With the rapid growth of China and India and the resurgence of Southeast Asia post-19978, emerging Asia has once again become one of the most dynamic regions in the world. This dynamism has in turn been fuelled largely by a carefully calibrated embracement of economic openness to international trade, investments and capital flows. While much has been written about international trade, there has been somewhat less work on the issue of capital flows, macroeconomic management and foreign direct investment (FDI) to and from the region, a gap that this book attempts to fill.
The book is divided into two parts. The first part deals with selected issues pertaining to macroeconomic management in small and open economies, with particular focus on exchange rates. The second part of the book deals with the trends and determinants of FDI in emerging Asia, its importance as a source of finance, its impact on growth and development, and the nexus between FDI and foreign portfolio flows (FPI).
Overall, the chapters in this book tackle important policy issues of contemporary relevance, but are informed by analytical frameworks, data and empirics. While each of the topic areas chosen in individual chapters is intentionally narrow, the book as a whole covers a number of areas and countries/regions within Asia (i.e. East, Southeast and South Asia). While the chapters have been written in a manner that can stand up to academic scrutiny, they are also meant to be accessible to policy makers, researchers and others who might be interested in FDI and related issues in Asia.
Part 1: Exchange Rates Regimes and Policies
1. How can Small and Open
Economies Manage Capital Inflows, with Alice Ouyang
2. Do Exchange Rate
Changes Pass-through into Inflation in Developing Countries?, with
Venkataramana Yanamandra
3. What is the Extent of Exchange Rate Flexibility
in South Asia, with Tony Cavoli
4. How can Small and Open Economies in
Emerging Asia Deal with External Shocks
5. What Role has the Real Exchange
Rate Played in Asian Economic Development?, with Javier Beverinotti Part 2:
Foreign Direct Investment in Emerging Asia
6. What is the Implact of FDI on
Asian Growth and Development?, with Sasidaran Gopalan
7. How Significant is
Intra-ASian FDI Flows and What are its Determinants?, with Rabin Hattari
8.
How has Singapore expanded its Global Footprint through FDI?, with Aekapol
Chongvilaivan
9. What is the Extent and Distribution of FDI Inflows to
India?, with Sasidaran Gopalan
10. How Different are FDI Flows from Portfolio
Flows?, with Rabin Hattari
Ramkishen S. Rajan is Visiting Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore and Professor of Public Policy and International Economic Policy at George Mason University (GMU) in Virginia. He is also Visiting Senior Research Fellow and joint coordinator of the Regional Economic Studies Program at the Institute of Southeast Asian Studies (ISEAS) in Singapore.
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