Asian Economies

An insightful and thorough exploration of the economies of Asia

In Asian Economies: History, Institutions and Structure, seasoned economist and professor Jamus Jerome Lim provides a comprehensive discussion and incisive analysis of the economies of Asia. In addition to discussing the sharp contrasts between the region’s three major economies—China, India, and Japan—Lim also provides an overview of the rise of the Dragon economies of the East, to the resource-rich economies of the West. The book adopts a unique approach to the treatment of these economies, weaving in aspects of these countries’ economic geography and history, their idiosyncratic institutions and structures, along with providing a comparative and international perspective.

The book offers:

• Careful emphasis on the geographic preconditions and enduring legacy of economic history on the contemporary and future prospects of each of the countries and regions discussed within
• Examinations of the importance of the political and economic institutions, as well as market and industrial structures, in shaping the trajectories of the economies considered in the book
• Discussions of the dramatic differences and similarities between the Asian economies, as well as how these differences shape these economies’ interactions with the rest of the world

Perfect for undergraduate and graduate students of economics, Asian Economies will also earn a place on the bookshelves of business and finance professionals seeking to understand the economies of the world’s most diverse and dynamic region.

Preface vii

Acknowledgments xiii

Abbreviations xv

Introduction: Asia as a Continent in Flux 1

1 China: The Dragon Awakens, But Will It Roar? 23

2 Japan: Asian Standard- Bearer or Has-Been? 79

3 India: Emerging Giant or Slumbering Elephant? 115

4 Rest of South Asia: Finding Relevance in the Shadow of India 153

5 NIEs: From Zero to Hero, but in Need of a New Economic Model 173

6 Southeast Asia: Can Underachieving Cubs Escape the Middle-Income Trap? 213

7 Central Asia: Crossroads in a Globalized World 255

8 Western Asia: An Economic Arab Spring? 271

Sources of Figures 313

Index 321

JAMUS JEROME LIM is an Associate Professor of Economics at ESSEC Business School and a member of the 14th Parliament of Singapore, with two decades of expertise in global macroeconomics. He was previously the Chief Economist at Thirdrock Group, an investment management and wealth advisory serving high-net worth clients, as well as the Lead Economist at the Abu Dhabi Investment Authority, where he provided insights for its multi-hundred billion portfolio. He was also formerly a Senior Economist with the World Bank, specializing in international trade and finance for economies in East and West Asia.

In Asian Economies: History, Institutions, and Structures, veteran economist and professor Jamus Jerome Lim delivers an insightful and up-to-date discussion of recent economic developments in Asia, from the rise of the East Asian dragons to the developing nations poised to be major sources of this century’s growth. You’ll explore the key economic features of Asian economies via historical and contemporary case studies and discover analytical concepts you can use to better understand these diverse economies.

In the book, you’ll examine the Asian powerhouse economies—including China, India, and Japan—as well as the newly industrializing economies known as the Four Dragons: Hong Kong, South Korea, Singapore, and Taiwan. You’ll also consider the “Tiger Cubs” of Southeast Asia: Indonesia, Malaysia, the Philippines, Thailand, and Vietnam.

The author discusses whether West Asia is in the midst of an “Economic Arab Spring,” along with some of the most pressing contemporary concerns in Asian economies. He also includes examinations of monetary policy—like Japanese deflation and various Asian financial crises—and major financial and economic reforms taking place today and in recent history.

Asian Economies pays careful attention to the enduring legacy of economic history on the future prospects of the countries discussed in the book, as well as the vast importance of political-economic institutions in shaping this trajectory. It also closely considers the dramatic differences between Asian countries and how those differences impact the fiscal and policy choices made by Asian economies.

Perfect for undergraduate and graduate students of economics, Asian Economies is also an ideal resource for students who aspire to become practitioners at multinational corporations or financial institutions but lack a deep background in economics.

A comprehensive and comparative examination of every major economy in Asia

Asian Economies: History, Institutions, and Structures is an insightful, practical, and comprehensive look at modern economies in Asia, their recent history, and the impact that history has on their fiscal and policy choices. Author and economist Jamus Jerome Lim walks you through the key economic features of major Asian economies using historical and contemporary case studies and considers crucial analytical concepts you can use to improve your understanding of this diverse group of economies.

The book covers the Asian powerhouse economies—including China, India, and Japan—as well as the newly industrialized “Four Dragons,” the “Tiger Cubs” of Southeast Asia, and the Arab nations in West Asia. It examines the most urgent concerns present in Asian economies today, as well as recent historical events—like China’s housing collapse, India’s demonetization shock, deflation in Japan, and a variety of Asian financial crises—to consider how they are impacting the present and future of their respective countries.

An ideal resource for undergraduate and graduate students of economics with an interest in Asian countries and societies, Asian Economies is also a comprehensive analysis that’s perfect for students of business and finance aspiring to a position in a multinational firm or global financial institution.