Giovanni Capannelli | Asian Development Bank (original) (raw)

Papers by Giovanni Capannelli

Research paper thumbnail of Kazakhstan: Accelerating Economic Diversification: Country Diagnostic Study in Russian

Мнения, выраженные в настоящем документе, принадлежат авторам и не обязательно отражают мнения и ... more Мнения, выраженные в настоящем документе, принадлежат авторам и не обязательно отражают мнения и политику Азиатского банка развития (АБР), его Совета Управляющих или правительств, которые они представляют. 1. Экономика Казахстана: достижения, перспективы и вызовы 1 политики 1.1. Экономический рост, неравенство и динамика окружающей среды 3 1.2. Фонд национального благосостояния 4 1.3. Изменения реальных валютных курсов и таргетирование инфляции 5 1.4. «Голландская болезнь» 8 1.5. Диверсификация экономики 9 1.6. Преодоление вызовов среднего уровня доходов 1.7. Страновое диагностическое исследование Казахстана Использованная литература 2. Государственная политика, которая поможет раскрыть 25 сельскохозяйственный потенциал Казахстана 2.1. Основы сельскохозяйственной политики Казахстана 2.2. Показатели Казахстана в сельском хозяйстве 2.3. Трудности развития сельского хозяйства Казахстана 2.4. Варианты политики для реализации сельскохозяйственного потенциала 2.5. Заключение Использованная литература Приложение I: Методы измерения технической эффективности сельскохозяйственных производителей в Казахстане с использованием стохастических предельных производственных функций для панельных данных Приложение II: Краткая статистика по переменным, использованным в анализе технической эффективности Содержание iv 3. Потенциал обрабатывающей промышленности Казахстана 3.1. Программы индустриального развития Казахстана: обзор 3.2. Обрабатывающая промышленность Казахстана 3.3. Почему Казахстану необходимо диверсифицировать свою экономику? 3.4. Потенциальные выгоды диверсификации 3.5. Успехи Казахстана в диверсификации обрабатывающего сектора в период с 1995 по 2015 годы 3.6. Анализ пространства продуктов 3.7. Выявление экспортных продуктов с высоким потенциалом в Казахстане 3.8. Элементы успешного развития обрабатывающей промышленности: опыт и уроки других стран 3.9. Приоритеты политики для развития обрабатывающей промышленности в Казахстане Использованная литература Приложение 1: Экспортируемые Казахстаном товары с выявленным сравнительным преимуществом > 1, в 2015 г. (60 продуктов) Приложение 2: Подробный перечень незадействованных продуктов Казахстана при помощи анализа пространства продуктов, на основании расстояния от существующих производственных возможностей (данные 2015 года) 4. Услуги в казахстанском секторе нефти и газа 4.1. Справочная информация 4.2. Цепочка создания добавленной стоимости нефти и газа и роль нефтепромысловых услуг 4.3. Нефтепромысловые услуги в Казахстане 4.4. Официальные данные по нефтесервисному рынку 4.5. Положения о местном содержании в контексте вступления в ВТО 4.6. Научно-исследовательские и опытно-конструкторские работы в нефтегазовом секторе 4.7. Рекомендации Использованная литература 5. Транспортно-логистическая инфраструктура в Казахстане 5.1. Тенденции глобализации 5.2. Применимость тенденций глобализации к Казахстану 5.3. Побочный эффект развития транспортно-логистического сектора на остальную экономику 5.4. Структура новой экономической политики 5.5. Выводы Использованная литература содержание v 6. Ключевые структурные реформы в отдельных секторах: оценка влияния на экономическую диверсификацию 6.1. Среднесрочные и долгосрочные трудности роста 6.2. Некоторые структурные реформы для поддержки экономической диверсификации 6.3. Методология моделирования 6.4. Результаты симуляций 6.5. Заключительные замечания Использованная литература Приложение 1: Теоретическая структура и уравнения модели Приложение 2: Классификация секторов и сопоставление с агрегированными отраслями Приложение 3: Доля отраслей в национальном ВВП Приложение 4: Результаты симуляции содержание vi Таблицы, рисунки и вставки Таблицы 2.1 Цели и расходы в рамках Государственной программы развития агропромышленного комплекса Республики Казахстан на 2017-2021 годы (млрд. тенге) 2.2 Число действующих хозяйств с разбивкой на типы, 1990-2013 годы 2.3 Предполагаемая стохастическая производственная функция для яровой пшеницы 2.4 Техническая эффективность предприятий и фермерских хозяйств при производстве яровой пшеницы 2.5 Предполагаемая стохастическая производственная функция для КРС 2.6 Техническая эффективность предприятий и фермерских хозяйств в разведении КРС 2.7 Степень орошения сельскохозяйственных культур в Казахстане 3.1 Тенденции производства секторов экономики Казахстана 3.2 Десять крупнейших экспортных партнеров Казахстана 3.3

