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ID:
158547
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| Summary/Abstract |
Over the past five decades, the Association of Southeast Asian Nations (ASEAN) has made tremendous economic progress. While the continuous improvements in the region’s macroeconomic indicators might give the impression that this growth trend can be sustained smoothly in the long run, that might not necessarily be the case. In this paper, three imminent challenges are discussed — changing patterns of investment, slowing productivity, and the China factor. For the Association to cope with these risks and forge new development paths, structural reforms within, and deeper integration between its member states are imperative.
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| 2 |
ID:
133563
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| Publication |
2014.
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| Summary/Abstract |
In contrast with the pre~1997/98, today's emerging Asia registers excess savings. Since early 2000s, the liquidity was further boosted by in?ows of capital including those going through the banking sector. After a brief, yet sharp, interruption at the beginning of the global ?nancial crisis, in?ows resumed albeit of different form and inducted by different agents. Nonetheless, the global liquidity sphere has clearly changed. When the quantitative easing tantrum began in May last year, volatility returned. Largely due to a lack of innovative policy response, the episode of vacillating flows produced repercussions not different than in the past because the incentive system remains unchanged. Consequendy, vulnerability still rises with capital ?ows. The 'rational' response of agents is equally predictable, raising the risk of financial instability and exacerbating the already widening income disparity. Nothing is fundamentally new, everyone continues to "dance with the system."
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| 3 |
ID:
069758
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