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Papers by Jacob Frenkel

Nber Working Papers, Aug 1, 1989

Asia’s share of world trade has expanded constantly over the last two decades. This increase refl... more Asia’s share of world trade has expanded constantly over the last two decades. This increase reflects, inter alia, the considerable strengthening of trade links between the countries of the region, fostered by the vertical specialisation of the Asian economies. In the 1980s, the most advanced economies in the region, e.g. Japan, relocated the most labour-intensive stages of their production processes to the newly-industrialised Asian economies like South Korea and Singapore and then, in the 1990s, to emerging Asia, i.e. Indonesia, Malaysia, the Philippines and Thailand. The emergence of China has also given signifi cant impetus to regional trade integration. Surging intra-regional direct investment fl ows have accompanied and shored up trade fl ows, however, portfolio investment fl ows and cross-border bank loans have remained limited. Given that production processes within the region are complementary and that the final destination for exports is outside the region, the lack of a r...

Journal of International Economics, 1977

Staff Papers - International Monetary Fund

Page 1. IMF Staff Papers Vol. 38, No. 2 (June 1991) © 1991 International Monetary Fund From Centr... more Page 1. IMF Staff Papers Vol. 38, No. 2 (June 1991) © 1991 International Monetary Fund From Centrally Planned to Market Economy The Road from CPE to PCPE GUILLERMO A. CALVO and JACOB A. FRENKEL* The early ...