Research paper thumbnail of Economic Crises and Institutions for Regional Economic Cooperation ADB Working Paper Series on Regional Economic Integration

This Working Paper has benefited from feedback conveyed through the “Institutions for Regionalism... more This Working Paper has benefited from feedback conveyed through the “Institutions for Regionalism” project sponsored by the Asian Development Bank, including project workshops in Honolulu, Hawaii,

Research paper thumbnail of Developing Indicators for Regional Economic Integration and Cooperation‖ by Giovanni Capannelli, Jong-Wha

An earlier version of this paper was presented at the

Research paper thumbnail of 2007; and the Latin American/Caribbean and Asia-Pacific Economics

* This paper is a substantially revised version of one presented to the

Research paper thumbnail of Financial integration and cooperation in Asia and the global crisis

PRELIMINARY DRAFT NOT FOR CITATION The financial crisis that hit Asia in 1997/98 triggered the in... more PRELIMINARY DRAFT NOT FOR CITATION The financial crisis that hit Asia in 1997/98 triggered the introduction of reforms to restructure and improve national financial systems, together with a substantial progress in regional financial cooperation initiatives. By many standards, Asian financial markets are now more efficient than before and more integrated among themselves, although the degree of financial integration in Asia remains low compared to the degree of trade integration and to the degree of Asian financial integration with the rest of the world. A number of cooperation initiatives have flourished after the 1997/98 crisis and in some cases they may need streamlining. Nevertheless, Asia is facing a deficit of established institutions to promote regional cooperation and further market integration. The ongoing global economic crisis created by the financial turmoil that started with the collapse of the US subprime housing market, is a good case to test the preparedness of the re...

Research paper thumbnail of A Service of zbw Responding to the global financial crisis: The evolution of Asian regionalism and economic globalization ADBI Working Paper Series Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization As

Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwe... more Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms o...

Research paper thumbnail of Dealing with multiple currencies in transitional economies : the scope for regional cooperation in Cambodia, the Lao People's Democratic Republic, and Viet Nam

Research paper thumbnail of Nikkei kigyou genchi choutatsu ritsu no kettei youin

Research paper thumbnail of The Local Content of Japanese Electronics Manufacturing Operations in Asia

Source: Authors' calculations based on MITI (1998a) and Asian Development Bank (1998). dShares in... more Source: Authors' calculations based on MITI (1998a) and Asian Development Bank (1998). dShares in all manufacturing are for 1997.

Research paper thumbnail of East Asian and European Economic Integration: A Comparative Analysis

This paper compares the economic integration processes of the European Union and the East Asian n... more This paper compares the economic integration processes of the European Union and the East Asian nations and comments on the possible reciprocal lessons, if any, that can be drawn in order to smooth the future paths of the two groups. On the EU side, institutions, structural policies, and the monetary union are most relevant, and in East Asia, production networks,

Research paper thumbnail of Implications of a Changing Environment for Monetary Policy in East Asia

Research paper thumbnail of Local Procurement by Japanese Manufacturing Affiliates Abroad

Routledge Studies in Global Competition, 2001

Research paper thumbnail of The Political Economy of Asian Regionalism: Issues and Challenges

