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Asian Economic Development

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Asian Economic Development

9781788978446 Edward Elgar Publishing
Edited by Prema-chandra Athukorala, Professor of Economics, Arndt-Corden Department of Economics, Crawford School of Public Policy, Australian National University, Australia and a Fellow of the Academy of Social Sciences in Australia
Publication Date: April 2021 ISBN: 978 1 78897 844 6 Extent: c 1,824 pp
This important two-volume collection brings together a selection of leading papers on economic development of economics in Asia – Japan, China, India and other countries in North-East Asia, South-East Asia and South Asia. Providing a comprehensive picture of policymaking and economic performance of these countries over the entire post-Second World War era, this collection was motivated by both the growing economic significance of Asia in the global economy and the pivotal role played by Asia. Including an original introduction, this comprehensive set is a valuable reference not only for the Asia specialist but also for all students and practitioners in the field of economic development.

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This important two-volume collection brings together a selection of leading papers on economic development of economics in Asia – Japan, China, India and other countries in North-East Asia, South-East Asia and South Asia. Providing a comprehensive picture of policymaking and economic performance of these countries over the entire post-Second World War era, this collection was motivated by both the growing economic significance of Asia in the global economy and the pivotal role played by Asia. Including an original introduction, this comprehensive set is a valuable reference not only for the Asia specialist but also for all students and practitioners in the field of economic development.
Contributors
78 articles, dating from 1978 to 2018
Contributors include: K. Basu , P. Bardhan , A. Deaton , B. Eichengreen, R. Findlay, D. Perkins, G. Ranis , M. Ravallion , A. Sen, J. Williamson
Contents
Contents:

Volume I

Acknowledgements

Introduction Prema-chandra Athukorala

PART I HISTORICAL PERSPECTIVE [150 pp]

1. Tetsuji Okazaki and Masahiro Okuno-Fujiwara (1999), ‘Japan’s Present-Day Economic System and Its Historical Origin’, in The Japanese Economic System and Its Historical Origins, Oxford, UK and New York, NY, USA: Oxford University Press, 1–37 [37]

2. Dwight H. Perkins (2015), ‘The Historical Foundations of East Asian Development’, in East Asian Development: Foundations and Strategies, Cambridge, Mass: Harvard University Press, 14–47 [34]

3. Louis Putterman (1992),’Dualism and Reform in China’, Economic Development and Cultural Change, 40 (3), April, 467–93 [27]

4. B.H. Farmer (1993), ‘The British Period, the Coming of Independence and Partition’, in An Introduction to South Asia: Second Edition, Chapter 3, London, UK and New York, NY, USA: Routledge, 26–46, 174–6 [24]

5. Kaushik Basu (2018), ‘A Short History of India’s Economy: A Chapter in the Asian Drama’, WIDER Working Paper 2018/124, United Nations University, World Institute for Developmental Research, i–ii, 1–26 [28]

PART II DEVELOPMENT POLICY [383 pp]

6. Michael Beckley, Yusaku Horiuchi and Jennifer M. Miller (2018), ‘America’s Role in the Making of Japan’s Economic Miracle’, Journal of East Asian Studies, 18 (1), March, 1–21 [21]

7. Mushtaq H. Khan (2018), ‘Institutions and Asia’s Development: The Role of Norms and Organizational Power’, WIDER Working Paper 2018/132, United Nations University, World Institute for Developmental Research, i–ii, 1–20 [22]

8. Dwight H. Perkins (2004), ‘Corporate Governance, Industrial Policy, and Rules of Law’, in Shahid Yusuf, M. Anjun Altaf and Kaoru Nabeshima (eds), Global Change and East Asian Policy Initiatives, Washington DC: World Bank, 293–336 [44]

9. Stephan Haggard (2004), ’Institutions and Growth in East Asia’, Studies in Comparative International Development, 38 (4), Winter, 53–81 [29]

10. Gustav Ranis (1995), ‘Another Look at the East Asian Miracle’, The World Bank Economic Review, 9 (3), September, 509–34 [26]

11. Lawrence J. Lau, Yingyi Qian and Gérard Roland (2000), ‘Reform Without Losers: An Interpretation of China’s Dual-Track Approach to Transition’, Journal of Political Economy, 108 (1), February, 120–43 [24]

12. Chen Ling and Barry Naughton (2016), ‘An Institutionalized Policy-Making Mechanism: China’s Return to Techno-Industrial Policy’, Research Policy, 45 (10), December, 2138–52 [15]

13. Atul Kohli (1994), ’Where do High Growth Political Economies Come From? The Japanese Lineage of Korea’s “Developmental State”’, World Development, 22 (9), September, 1269–93 [25]

14. Ha-Joon Chang (1993), ‘The Political Economy of Industrial Policy in Korea’, Cambridge Journal of Economics, 17 (2), June, 131–57 [27]

