Growth Determinants in East and Southeast Asian Economies
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Growth Determinants in East and Southeast Asian Economies
Editors: Koppers, Simon | Dingens, Susanne | Klaas, Alberto | Wermuth, Hans-Erich
Schriften zu internationalen Wirtschaftsfragen, Vol. 12
(1991)
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Abstract
Already in the 1960s the four $.little dragons$- Hong Kong, Singapore, South Korea and Taiwan started their industrialization moving steadily upwards with increasing growth rates, some of them double-digit in the 1980s. Most significant for these results has been their export-oriented growth strategy capitalizing on low labour costs and opening them up to the world market with all its benefits and pressures. Until today they have attracted quite a lot of foreign investors bringing technology and skills beside the pure capital. Thus, all four countries have reached a more sophisticated level of production and partly even developed into service and financial centres.Combining these developments with the already advanced Japan, the entire Asia-Pacific Region must be seen as an extremely dynamic area often also mentioned as the $.Pacific Challenge.$- Thus it is of high interest to examine the determinants of growth behind this challenge, behind the economic success. Because of $.the specific Asian dimension of the success,$- especially the Asian mentality, a transfer of the growth strategy can only be possible to a very limited degree. But the Asian experiences can at least be helpful to the formulation of a country related development strategy showing up generally important growth factors.The contributors to this book analyze important factors such as development planning, foreign investment, deregulation, government intervention, human capital, finance and banking (service sector), technology transfer and promotion, trade (export promotion), agriculture and regional cooperation. For this purpose experts in Science and Economics report from their experiences.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Laudation | 5 | ||
| Foreword | 7 | ||
| Contents | 9 | ||
| Dean Spinanger: From Sandlots to the Big League: Some Thoughts on Why East Asia Has Been Winning | 11 | ||
| I. Introduction and Overview | 11 | ||
| II. Making It to the Big League: the Essentials | 12 | ||
| III. Beyond the Essentials: Locational Factors | 16 | ||
| IV. Barriers against Exports: A Boon in Disguise? | 20 | ||
| V. Returning to the Introduction: Concluding Remarks | 22 | ||
| VI. References | 23 | ||
| F. Stefan Winter/Sigrid Zirbel: Internationalization and Globalization in the 1990s | 29 | ||
| I. Introduction | 29 | ||
| II. The Asian Challenge | 29 | ||
| III. The Growing Role of Asia in a Global World Economy | 30 | ||
| IV. Changes in the Structure of the Global Economy | 32 | ||
| V. Impact of the 'Pacific Era' | 33 | ||
| VI. New Fonns of International Competition | 35 | ||
| VII. The Future of International Economic Relations – Globalization versus Regionalization | 36 | ||
| VIII. Requirements Placed on a Future International Trade System | 38 | ||
| IX. References | 39 | ||
| Simon Koppers: Development Planning in East and Southeast Asian Economies | 41 | ||
| I. Introduction | 41 | ||
| II. Development Plans | 42 | ||
| III. The Motivation Behind the Plans | 42 | ||
| IV. Drawing up of the Plans | 46 | ||
| 1. Complexity and Simplicity | 47 | ||
| 2. Subjectivity | 48 | ||
| 3. Uncertainty | 48 | ||
| V. lmplementation of the Plans | 49 | ||