The Political Economy of Asian Regionalism, 2013

This chapter provides an overview of the political economy of Asian regionalism, where the term “... more This chapter provides an overview of the political economy of Asian regionalism, where the term “regionalism” refers to cooperation initiatives and market integration trends. It discusses the aim and objectives of regional collective action, highlights some of the key regional economic cooperation efforts, identifies the major issues and challenges, and analyzes the perspectives for creating a region-wide economic community in Asia in the long run. Contributions by various experts to understanding the political economy of regionalism are presented in a sequential manner focusing on topics covering the implications of the global financial crisis on the trend of regionalism in Asia, opportunities emerging in the areas of trade and finance, the implications of regional cooperation on the introduction of domestic reforms in individual Asian economies, and the development of regional institutions for integration. The chapter suggests the Asian model for regionalism has several distinct characteristics related to historical circumstances and marked diversity across economies, which makes it very distinct from the European model.

Research paper thumbnail of Perceptions of Economic Interdependence: The View of Asian Opinion Leaders

Asian Regionalism in the World Economy, 2010

The structure and policy architecture of the world economy, as it emerges from the historic chall... more The structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the rapid transformation of the Asian economy, the challenges it faces, emerging regional solutions, and how Asia can play a more constructive role in the global economy.

Research paper thumbnail of Asian regionalism in the world economy: engine for dynamism and stability

Contents: PART I: SUSTAINING DYNAMISM: PRODUCTIVITY AND GROWTH 1. Asian Growth and Global Stabili... more Contents: PART I: SUSTAINING DYNAMISM: PRODUCTIVITY AND GROWTH 1. Asian Growth and Global Stability Peter A. Petri, Jong-Wha Lee and Masahiro Kawai 2. Technology Policy for Sustained Asian Dynamism Albert Guangzhou Hu and Gary H. Jefferson 3. Will Demographic Change Undermine Asia's Growth Prospects? Andy Mason, Sang-Hyop Lee and Ronald Lee 4. Alternative Growth Strategies in Asia: Liberalization, Deregulation, Structural Reforms Philippa Dee 5. Asian FTAs Trends and Challenges Masahiro Kawai and Ganeshan Wignaraja PART II: FINANCING DEVELOPMENT: INNOVATION AND STABILITY 6. Governance and Financial Integration in East Asia Douglas W. Arner, Paul Lejot and Wei Wang 7. Patterns and Determinants of Financial Integration in Asia Jong-Wha Lee 8. From Crisis to Crisis: Changing Capital Flows and Foreign Exchange Reserves in Asia Yiping Huang 9. Monetary Policy and Exchange Rate Stability in East Asia Ryuzo Miyao PART III: EXTENDING COOPERATION: SOCIAL AND POLITICAL FRAMEWORKS 10. Perceptions of Economic Interdependence: The View of Asian Opinion Leaders Giovanni Capannelli 11. How Asia Can Benefit from the European Experience Barry Eichengreen 12. South Asian Integration: Prospects and Lessons from East Asia Ramesh Chandra and Rajiv Kumar 13. Asia in Global Governance: A Case for Decentralized Institutions Masahiro Kawai, Peter A. Petri and Elif Sisli-Ciamarra 14. Deepening Asian Integration and the Architecture for Regional Cooperation Peter Drysdale

Research paper thumbnail of The Political Economy of Asian Regionalism

The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regio... more The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments. Working papers published under this Series may subsequently be published elsewhere. Disclaimer: The views expressed in this paper are those of the author and do not necessarily reflect the views and policies of the Asian Development Bank or its Board of Governors or the governments they represent. The Asian Development Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. Use of the term "country" does not imply any judgment by the authors or the Asian Development Bank as to the legal or other status of any territorial entity.

Research paper thumbnail of Backward Vertical Linkages of Foreign Manufacturing Affiliates: Evidence from Japanese Multinationals

World Development, 2001

Ð We examine the determinants of backward vertical linkages established by multinational ®rms in ... more Ð We examine the determinants of backward vertical linkages established by multinational ®rms in host economies through an analysis of the local content ratio of 272 Japanese electronics manufacturing aliates in 24 countries. Host country factors promoting vertical linkages are the quality of infrastructure and the size of the local components supply industry, while restrictive trade policies have a detrimental eect. Local content regulations have a positive impact but do not stimulate procurement from locally owned suppliers. Experienced aliates, joint ventures and acquired aliates, andÐin less-developed economiesÐaliates of less R&D-intensive ®rms exhibit more extensive vertical linkages. Firms belonging to Japanese vertical industrial groups (keiretsu) show higher procurement from local clusters of aliated Japanese suppliers.

