than in Latin America. The shocks seem to affect Latin American NAVs directly, while the transmission to Asian NAVs appears to "pass through" the New York investor fund community, rather than directly from equity prices in Latin America to equity prices in Asia. Even though the data show that co-movements are stronger within each regional market =96 East Asia, Latin America, New York =96 than between them, investors do treat different countries differently. Shocks such as the Mexican 1994 crisis seem to have a stronger impact in countries with weak fundamentals. A high debt/export ratio makes the Philippines vulnerable, for example, despite its location in East Asia, while a low debt/export ratio makes Chile relative less vulnerable, despite its location in South America.

Familial capitalism in global institutional contexts: Implications for corporate governance and entrepreneurship in East Asia

Abstract: Many of the world’s firms have a familial dimension; including some of the most dynamic and emerging markets of East Asia. However, this important aspect of organizing economic activity remains understudied and misunderstood. A central theme of this article is that while families matter in economic activity throughout the world, they matter in different ways depending on the institutional context. To illustrate this theme a varieties of capitalism perspective is used to develop a rudimentary global comparative framework. Institutional context is portrayed as a key determinant of the degree and type of family governance that typify national economies. Implications for corporate governance and entrepreneurship in East Asia are discussed.