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E-grāmata: Economic Rise of East Asia: Development Paths of Japan, South Korea, and China

  • Formāts: EPUB+DRM
  • Sērija : Contributions to Economics
  • Izdošanas datums: 01-Jan-2022
  • Izdevniecība: Springer Nature Switzerland AG
  • Valoda: eng
  • ISBN-13: 9783030871284
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  • Formāts: EPUB+DRM
  • Sērija : Contributions to Economics
  • Izdošanas datums: 01-Jan-2022
  • Izdevniecība: Springer Nature Switzerland AG
  • Valoda: eng
  • ISBN-13: 9783030871284

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In light of the growing global economic importance of East Asia, this book analyzes and compares the extraordinary development paths and strategies of Japan, South Korea, and China. It examines both the factors that enabled these countries’ prolonged periods of high-speed economic growth, and the reasons for their subsequent “cool-downs.” In addition, the book illustrates how their development strategies served as role models for one another, and what current and future developing countries can learn from the East Asian success stories. This book will appeal to scholars and students of economics and development studies with an interest in the East Asian development model.

1 Introduction
1(14)
Appendix
12(1)
References
12(3)
2 Japan's Catching-Up Process
15(52)
2.1 Introduction
17(2)
2.2 Historical Roots: Edo Period (1603--1868) and Meiji Period (1868--1912)
19(5)
2.3 Increasing Militarization and Aggressive Expansionism (1912--1945)
24(2)
2.4 Post-war Period: Reforms Under American Occupation (1945--1952)
26(4)
2.5 The Period of High Economic Growth: Mid-1950s--1973
30(8)
2.5.1 The 1950s Booms and the Income Doubling Plan
30(1)
2.5.2 Factors Driving Economic Growth
31(2)
2.5.3 Industrial Policy
33(2)
2.5.4 Monetary Policy
35(1)
2.5.5 Trade Liberalization
35(3)
2.6 Beginning Growth Slowdown in the 1970s
38(4)
2.6.1 Major Determinants of the Growth Slowdown
38(2)
2.6.2 Macroeconomic Policy Patterns and Performance
40(2)
2.7 Japan's Lost Two Decades
42(11)
2.8 Abenomics (2013--2020)
53(5)
References
58(9)
3 South Korea's Catching-Up Process
67(76)
3.1 Introduction
69(5)
3.2 Historical Roots and Development Prior to 1945
74(1)
3.3 The 1950s: Post-war Reconstruction
75(5)
3.3.1 Import Substitution Policy
76(1)
3.3.2 Foreign Aid Dependence
77(1)
3.3.3 Corruption
77(1)
3.3.4 Land Reform
78(1)
3.3.5 Educational Reform
79(1)
3.4 The Second Republic (1960--1961)
80(1)
3.5 Foundation Building and Export Promotion of the 1960s Under the Park Administration
81(7)
3.5.1 Export Expansion
82(2)
3.5.2 Foreign Exchange Rate Reforms (1961--1965)
84(1)
3.5.3 Reducing the Savings-Investment Gap to Increase Exports
85(1)
3.5.4 Currency Reform of 1962
86(1)
3.5.5 Interest Rate Reform of 1965
86(1)
3.5.6 External Capital Sources
87(1)
3.6 Heavy and Chemical Industrialization (HCI) Drive in the 1970s
88(13)
3.6.1 HCI Plan
90(3)
3.6.2 Impact of the Reforms
93(3)
3.6.3 HCI and the Rise of the Chaebol
96(2)
3.6.4 Evaluation of the HCI Drive
98(2)
3.6.5 The Role of Japan
100(1)
3.7 Macroeconomic Imbalances at the Turn of the 1980s and Stabilization Measures
101(7)
3.7.1 Main Factors of the Slowdown
101(1)
3.7.2 Stabilization Measures
101(5)
3.7.3 The "Three Lows"
106(1)
3.7.4 Transition to Democracy
107(1)
3.8 Kim Administration: Globalization, Liberalization, and Promotion of High-Technology Innovation
108(6)
3.8.1 Financial Liberalization
108(1)
3.8.2 Capital Account Liberalization
109(1)
3.8.3 Liberalization and Chaebols---A Capital Structure and Maturity Structure Mismatch
109(4)
3.8.4 Technology Development
113(1)
3.9 The 1997 Financial Crisis and Its Aftermath
114(8)
3.9.1 IMF Bailout
115(1)
3.9.2 Tight Monetary and Fiscal Policies
116(1)
3.9.3 Structural Reforms of Four Sectors
117(4)
3.9.4 Back to Normal?
121(1)
3.10 The Global Financial Crisis
122(11)
3.10.1 The First Phase of the 2008 Crisis
122(3)
3.10.2 The Second Phase of the Crisis
125(4)
3.10.3 What Helped in the GFC: Lessons Learnt from the AFC and Crisis Recovery
129(4)
Appendix
133(2)
References
135(8)
4 The Rise of China
143(100)
4.1 Introduction
145(6)
4.2 Historical Roots