Research paper thumbnail of The Role of Foreign Direct Investment in East Asian Economic Development

Journal of Asian Economics, 2001

Research paper thumbnail of Shaping Asia's Institutional Architecture for Economic and Financial Integration: Opinion Leaders’ Views

International Economic Journal, 2011

Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the a... more Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997/98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia's opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia's institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones. While the focus of the paper is on monetary and financial integration, the analysis also covers other integration pillars such as trade and investment, connectivity and infrastructure, and regional public goods. It suggests the need to create new institutions in support of Asian regionalism and to use a broad perspective in moving towards the formation of a region-wide economic community based on strong political commitment and grassroots participation.

Research paper thumbnail of Backward vertical linkages of foreign manufacturing affiliates: Evidence from Japanese multinationals

Ð We examine the determinants of backward vertical linkages established by multinational ®rms in ... more Ð We examine the determinants of backward vertical linkages established by multinational ®rms in host economies through an analysis of the local content ratio of 272 Japanese electronics manufacturing aliates in 24 countries. Host country factors promoting vertical linkages are the quality of infrastructure and the size of the local components supply industry, while restrictive trade policies have a detrimental eect. Local content regulations have a positive impact but do not stimulate procurement from locally owned suppliers. Experienced aliates, joint ventures and acquired aliates, andÐin less-developed economiesÐaliates of less R&D-intensive ®rms exhibit more extensive vertical linkages. Firms belonging to Japanese vertical industrial groups (keiretsu) show higher procurement from local clusters of aliated Japanese suppliers.

Research paper thumbnail of Kazakhstan: Accelerating Economic Diversification: Country Diagnostic Study in Russian