15. James Riedel (2015), ‘Lessons for Last Comers from Vietnam’s Transition’, Journal of Southeast Asian Economies, 32 (1), 125–39 [15]

16. Ronald Findlay, Cyn-Young Park, Jean-Pierre A. Verbiest (2016), ‘Myanmar: Building Economic Foundations’, Asian-Pacific Economic Literature, 30 (1), May, 42–64 [23]

17. Sukhamoy Chakravarty (1987), ’Foundation of India’s Development Strategy: The Nehru-Mahalanobis Approach’, in (ed), Development Planning: The Indian Experience, Chapter 2, Delhi, India: Oxford University Press, 7–18 [12]

18. Arvind Panagariya (2018), ‘India: Three and a Half Years of Modinomics’, Working Paper 2018-01, Deepak and Neera Raj Center on Indian Economic Policies, New York, NY USA: Columbia University, i–ii, 1–34 [36]

19. Amartya Sen (2005), ’Democracy and Secularism in India’, in Kaushik Basu (ed.), India’s Emerging Economy: Performance and Prospects in the 1900s and Beyond, Cambridge, MA: MIT Press, 35–47 [13]

20. Jean Drèze and Reetika Khera (2017), ‘Recent Social Security Initiatives in India’, World Development, 98 (4), October, 555–72 [18]

21. Prema-chandra Athukorala and Sisira Jayasuriya (2015), ‘Victory in War and Defeat in Peace: Politics and Economics of Post-Conflict Sri Lanka’, Asian Economic Papers, 14 (3), Fall, 22–54 [33]

PART III GROWTH AND STRUCTURAL CHANGE [359 pp]

22. Dirk Pilat (2002), ‘The Long-Term Performance of the Japanese Economy’, in Angus Maddison, D.S. Prasada Rao and William F. Shepherd (eds), The Asian Economies in the Twentieth Century, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing, 180–225 [46]

23. Tamim Bayoumi (2001), ‘The Morning After: Explaining the Slowdown in Japanese Growth in the 1990s’, Journal of International Economics, 53 (2), April, 241–59 [19]

24. Paul Krugman (2014), ‘Four Observations on Secular Stagnation’, in Coen Teulings and Richard Baldwin (eds), Secular Stagnation: Facts, Causes and Curves, CEPR Press, London, UK, 61–8 [8]

25. Nicholas Lardy (2015), ‘China’s Economic Reforms and Growth Prospects’, China Economic Journal, 8 (2), 95–108 [14]

26. Dwight H. Perkins (2015), ‘Understanding the Slowing Growth Rate of the People’s Republic of China’, Asian Development Review, 32 (1), March, 1–30 [30]

27. Jan Nederveen Pieterse (2015), ‘What Happened to the Miracle Eight? Looking East in the Twenty-First Century’, Canadian Journal of Development Studies / Revue canadienne d’études du développement, 36 (3), 263–82 [20]

28. Bart van Ark and Marcel P. Timmer (2002), ‘Realising Growth Potential: South Korea and Taiwan, 1960 to 1998’ in Angus Maddison, D.S. Prasada Rao and William F. Shepherd (eds), The Asian Economies in the Twentieth Century, Cheltenham UK and Northampton, MA, USA: Edward Elgar Publishing, 226–44 [19]

29. Hal Hill (2017), ’Southeast Asia in the Global Economy: A Selective Analytical Survey’, Philippine Review of Economics, LIV (2), 1–36 [36]

30. Hal Hill (2018), ‘Asia’s Third Giant: A Survey of the Indonesian Economy’, Economic Record, 94 (307), December, 469–99 [31]

31. W.G. Huff (2007), ‘Singapore’s Economic Development: Four Lessons and Some Doubts’, Oxford Development Studies, 27 (1), 33–55 [23]

32. Hal Hill and Jayant Menon (2014), ‘Cambodia: Rapid Growth in an Open, Post-conflict Economy’, World Economy, Special Issue: Global Trade Policy, 37 (12), December, 1649–68 [20]

33. Jayant Menon and Peter Warr (2013), ‘The Lao Economy: Capitalizing on Natural Resource Exports’, Asian Economic Policy Review, 8 (1), June, 70–89 [20]

34. Kaushik Basu (2009), ‘China and India: Idiosyncratic Paths to High Growth’, Economic and Political Weekly, XLIV (38), September 19th–25th, 43–49, 52–56 [12]

35. Vijay Joshi (2018), ‘India’s Search for Prosperity’, Australian Economic Review, 51 (2), June, 165–74 [10]

36. M. Niaz Asadullah, Antonio Savoia and Wahiduddin Mahmud (2014), ’Paths to Development: Is There a Bangladesh Surprise?, World Development, 62, October, 138–54 [17]

