East Asia In Transition: Economic And Security Challenges (hsbc Bank Canada Papers On Asia)

The HSBC Bank Canada Papers on Asia series was begun in 1995 to examine Canada's relationship with the East Asian economies and to reduce the information barriers resulting from distance and unfamiliarity in these markets. Six years on from the inception of the series, much has changed in the international environment. The Asian economies suffered a significant crash, a rapid rebound, only to slow again in 2000-2001. This, the sixth and last volume in the series, looks to the future. This new volume focuses on key issues facing the region that corporations and governments should understand, including East Asian regionalization initiatives, obstacles to continued rapid growth in China, aging and pension reform, and the changing security environment. In addition, the Canadian business performance six years on is re-evaluated. With contributions from leading scholars intimately familiar with both Canadian and East Asian business practices, these volumes are an indispensable resource for corporations and governments looking to expand their business into East Asia, or for anyone who wants to better understand Canada's complex relationship with the Asian countries. Machine generated contents note: Do institutions matter for growth? 1 A.E.Safarian and Wendy Dobson The rise and fall of regional growth 1 What this book is about 2 Can rapid economic growth be restored? 5 The role of institutions 9 Conclusions and implications for policy 16" East Asia: A new regional player in the world economy? 21 Wendy Dobson East Asia's changing significance 21 Exchange rates post-crisis 23 Structural factors post-crisis 28 The emergence of East Asian regionalism 32 Regional trade initiatives 35 Regional financial arrangements and monetary integration 37 Regional crisis prevention and management 39 Will the new regionalism persist? 39 Conclusions and implications for international business 42 What ails China?: A long-run perspective on growth and inflation (or deflation) in China 49 Loren Brandt and Xiadong Zhu Overview 49 What determines price-level changes and output growth? 53 A brief overview of China's financial system 58 Intermediation by diversion and inflation cycles: 1978-1993 60 Policy regime shift in 1994: downsizing the state sector 62 Financial disintermediation 65 The ineffectiveness of fiscal and monetary policy 70 What kind of a financial system does China need? 72 East Asia's ageing populations: Pension reform and its implications 87 Walid Hejazi and Pauline Shum Background issues 88 National pension plans: comparative analysis 103 China's choices: comparative analysis applied 112 The route forward 117 Appendix: Country studies 119 The challenges of attaining security in the Asia Pacific 137 Brian L.Job A paradox 137 Comprehensive security and human security 139 Underlying dynamics and tensions 142 The domestic security context: governance and human security 145 The regional security context 160 Defining and advancing Canadian security interests 173 Canadian business in East Asia: Better than expected 179 Keith Head andJohn Ries Canadian business presence in East Asia 180 Benchmarking Canadian trade with the region 189 Canadian prospects in East Asia 199 Concluding remarks 202. Focuses on key business issues facing East Asia that corporations and governments should understand, including regionalization initiatives, obstacles to continued rapid growth in China, aging and pension reform, and the changing security environment