By Ramkishen S Rajan
The time period "economic globalization" has been mentioned largely within the well known press, by means of company executives and through policy-makers world wide. whereas educational economists have made a few very good contributions to precise, technical elements of monetary globalization, there seems to be a necessity for economists to debate the wider points of the difficulty in a extra available demeanour. Failing this, the final debate could be proficient simply by way of the writings of non-economists. that's the motivation for this booklet, that's a set of essays on a number of points of monetary globalization mostly, yet with particular connection with Asia.
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Extra resources for Economic Globalization and Asia: Essays on Finance, Trade and Taxation
00/48, IMF. Bird, G. and R. Rajan (2001a). "International Currency Taxation and Currency Stabilisation in Developing Countries", Journal of Development Studies, 37, pp. 21-38. Bird, G. and R. Rajan (2001b). "Banks, Financial Liberalisation and Financial Crises in Emerging Markets", The World Economy, 24, pp. 889-910. 42 Economic Globalization and Asia Bird, G. and R. Rajan (2002a). "Does FDI Guarantee the Stability of International Capital Flows? Evidence from Malaysia", Development Policy Review, 20, pp.
The fact that stronger, though much more open and regionally integrated economies were much less affected, underscores the need for the primary focus to be placed squarely on the domestic policy arena. In the Asian context, this broadly involves strengthening financial systems and corporate and industrial structures (Balino et a l , 1999). However, given the fact that regional spillovers or interdependencies are fairly high and growing in Asia, even relatively strong regional economies can be and have been affected by crises in the weaker neighbouring economies.
In a study using a comprehensive data set of financial statistics, product information, geographic data, and stock returns involving 14,000 companies in 46 economies, Forbes (2000) found all the above transmission mechanisms were important in the case of the East Asian crisis, particularly the product competitiveness channel. A priori, it is surprising that the common creditor/credit crunch effect (through banks) was not found to be as important. This might be explained by the fact that Forbes focused on international rather than regional propagation and did not explicitly test for the herding channel.