37. Kishor Sharma (2006), ‘The Political Economy of Civil War in Nepal’, World Development, 34 (7), July, 1237–53 [17]

38. Prema-chandra Athukorala (2016), ‘Sri Lanka’s Post-civil War Development Challenge: Learning From the Past’, Contemporary South Asia, 24 (1), 19–35 [17]


Volume II

Acknowledgements

Introduction An introduction to both volumes by the editor appears in Volume 1

PART I POVERTY AND INEQUALITY [240 pp]

1. Chiaki Moriguchi and Emmanuel Saez (2008), ‘The Evolution of Income Concentration in Japan, 1886–2005: Evidence From Income Tax Statistics’, Review of Economics and Statistics, 90 (4), November, 713–34 [22]

2. Fumio Ohtake (2008), ‘Inequality in Japan’, Asian Economic Policy Review, 3 (1), May, 87–109 [23]

3. Martin Ravallion (2011), ‘A Comparative Perspective on Poverty Reduction in Brazil, China, and India’, World Bank Research Observer, 26 (1), February, 71–104 [34]

4. Pranab Bardhan (2008), ‘Economic Reforms, Poverty and Inequality in China and India’, Kaushik Basu and Ravi Kanbur (eds), Arguments For a Better World: Essays in Honor of Amartya Sen, Volume II: Society, Institutions, and Development, Chapter 18, Oxford, UK: Oxford University Press, 350–64 [15]

5. Angus Deaton and Valerie Kozel (2005), ‘Data and Dogma: The Great Indian Poverty Debate’, World Bank Research Observer, 20 (2), Fall, 177–99
[23]

6. Amit Thorat, Reeve Vanneman, Sonalde Desai and Amaresh Dubey (2017), ‘Escaping and Falling into Poverty in India Today’, World Development, 93, May, 413–26 [14]

7. John Gibson, Trinh Le and Bonggeun Kim (2017), ‘Prices, Engel Curves, and Time-Space Deflation: Impacts on Poverty and Inequality in Vietnam’, World Bank Economic Review, 31 (2), June, 504–30 [27]

8. Gustav Ranis (1978), ‘Equity with Growth in Taiwan: How ‘Special’ is the ‘Special Case?’’, World Development, 6 (3), March, 397–409 [13]

9. Pan-Long Tsai and Chao-Hsi Huang (2007), ‘Openness, Growth and Poverty: The Case of Taiwan’, World Development, 35 (11), November, 1858–71 [14]

10. Arsenio M. Balisacan and Nobuhiko Fuwa (2004), ‘Going Beyond Crosscountry Averages: Growth, Inequality and Poverty Reduction in the Philippines’, World Development, 32 (11), November, 1891–907 [17]

11. Jeffrey G. Williamson (2017),‘Philippine Inequality Across the Twentieth Century: Slim Evidence, but Fat Questions’, Philippine Review of Economics, LIV (2), 37–60 [24]

12. David Dunham and Sisira Jayasuriya (2000), ’Equity, Growth and Insurrection: Liberalization and the Welfare Debate in Contemporary Sri Lanka’, Oxford Development Studies, 28 (1), 97–110 [14]

PART II FINANCIAL FACTORS IN ECONOMIC DEVELOPMENT [197 pp]

13. Charles Yuji Horioka (2018), ‘Are the Japanese Unique? Evidence from Saving and Bequest Behaviour’, Singapore Economic Review, 63 (1), 1–18
[18]

14. Charles Yuji Horioka (2010), ‘The (Dis)saving Behavior of the Aged in Japan’, Japan and the World Economy, 22 (3), August, 151–8 [8]

15. Fumio Hayashi (2006), ‘The Over-Investment Hypothesis’, in Lawrence R. Klein (ed.), Long-run Growth and Short-Run Stabilization: Essays in Memory of Albert Ando, Cheltenham, UK and Northampton, MA, USA: Edward Elgar Publishing Ltd, 275–87 [13]

16. Franco Modigliani and Shi Larry Cao (2004), ‘The Chinese Puzzle and the Life-Cycle Hypothesis’, Journal of Economic Literature, XLII (1), March, 145–70 [26]

17. Suqin Ge, Dennis Tao Yang and Junsen Zhang (2018), ‘Population Policies, Demographic Structural Changes, and the Chinese Household Saving Puzzle’, European Economic Review, 101 (1), January, 181–209 [29]

18. Chadwick C. Curtis, Steven Lugauer, and Nelson C. Mark (2017),’Demographics and Aggregate Household Saving in Japan, China, and India’, Journal of Macroeconomics, 51, March, 175–91 [17]

19. Ayşe İmrohoroğlu and Kai Zhao (2018),’The Chinese Saving Rate: Long-Term Care Risks, Family Insurance, and Demographics’, Journal of Monetary Economics, 96, June, 33–52 [20]

