Asian Economy and Finance:

Preface Acknowledgments About the Author 1: ASIAN ECONOMY: THE HERITAGE 1.1 Past is Prelude to the Future 1.2 Alternative Historical Perspective on Asian Economy 1.3 Economic Linkages and Interactions in the Second Millennium 1.4 Quantitative Dimensions of Growth 1.5 Past Trends in Trade 1.6 Industrial Revolution and Its Aftermath 1.7 Asian Economic 'Miracle' of the Post-War II Era 1.8 Summary and Conclusion 2: ECONOMIC DIVERSITY IN ASIA 2.1 Heterogeneity 2.2 High-Performing Economic Sub-Groups 2.3 Regional Economies and Economic Groupings 2.4 Japan-the Domineering Regional Economy 2.5 Contrasting the Two Populous Giants 2.6 Newly Industrialized Asian Economies 2.7 Southeast Asian Economies 2.8 Post-Crisis Performance 2.9 Summary and Conclusions 3: MARKET-DRIVEN REGIONALIZATION IN ASIA 3.1 Introduction 3.2 Trends in Intra-Regional Trade and Investment 3.3 Impact of Other RIAs on the Asia-Pacific Economies 3.4 Need for Regional Co-operation in the Aftermath of the Crisis 3.5 Impediments to Regionalization 3.6 Conclusions and Summary 4: CONTEMPORARY INITIATIVES IN INSTITUTIONALIZED REGIONAL INTEGRATION 4.1 Regional Integration and the Global Economy 4.2 Agglomeration or Clustering Effect 4.3 Institutionalized Regional Economic Integration 4.4 ASEAN-Plus-Three Grouping 4.5 Asia-Pacific Economic Co-operation Forum 4.6 Bilateral Trade Agreements 4.7 Summary and Conclusion 5: TRADE, COMPETITIVENESS AND FOREIGN INVESTMENT AND THE LINKAGES AMONG THEM 5.1 Outer-Orientation: The Strategic Stance 5.2 Trade Performance 5.3 Growing Cohesion in Trading Pattern 5.4 Competitiveness in Global Market Place 5.5 Regional Trends in FDI 5.6 Integrated Production Networks and Refinement of Comparative Advantage 5.7 Outsourcing in ICT and Business-Process Services 5.8 China's WTO Accession and its Regional Ramifications 5.9Summary and Conclusion 6: FINANCIAL SECTOR DEVELOPMENT: STRUCTURE, INSTITUTIONS AND MARKETS 6.1 Financial Sector: Chink in the Asian Armor 6.2 The Quality Continuum 6.3 Financial Market Structure and Country Classification 6.4 Carrying out Financial Market Development 6.5 Banking Sector 6.6 Intermediate Financial Structure 6.7 Bond Markets 6.8 Regional Bond Market 6.9 Equity Markets 6.10 Risk Management 6.11 Conclusions and Summary 7: POST-CRISIS REGIONAL ECONOMIC COOPERAT1ON AND THE EMERGING FINANCIAL ARCHITECTURE 7.1 Realistic Dimension of the Asian Crisis 7.2 Launching the Chiang Mai Initiative 7.3 Multilateral and Bilateral Swap Arrangements 7.4 Future Challenges for the Chiang Mai Initiative 7.5 Pros and Cons of Institutionalized Regional Cooperation 7.6 Predilection for a Regional Financial and Monetary Institution 7.7 Augmenting Foreign Exchange Reserves Holdings 7.8 Monetary and Central Banking Cooperation 7.9 Evolution of Exchange Rate Regimes 7.10 Lessons from the EU Experience 7.11 Monitoring and Surveillance 7.12 Summary and Conclusions Bibliography Index