Мнения, выраженные в настоящем документе, принадлежат авторам и не обязательно отражают мнения и ... more Мнения, выраженные в настоящем документе, принадлежат авторам и не обязательно отражают мнения и политику Азиатского банка развития (АБР), его Совета Управляющих или правительств, которые они представляют. 1. Экономика Казахстана: достижения, перспективы и вызовы 1 политики 1.1. Экономический рост, неравенство и динамика окружающей среды 3 1.2. Фонд национального благосостояния 4 1.3. Изменения реальных валютных курсов и таргетирование инфляции 5 1.4. «Голландская болезнь» 8 1.5. Диверсификация экономики 9 1.6. Преодоление вызовов среднего уровня доходов 1.7. Страновое диагностическое исследование Казахстана Использованная литература 2. Государственная политика, которая поможет раскрыть 25 сельскохозяйственный потенциал Казахстана 2.1. Основы сельскохозяйственной политики Казахстана 2.2. Показатели Казахстана в сельском хозяйстве 2.3. Трудности развития сельского хозяйства Казахстана 2.4. Варианты политики для реализации сельскохозяйственного потенциала 2.5. Заключение Использованная литература Приложение I: Методы измерения технической эффективности сельскохозяйственных производителей в Казахстане с использованием стохастических предельных производственных функций для панельных данных Приложение II: Краткая статистика по переменным, использованным в анализе технической эффективности Содержание iv 3. Потенциал обрабатывающей промышленности Казахстана 3.1. Программы индустриального развития Казахстана: обзор 3.2. Обрабатывающая промышленность Казахстана 3.3. Почему Казахстану необходимо диверсифицировать свою экономику? 3.4. Потенциальные выгоды диверсификации 3.5. Успехи Казахстана в диверсификации обрабатывающего сектора в период с 1995 по 2015 годы 3.6. Анализ пространства продуктов 3.7. Выявление экспортных продуктов с высоким потенциалом в Казахстане 3.8. Элементы успешного развития обрабатывающей промышленности: опыт и уроки других стран 3.9. Приоритеты политики для развития обрабатывающей промышленности в Казахстане Использованная литература Приложение 1: Экспортируемые Казахстаном товары с выявленным сравнительным преимуществом > 1, в 2015 г. (60 продуктов) Приложение 2: Подробный перечень незадействованных продуктов Казахстана при помощи анализа пространства продуктов, на основании расстояния от существующих производственных возможностей (данные 2015 года) 4. Услуги в казахстанском секторе нефти и газа 4.1. Справочная информация 4.2. Цепочка создания добавленной стоимости нефти и газа и роль нефтепромысловых услуг 4.3. Нефтепромысловые услуги в Казахстане 4.4. Официальные данные по нефтесервисному рынку 4.5. Положения о местном содержании в контексте вступления в ВТО 4.6. Научно-исследовательские и опытно-конструкторские работы в нефтегазовом секторе 4.7. Рекомендации Использованная литература 5. Транспортно-логистическая инфраструктура в Казахстане 5.1. Тенденции глобализации 5.2. Применимость тенденций глобализации к Казахстану 5.3. Побочный эффект развития транспортно-логистического сектора на остальную экономику 5.4. Структура новой экономической политики 5.5. Выводы Использованная литература содержание v 6. Ключевые структурные реформы в отдельных секторах: оценка влияния на экономическую диверсификацию 6.1. Среднесрочные и долгосрочные трудности роста 6.2. Некоторые структурные реформы для поддержки экономической диверсификации 6.3. Методология моделирования 6.4. Результаты симуляций 6.5. Заключительные замечания Использованная литература Приложение 1: Теоретическая структура и уравнения модели Приложение 2: Классификация секторов и сопоставление с агрегированными отраслями Приложение 3: Доля отраслей в национальном ВВП Приложение 4: Результаты симуляции содержание vi Таблицы, рисунки и вставки Таблицы 2.1 Цели и расходы в рамках Государственной программы развития агропромышленного комплекса Республики Казахстан на 2017-2021 годы (млрд. тенге) 2.2 Число действующих хозяйств с разбивкой на типы, 1990-2013 годы 2.3 Предполагаемая стохастическая производственная функция для яровой пшеницы 2.4 Техническая эффективность предприятий и фермерских хозяйств при производстве яровой пшеницы 2.5 Предполагаемая стохастическая производственная функция для КРС 2.6 Техническая эффективность предприятий и фермерских хозяйств в разведении КРС 2.7 Степень орошения сельскохозяйственных культур в Казахстане 3.1 Тенденции производства секторов экономики Казахстана 3.2 Десять крупнейших экспортных партнеров Казахстана 3.3

Research paper thumbnail of Economic Crises and Institutions for Regional Economic Cooperation ADB Working Paper Series on Regional Economic Integration

This Working Paper has benefited from feedback conveyed through the “Institutions for Regionalism... more This Working Paper has benefited from feedback conveyed through the “Institutions for Regionalism” project sponsored by the Asian Development Bank, including project workshops in Honolulu, Hawaii,

Research paper thumbnail of Developing Indicators for Regional Economic Integration and Cooperation‖ by Giovanni Capannelli, Jong-Wha

An earlier version of this paper was presented at the

Research paper thumbnail of 2007; and the Latin American/Caribbean and Asia-Pacific Economics

* This paper is a substantially revised version of one presented to the

Research paper thumbnail of Financial integration and cooperation in Asia and the global crisis

PRELIMINARY DRAFT NOT FOR CITATION The financial crisis that hit Asia in 1997/98 triggered the in... more PRELIMINARY DRAFT NOT FOR CITATION The financial crisis that hit Asia in 1997/98 triggered the introduction of reforms to restructure and improve national financial systems, together with a substantial progress in regional financial cooperation initiatives. By many standards, Asian financial markets are now more efficient than before and more integrated among themselves, although the degree of financial integration in Asia remains low compared to the degree of trade integration and to the degree of Asian financial integration with the rest of the world. A number of cooperation initiatives have flourished after the 1997/98 crisis and in some cases they may need streamlining. Nevertheless, Asia is facing a deficit of established institutions to promote regional cooperation and further market integration. The ongoing global economic crisis created by the financial turmoil that started with the collapse of the US subprime housing market, is a good case to test the preparedness of the re...

