Archive | May, 2012 Trade
The decades leading to the current global economic turmoil saw many developing countries attempt to pursue the East Asian development model, which is widely perceived to have been export-led. Is such growth possible in the post-crisis world with shrinking global imbalances? Historical data may provide useful clues. Our paper, titled "Can Asia Sustain an Export-Led Growth Strategy in the Aftermath of the Global Crisis? An Empirical Exploration", finds that Asian growth in the pre-crisis period was significantly correlated with the proportion of their manufactured exports that were sold in industrialized country markets. Given this evidence, Asian exports to other developing countries may not be good substitutes for their exports to developed countries. The policy implication is clear: a deceleration of exports to industrialized countries may limit prospects for post-crisis growth even if exports to other developing countries pick up the slack. Asian policy makers should, therefore, be more willing than ever to experiment with new paths to technological catch up. Read more.
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- Decline of Oil Prices and the Negative Interest Rate Policy in Japan
- The Institutionalization of the Credit Surety Fund in the Philippines
- Innovation in Health Care in South Asia
- Does internal and external research and development affect innovation of small and medium-sized enterprises? Evidence from India and Pakistan
- What can we learn from the trade and growth nexus in the Republic of Korea?
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