151(4)
4.3 The Republic of China (1927--1949) and the Centrally Planned Economy Under Mao Zedong (1949--1978)
155(3)
4.4 Phase of Market-Seeking Reforms (1978--1992/3)
158(33)
4.4.1 Agricultural Reforms
159(6)
4.4.2 The Reform of the Township and Village Enterprises (TVEs)
165(5)
4.4.3 Reform of State-Owned Enterprises (SOEs)
170(4)
4.4.4 Fiscal Reform
174(3)
4.4.5 Foreign Trade Reform
177(8)
4.4.6 Foreign Direct Investment (FDI)
185(3)
4.4.7 Financial Reform
188(3)
4.5 Phase of Market-Building Reforms Starting from 1992/3
191(28)
4.5.1 Enhanced Reform of State-Owned Enterprises (SOEs)
192(3)
4.5.2 Fiscal Reforms---Tax System Modernization
195(3)
4.5.3 Increased Liberalization---China Becomes a WTO Member
198(6)
4.5.4 Accelerated FDI Reforms
204(7)
4.5.5 Accelerated Financial Reforms
211(8)
4.6 Reform Slowdown After 2003 (and the Transition to the Xi Jinping Era)
219(12)
4.6.1 Tackling Social Problems
220(6)
4.6.2 The Return of Industrial Policy
226(4)
4.6.3 Toward the "Xi-Strategy"
230(1)
References
231(12)
5 The Development Paths and Strategies of Japan, South Korea, and China---A Comparison
243(46)
5.1 Introduction
243(1)
5.2 Similarities
244(9)
5.2.1 The Idea of an East Asian Development Model
244(1)
5.2.2 Characteristics of the East Asian Development Model
245(3)
5.2.3 Reform Strategies and Sequencing---What Has South Korea Learned from Japan? What Has China Learned from South Korea and Japan?
248(5)
5.3 Differences
253(29)
5.3.1 The Varying Initial Levels of Development (After World War II)
253(3)
5.3.2 The Varying Driving Forces of Development
256(1)
5.3.3 Varying Political Systems and the Rise of Democracy
257(6)
5.3.4 Varying Economic Systems/Industrial Structure
263(2)
5.3.5 Varying Development Strategies---Learning from Foreign Technology
265(1)
5.3.6 Cultural Aspects
266(5)
5.3.7 Country Size
271(1)
5.3.8 Geographical Differences
272(3)
5.3.9 Institutional Quality
275(3)
5.3.10 Economic/Industrial Policies
278(1)
5.3.11 Breaks in the Development Process
278(1)
5.3.12 Inequality
279(2)
5.3.13 Implications and Summary
281(1)
5.4 Conclusions
282(1)
Appendix
283(1)
References
284(5)
6 Current Challenges
289(54)
6.1 Introduction: Where Does East Asia Stand Today?
289(6)
6.2 Recent Policy Course in Japan, South Korea, and China (in Period 2010--2020, After Global Financial Crisis)
295(3)
6.3 Challenges (for This and the Next Decade/s)
298(37)
6.3.1 General (Common) Challenges (Structural Change in a Wider Sense): Demographic, Climate, Digital, and Cultural Change
300(17)
6.3.2 Specific Current East Asian Challenges: Financial Crises, System Competition, and Strained International Relations
317(14)
6.3.3 Specific Challenges in Individual East Asian Countries
331(4)
6.4 Who Will Be the Next China (Success Model Country) in Asia?
335(2)
6.4.1 India
335(1)
6.4.2 Vietnam
336(1)
Appendix
337(1)
References
338(5)
7 Conclusions
343
References
350
Linda Glawe is a Postdoctoral Researcher at the University of Hagen (Germany). She holds a M.Sc. and doctoral degree (summa cum laude) from the University of Hagen and is a member of the Center for East Asia Macroeconomic Studies. Her research interests include economic growth and development, institutions, digitalization, and East Asian economics. Her work has been published, among others, in Journal of Comparative Economics, China Economic Review, Asian Economic Papers, Comparative Economic Studies, and Journal of Chinese Economic and Business Studies.

 

Prof. Helmut Wagner is a Professor of Economics at the University of Hagen (Germany), Director of the Center for East Asia Macroeconomic Studies (CEAMeS), and Department Director at the Hagen Institute for Management Studies (Macromanagement). He has also held various visiting positions, e.g. at Massachusetts Institute of Technology, Princeton University, University of California, Johns Hopkins University (AICGS), the International Monetary Fund, Bank of Japan (IMES), Hitotsubashi University (Japan), and Xiamen University (China). His work has been published, among others, in Journal of Banking and Finance, Journal of Comparative Economics, Review of International Economics, China Economic Review, and Journal of Economic Integration.