Research paper thumbnail of A Service of zbw Responding to the global financial crisis: The evolution of Asian regionalism and economic globalization ADBI Working Paper Series Responding to the Global Financial Crisis: The Evolution of Asian Regionalism and Economic Globalization As

Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwe... more Standard-Nutzungsbedingungen: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. The Working Paper series is a continuation of the formerly named Discussion Paper series; the numbering of the papers continued without interruption or change. ADBI's working papers reflect initial ideas on a topic and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each working paper (given in the citation below). Some working papers may develop into other forms o...

Research paper thumbnail of Dealing with multiple currencies in transitional economies : the scope for regional cooperation in Cambodia, the Lao People's Democratic Republic, and Viet Nam

Research paper thumbnail of Nikkei kigyou genchi choutatsu ritsu no kettei youin

Research paper thumbnail of The Local Content of Japanese Electronics Manufacturing Operations in Asia

Source: Authors' calculations based on MITI (1998a) and Asian Development Bank (1998). dShares in... more Source: Authors' calculations based on MITI (1998a) and Asian Development Bank (1998). dShares in all manufacturing are for 1997.

Research paper thumbnail of East Asian and European Economic Integration: A Comparative Analysis

This paper compares the economic integration processes of the European Union and the East Asian n... more This paper compares the economic integration processes of the European Union and the East Asian nations and comments on the possible reciprocal lessons, if any, that can be drawn in order to smooth the future paths of the two groups. On the EU side, institutions, structural policies, and the monetary union are most relevant, and in East Asia, production networks,

Research paper thumbnail of Implications of a Changing Environment for Monetary Policy in East Asia

Research paper thumbnail of Local Procurement by Japanese Manufacturing Affiliates Abroad

Routledge Studies in Global Competition, 2001

Research paper thumbnail of The Political Economy of Asian Regionalism: Issues and Challenges

The Political Economy of Asian Regionalism, 2013

This chapter provides an overview of the political economy of Asian regionalism, where the term “... more This chapter provides an overview of the political economy of Asian regionalism, where the term “regionalism” refers to cooperation initiatives and market integration trends. It discusses the aim and objectives of regional collective action, highlights some of the key regional economic cooperation efforts, identifies the major issues and challenges, and analyzes the perspectives for creating a region-wide economic community in Asia in the long run. Contributions by various experts to understanding the political economy of regionalism are presented in a sequential manner focusing on topics covering the implications of the global financial crisis on the trend of regionalism in Asia, opportunities emerging in the areas of trade and finance, the implications of regional cooperation on the introduction of domestic reforms in individual Asian economies, and the development of regional institutions for integration. The chapter suggests the Asian model for regionalism has several distinct characteristics related to historical circumstances and marked diversity across economies, which makes it very distinct from the European model.

Research paper thumbnail of Perceptions of Economic Interdependence: The View of Asian Opinion Leaders

Asian Regionalism in the World Economy, 2010

The structure and policy architecture of the world economy, as it emerges from the historic chall... more The structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the rapid transformation of the Asian economy, the challenges it faces, emerging regional solutions, and how Asia can play a more constructive role in the global economy.

Research paper thumbnail of Asian regionalism in the world economy: engine for dynamism and stability

