The Oxford Handbook of the Economics of the Pacific Rim

The Pacific Rim is a dynamic and diverse economic region, containing the world's three largest economies (US, China, and Japan), as well as many of the world's fastest growing and emerging market economies. Trans-Pacific economic exchange, including trade and capital movements, has been an important driver of the world economy, simultaneosly contributing to growth and global imbalances. Within the Asia-Pacific region there has been an increase in trade and investment, as well as the development of value chain linkages through outsourcing and foreign direct investment. The new debate in this region centers around managing this economic integration and the vagaries of globalization while supporting continued high growth.

The Oxford Handbook of the Economics of the Pacific Rim provides institutional and historical perspectives on the Pacific Rim's unique economic situation, considers various dimensions of economic policies, and examines the growth process and specific challenges to growth. It discusses the key theme of regional economic integration in its many dimensions, including trade, investment, monetary coordination, crisis management, and value networks.

Inderjit Kaur is Research Associate at the University of California, Santa Cruz. She was previously a Research Fellow of the Kiriyama Chair for Pacific Rim Studies at the University of San Francisco Center for the Pacific Rim, where she also taught in the Center's graduate program in Asia Pacific Studies. She has written and published work on exports and growth, political economy, and international trade and development, as well as on Sikh sacred music and musicology. Her current research project examines the historical, performative and aesthetic aspects of musics of South Asia, including Indian raga music, Sikh shabad kirtan, and Urdu ghazal.

Nirvikar Singh is Professor of Economics and Sarbjit Singh Aurora Chair of Sikh and Punjabi Studies at the University of California, Santa Cruz, where he also directs the Center for Analytical Finance. He is a member of the Advisory Group to the Finance Minister of India on G-20 matters, and has served as a consultant to the Chief Economic Adviser, Ministry of Finance, Government of India. His current research topics include entrepreneurship, information technology and development, business strategy, political economy, federalism, and economic growth. He has authored over 100 research papers, including several on the East Asian growth experience, and co-authored or edited three books. He has also served as an advisor for several startups and knowledge services firms in Silicon Valley and in India.

Contributors

Introduction
Inderjit N. Kaur and Nirvikar Singh

PART I. THE NATURAL WORLD: HISTORY, CLIMATE, AND RISKS
1. The History of Biological Exploitation on the Pacific Rim, Eric Jones

2. Climate Risk and Response in the Pacific Rim, David Roland-Holst

3. Natural Disasters and Economic Policy for the Pacific Rim, Ilan Noy

PART II. PEOPLE: MIGRATION, DEMOGRAPHICS AND HUMAN CAPITAL
4. International Labor Migration in the Pacific Rim, Philip Martin

5. Age Compositional Shifts and Changing Intergenerational Transfers in Selected Asian Countries, Naohiro Ogawa

6. Human Capital trends in the Pacific Rim, Anne Goujon

PART III. PERSPECTIVES ON ECONOMIC GROWTH AND DEVELOPMENT
7. Economic Growth and Performance on the Pacific Rim, Barry Bosworth and Susan Collins

8. The New Structural Economics and Strategies for Sustained Economic Development in the Pacific Island Countries, Justin Yifu Lin and Hinh T. Dinh

9. The Evolution of Fiscal Developments and Policies in the Pacific Rim, Manmohan Singh Kumar, Nirvikar Singh and Jaejoon Woo

PART IV. GOVERNANCE AND ECONOMIC INTERACTIONS
10. Asia in Global Economic Governance, Peter Petri and Wendy Dobson

11. Geoeconomics Versus Geopolitics: Implications For Pacific Asia, Devesh Kapur and Manik Suri

12. The Political Economy of Asia-Pacific Trade Agreements, John Ravenhill

13. Global Production Sharing and Trade Patterns in East Asia, Prem-chandra Athukorala

14. Foreign Trade of the Pacific-Rim Economies, Kar-Yiu Wong

PART V. INDUSTRY, POLICY AND INNOVATION
15. Are the Geese Still Flying? Catch-up Industrialization in a Changing International Economic Environment, Inderjit N. Kaur

16. Multinational Corporations, FDI and the East Asian Economic Integration, Tzu-Han Yang and Deng-Shing Huang

17. The Impact of Industrial Policy on Asian Growth: An Example from Taiwan, Howard Pack

18. Creative Industries: Socio-Economic Transformation as the New Face of Innovation, Ted Tschang

19. The Road to Innovation in East Asia, Shahid Yusuf

PART VI. MACROECONOMICS AND FINANCE
20. Asian Financial Crises, Anne Krueger

21. The "Impossible Trinity," the International Monetary Framework, and the Pacific Rim, Joshua Aizenman and Hiro Ito

22. Rethinking Capital Account Liberalization, Maria Socorro Gochoco, Bautista and Noli R. Sotocinal

23. Asian Currencies in the Global Imbalance and Global Financial Crisis, Eiji Ogawa and Chikafumi Nakamura

24. Rebalancing of the World Economy and Asia, Menzie Chinn and Hiro Ito

25. China's Financial Openness and Asset Return Linkages in East Asia, Reuven Glick and Michael Hutchison

26. The Offshore RMB market in Hong Kong and RMB Internationalization, Yin-Wong Cheung and Hui Miao