| VI. Evaluation of the Plans | 51 | ||
| VII. Final Comments | 53 | ||
| VIII. References | 55 | ||
| Rolf J. Langhammer: Competing for Foreign Direct Investment: The Performance of East and Southeast Asian Countries in the 1980s | 59 | ||
| I. lntroduction | 59 | ||
| II. Asian Countries' Performance in Competition for Foreign Direct Investment | 60 | ||
| lll. The Relative Attractiveness of Asian Host Countries to Japanese Foreign Investment in Selected lndustries | 64 | ||
| IV. Levels and Changes in Japanese Investment in Asian Hosts: Some Stylised Demand-Side Explanations | 72 | ||
| V. Summary | 74 | ||
| VI. References | 75 | ||
| Arnim Kraemer: Industrial Estates in Malaysia – Targets Expressed in the National Development Plans and Their Implementation | 77 | ||
| I. lntroduction | 77 | ||
| II. The Concept "Industrial Estate" | 77 | ||
| III. The Period From Independence to the End of the First Malaysia Plan | 80 | ||
| IV. The Second and Third Malaysia Plan Period | 83 | ||
| V. The Fourth Malaysia Plan Period | 85 | ||
| VI. The Fifth Malaysia Plan Period | 87 | ||
| VII. Concluding Remarks | 89 | ||
| VIII. References | 91 | ||
| Alberto Klaas/Sophia Twarog: Deregulation in the Financial Sector in Indonesia 1983–1990 | 93 | ||
| I. lntroduction | 93 | ||
| II. Background | 94 | ||
| III. Specific Deregulation Measures in the Financial Sector 1983-1990 | 96 | ||
| 1. Banking Sector | 96 | ||
| 2. Other Financial Institutions | 99 | ||
| 3. Capital Market | 99 | ||
| IV. Results of the Deregulation Measures | 101 | ||
| 1. Banking Sector | 101 | ||
| 2. Capital Market | 102 | ||
| 3. Negative Aspects | 104 | ||
| V. Influence on Investment | 106 | ||
| 1. Domestic Investment | 107 | ||
| 2. Foreign Investment | 107 | ||
| 3. Investment in Manufacturing and Export Sectors | 108 | ||
| VI. Conclusion | 110 | ||
| VII. References | 112 | ||
| Alexander Baum: Capital Market Development in Southeast Asia: Portfolio Investments in Emerging Markets | 115 | ||
| I. lntroduction | 115 | ||
| II. Recent Trends in International Financial Markets | 116 | ||
| III. The Capital Markets in Southeast Asia | 119 | ||
| IV. Portfolio Investments in Stock Markets of the Region | 126 | ||
| V. Summary and Conclusion | 129 | ||
| VI. References | 129 | ||
| Susanne Dingens: Technology as a Growth Determinant – The Special Case of Hong Kong | 131 | ||
| I. Introduction | 131 | ||
| II. General Aspects of International Technology Exchange | 132 | ||
| 1. The Technology Market and its Challenges for the NIEs | 132 | ||
| 2. Mechanisms of Technology Transfer | 136 | ||
| III. Hong Kong in Transition | 138 | ||
| 1. The Changing Hong Kong Economy | 138 | ||
| 2. The lndustrial Policy of the Government | 141 | ||
| 3. Technology Transfer to Hong Kong | 143 | ||
| 4. Technology Promoting Institutions | 148 | ||
| IV. Concluding Remarks | 155 | ||
| References | 157 | ||
| Bettina Muscheidt: Aspects of ASEAN’s Agriculture, Its Contribution to Growth, and Its Relationship to the European Community | 159 | ||
| I. Introduttion | 159 | ||
| II. Agriculture in ASEAN Countries | 159 | ||
| III. The Subsistence Sector in Agriculture | 162 | ||
| IV. ASEAN-EC Trade With Agricultural Products | 162 | ||
| V. EC Development Aid | 163 | ||
| VI. Examples of EC Financial and Technical Assistance in ASEAN Countries | 166 | ||
| VII. Concluding Remarks | 167 | ||
| VIII. References | 169 | ||
| Manfred Pohl: A Farewell to Isolationism? North Korea’s New Strategies | 171 | ||