Contents: PART I: SUSTAINING DYNAMISM: PRODUCTIVITY AND GROWTH 1. Asian Growth and Global Stabili... more Contents: PART I: SUSTAINING DYNAMISM: PRODUCTIVITY AND GROWTH 1. Asian Growth and Global Stability Peter A. Petri, Jong-Wha Lee and Masahiro Kawai 2. Technology Policy for Sustained Asian Dynamism Albert Guangzhou Hu and Gary H. Jefferson 3. Will Demographic Change Undermine Asia's Growth Prospects? Andy Mason, Sang-Hyop Lee and Ronald Lee 4. Alternative Growth Strategies in Asia: Liberalization, Deregulation, Structural Reforms Philippa Dee 5. Asian FTAs Trends and Challenges Masahiro Kawai and Ganeshan Wignaraja PART II: FINANCING DEVELOPMENT: INNOVATION AND STABILITY 6. Governance and Financial Integration in East Asia Douglas W. Arner, Paul Lejot and Wei Wang 7. Patterns and Determinants of Financial Integration in Asia Jong-Wha Lee 8. From Crisis to Crisis: Changing Capital Flows and Foreign Exchange Reserves in Asia Yiping Huang 9. Monetary Policy and Exchange Rate Stability in East Asia Ryuzo Miyao PART III: EXTENDING COOPERATION: SOCIAL AND POLITICAL FRAMEWORKS 10. Perceptions of Economic Interdependence: The View of Asian Opinion Leaders Giovanni Capannelli 11. How Asia Can Benefit from the European Experience Barry Eichengreen 12. South Asian Integration: Prospects and Lessons from East Asia Ramesh Chandra and Rajiv Kumar 13. Asia in Global Governance: A Case for Decentralized Institutions Masahiro Kawai, Peter A. Petri and Elif Sisli-Ciamarra 14. Deepening Asian Integration and the Architecture for Regional Cooperation Peter Drysdale

Research paper thumbnail of The Political Economy of Asian Regionalism

The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regio... more The ADB Working Paper Series on Regional Economic Integration focuses on topics relating to regional cooperation and integration in the areas of infrastructure and software, trade and investment, money and finance, and regional public goods. The Series is a quick-disseminating, informal publication that seeks to provide information, generate discussion, and elicit comments. Working papers published under this Series may subsequently be published elsewhere. Disclaimer: The views expressed in this paper are those of the author and do not necessarily reflect the views and policies of the Asian Development Bank or its Board of Governors or the governments they represent. The Asian Development Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. Use of the term "country" does not imply any judgment by the authors or the Asian Development Bank as to the legal or other status of any territorial entity.

Research paper thumbnail of Backward Vertical Linkages of Foreign Manufacturing Affiliates: Evidence from Japanese Multinationals

World Development, 2001

Ð We examine the determinants of backward vertical linkages established by multinational ®rms in ... more Ð We examine the determinants of backward vertical linkages established by multinational ®rms in host economies through an analysis of the local content ratio of 272 Japanese electronics manufacturing aliates in 24 countries. Host country factors promoting vertical linkages are the quality of infrastructure and the size of the local components supply industry, while restrictive trade policies have a detrimental eect. Local content regulations have a positive impact but do not stimulate procurement from locally owned suppliers. Experienced aliates, joint ventures and acquired aliates, andÐin less-developed economiesÐaliates of less R&D-intensive ®rms exhibit more extensive vertical linkages. Firms belonging to Japanese vertical industrial groups (keiretsu) show higher procurement from local clusters of aliated Japanese suppliers.

Research paper thumbnail of The Role of Foreign Direct Investment in East Asian Economic Development

Journal of Asian Economics, 2001

Research paper thumbnail of Shaping Asia's Institutional Architecture for Economic and Financial Integration: Opinion Leaders’ Views

International Economic Journal, 2011

Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the a... more Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997/98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia's opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia's institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones. While the focus of the paper is on monetary and financial integration, the analysis also covers other integration pillars such as trade and investment, connectivity and infrastructure, and regional public goods. It suggests the need to create new institutions in support of Asian regionalism and to use a broad perspective in moving towards the formation of a region-wide economic community based on strong political commitment and grassroots participation.

Research paper thumbnail of Backward vertical linkages of foreign manufacturing affiliates: Evidence from Japanese multinationals

Ð We examine the determinants of backward vertical linkages established by multinational ®rms in ... more Ð We examine the determinants of backward vertical linkages established by multinational ®rms in host economies through an analysis of the local content ratio of 272 Japanese electronics manufacturing aliates in 24 countries. Host country factors promoting vertical linkages are the quality of infrastructure and the size of the local components supply industry, while restrictive trade policies have a detrimental eect. Local content regulations have a positive impact but do not stimulate procurement from locally owned suppliers. Experienced aliates, joint ventures and acquired aliates, andÐin less-developed economiesÐaliates of less R&D-intensive ®rms exhibit more extensive vertical linkages. Firms belonging to Japanese vertical industrial groups (keiretsu) show higher procurement from local clusters of aliated Japanese suppliers.