Macroeconomics of East Asian Growth

During the last decades of the 20th century and the beginning of the 21st century, the economies of East and South East Asia have grown at a significant rate, resulting in a large proportion of the world's population being relieved from poverty in a relatively short space of time. This unprecedented phenomena underlines the importance of understanding the driving forces behind the growth "miracle" of East Asia. Wu addresses some of the most critical macroeconomic issues associated with East Asian growth. Principally focusing on the most rapidly emerging economies in the region, the author covers a broad base of topics. Several determinants of growth are examined and in each case an analytical framework is applied to empirical data. Specific themes include: economic openness and growth; stock market development; intra-industry trade; growth engines in Singapore; productivity growth in Taiwan; and the Asian financial crisis. Employing both cross-country analyses and case studies of individual economies, this book contributes to the many debates surrounding economic growth in East Asia.