| I. The Eighties: A Decade of Desaster Comes to an End | 171 | ||
| II. A "Japanese Card"? | 173 | ||
| III. Foreign Debts | 175 | ||
| IV. Apology and Compensation | 176 | ||
| V. Nuclear Safeguards | 179 | ||
| VI. United Germany: North Korea's Gateway to Europe? | 181 | ||
| VII. References | 185 | ||
| Walter Schug: Analysis of the Republic of China’s Foreign Trade and Foreign Trade Policy | 187 | ||
| I. lntroduction | 187 | ||
| II. The Economic System of the Republic of China | 188 | ||
| III. Structural Changes in Foreign Trade | 191 | ||
| IV. Main Elements in Foreign Trade Policy | 196 | ||
| V. Conclusions | 198 | ||
| VI. References | 200 | ||
| Erhard Louven: China’s Foreign Economic Relations: Prospects of the Year 2000 | 203 | ||
| I. Introduction: No Country is an Island | 203 | ||
| II. Inward versus Outward Orientation | 204 | ||
| III. The Policy of Opening Up to the International Economy: General Positions | 209 | ||
| IV. The Exchange Rate Regime and the World Economy | 210 | ||
| V. Foreign Investment Policy | 211 | ||
| VI. The Spacial Dimension of Chinese Foreign Economic Relations | 212 | ||
| VII. Concluding Remarks | 215 | ||
| VIII. References | 215 | ||
| Hans Christoph Rieger: Basic Issues of ASEAN Economic Co-operation | 217 | ||
| I. Introduction | 217 | ||
| II. ASEAN's Economic Co-operation | 218 | ||
| III. The Basic Issues of ASEAN Economic Co-operation | 223 | ||
| 1. General Trade Strategy | 224 | ||
| 2. Competitiveness and Complementarity | 227 | ||
| 3. Differences in Stages of Development and Trade Regimes | 230 | ||
| 4. Distribution of Gains and Losses | 232 | ||
| IV. Outlook | 234 | ||
| V. References | 235 | ||
| Sigrun Caspary: The Sea of Japan Region – Perspectives of a Regional Cooperation | 239 | ||
| I. A Brief Description of the Region | 239 | ||
| II. The Four Basic Problems to Solve | 241 | ||
| III. The Chinese Open-Door Policy as a First Step | 242 | ||
| IV. "Perestroika"- A New Era for Asia | 244 | ||
| V. The Olympic Games as Promotion of Cooperation | 245 | ||
| VI. Changes in North Korea | 247 | ||
| VII. The Japanese Contribution | 248 | ||
| VIII. Keys for Further Development | 250 | ||
| IX. References | 252 | ||
| Henning von Boehmer/Rainer Emschermann: European Integration: Threat or Promise to East and Southeast Asia? | 255 | ||
| I. Introduction | 255 | ||
| II. Asian-European Trade Relations | 256 | ||
| 1. The NIEs | 256 | ||
| 2. ASEAN | 257 | ||
| 3. Resumée | 258 | ||
| III. Expected Macroeconomic Effects of the 1992 European lnternal Market | 258 | ||
| 1. Benefits to both EC-Insiders and EC-Outsiders from the EIM | 259 | ||
| 2. Benefits for EC-lnsiders | 259 | ||
| 3. Possible Effects for EC-Outsiders | 260 | ||
| 4. Implications for East and South East Asia | 260 | ||
| IV. Instruments of the Common Trade Policy | 261 | ||
| 1. Remaining National Competences | 261 | ||
| 2. Classic Instruments of Trade Policy and their lmplementation | 262 | ||
| 3. Harmonization of Minimum Standards | 264 | ||
| 4. Bureaucratic Protectionism | 265 | ||
| 5. Subventions and Areas Not Included in the GATT | 265 | ||
| V. Diversion of Asian Investments | 265 | ||
| VI. Political Economy of World Trade | 266 | ||
| 1. Prisoner's Dilemma | 266 | ||
| 2. The Political Decision Making Process | 268 | ||
| 3. The Emergence ofTrade Blocks | 270 | ||
| a) The EC | 270 | ||
| b) Adverse Philosophies on Trade Policy | 271 | ||
| c) Other Trade-Associations | 272 | ||
| VII. Concluding Remarks | 272 | ||
| VIII. References | 274 | ||
| Contributors | 277 |