20. Daekeun Park and Changyong Rhee (2005), ‘Saving, Growth, and Demographic Change in Korea’, Journal of the Japanese and International Economies, 19 (3), September, 394–413 [20]

21. Angus Deaton and Christina Paxson (2000), ‘Growth, Demographic Structure, and National Saving in Taiwan’, Population and Development Review, Supplement: Population and Economic Change in East Asia, 26, March, 141–73 [33]

22. Prema-chandra Athukorala and Kunal Sen (2004), ‘The Determinants of Private Saving in India’, World Development, 32 (3), 491–503 [13]


PART III DEMOGRAPHY AND HUMAN RESOURCE [246 pp]

23. Theodore R. Breton (2015), ‘Human Capital and Growth in Japan: Converging to the Steady State in a 1% World’, Journal of the Japanese and International Economies, 36, June, 73–89 [17]

24. Ichiro Muto, Takemasa Oda and Nao Sudo (2016), ‘Macroeconomic Impact of Population Aging in Japan: A Perspective from an Overlapping Generations Model’, IMF Economic Review, 64 (3), August, 408–42 [35]

25. Charles Yuji Horioka, Wataru Suzuki and Tatsuo Hatta (2007), ‘Aging, Savings, and Public Pensions in Japan’, Asian Economic Policy Review, 2 (2), December, 303–19 [17]

26. Xin Meng (2012), ‘Labor Market Outcomes and Reforms in China’, Journal of Economic Perspectives, 26 (4), Fall, 75–101 [27]

27. Prema-chandra Athukorala and Zheng Wei (2018), ‘Economic Transition and Labour Market Dynamics in China: An Interpretative Survey of the ‘Turning Point’ Debate’, Journal of Economic Surveys, 32 (2), April, 420–39
[20]

28. Ross Garnaut (2010), ‘Macro-economic Implications of the Turning Point’, China Economics Journal, 3 (2), 181–90 [10]

29. David E. Bloom and Jeffrey G. Williamson (1998), ’Demographic Transitions and Economic Miracles in Emerging Asia’, World Bank Economic Review, 12 (3), September, 419–55 [37]

30. Yih-Chyi Chuang (1999), ‘The Role of Human Capital in Economic Development: Evidence From Taiwan’, Asian Economic Journal, 13 (2), June, 117–44 [28]

31. T.N. Srinivasan (2010), ‘Employment and India’s Development and Reforms’, Journal of Comparative Economics, 38 (1), March, 82–106 [25]

32. Günseli Berik and Yana Van Der Meulen Rodgers (2010), ‘Options for Enforcing Labour Standards: Lessons from Bangladesh and Cambodia’, Journal of International Development, 22 (1), January, 56–85 [30]

PART IV INTERNATIONAL DIMENSIONS: FOREING TRADE AND INVESTMENT [198 pp]

33. Prema-chandra Athukorala and Hal Hill (2010), ’Asian Trade and Investment: Patterns and Trends’, in Prema-chandra Athukorala (ed), The Rise of Asia: Trade and Investment in Global Perspective, London, UK and New York, NY, USA: Routledge, 11–57 [47]

34. Ralph Paprzycki and Kyoji Fukao (2008), ’Japan’s Economic Growth and Foreign Direct Investment’, in Foreign Direct Investment in Japan: Multinationals’ Role in Growth and Globalization, Cambridge, UK: Cambridge University Press, 84–110 [27]

35. Barry Eichengreen and Hui Tong (2006), ‘Fear of China’, Journal of Asian Economics, 17 (2), April, 226–40 [15]

36. Shahid Yusuf, Kaoru Nabeshima and Dwight H. Perkins (2007), ‘China and India Reshape Industrial Geography’, L. Alan Winters and Shahid Yusuf (eds), Dancing with Giants: China, India, and the Global Economy, Washington DC, USA: World Bank, 35–66 [32]

37. Petia Topalova and Amit Khandelwal (2011), ‘Trade Liberalization and Firm Productivity: The Case of India’, Review of Economics and Statistics, 93 (3), August, 995–1009 [15]

38. Prema-chandra Athukorala and Archanan Kohpaiboon (2014), ’Global Production Sharing, Trade Patterns and Industrialization in Southeast Asia’, in Ian Coxhead (ed.), Routledge Handbook of Southeast Asian Economies, London, UK: Routledge, 139–61 [23]

39. Prema-chandra Athukorala and Tran Quang Tien (2012), ’Foreign Direct Investment in Industrial Transition: The Experience of Vietnam’, Journal of the Asia Pacific Economy, 17 (3), 446–63 [18]

40. Prema-chandra Athukorala (2019), ’Joining Global Production Networks: Experience and Prospects of India’, Asian Economic Policy Review, 14 (1), January, 123–43 [21]




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