Globalization And Economic Integration

‘Noel Gaston and Ahmed M. Khalid’s volume offers fascinating insights on the development, causes, and consequences of globalization in the Asia-Pacific. The outstanding collection of chapters combines theory with rigorous econometrics, making the book a must-read for every student of globalization. At a time where the global crisis gave new arguments to the critics of globalization, the questions raised in this book, and the answers given, are essential reading for academics and politicians alike.’
– Axel Dreher, University of Goettingen, Germany

Given the importance of globalization in today’s world, this salutary and timely book explores how globalization is specifically shaping the Asia-Pacific. It investigates future prospects and challenges, identifies the key winners and losers, and concludes in many cases that the portents for globalization are not particularly promising.

Prominent economists and policy scholars examine a wide range of topics pertinent to globalization and economic integration in the Asia-Pacific, encompassing macroeconomic coordination and financial market integration; regionalism and preferential trade agreements; and immigration and labor markets, including gender issues and the impact of outsourcing. Through these analyses, the expert contributors illustrate the importance of market participants and regulators clearly understanding the risks associated with the present stage of globalization. They show that national policy makers need to reconfigure the regulatory framework following international lessons from previous financial crises experienced in the last two decades, and that financial literacy is essential for market participants, especially in emerging economies. Many of the issues discussed will prove useful in promoting the development of a new international financial architecture, comprising measures that will help reap the full benefits of globalization.

This stimulating and challenging book will strongly appeal to academics, advanced undergraduates, postgraduates, researchers, and policy makers in the fields of Asian studies, international economics, and international business.

Contents:

PART I: INTRODUCTION
1. Globalization and Integration in the Asia-Pacific: Prospects and Risks
Noel Gaston and Ahmed M. Khalid

PART II: GLOBALIZATION AND THE PROSPECTS FOR INTEGRATION
2. The Twilight of Globalization?
Marcus Noland

3. Economic Integration in Extended East Asia: Toward a New Trade Regime
Fukunari Kimura

4. The Politics of (Anti-)Globalization: What do we Learn from Simple Models?
David Greenaway and Douglas Nelson

PART III: MACROECONOMIC COORDINATION AND FINANCIAL MARKET INTEGRATION
5. Asian Financial Integration
Jennifer Corbett

6. Forecasting International Financial Prices with Fundamentals: How do Stocks and Exchange Rates Compare?
Robert P. Flood and Andrew K. Rose

7. Trade Policy, Exchange Rate Adjustment and Unemployment
Yoshiyasu Ono

8. Trade and Wage Inequality in a World of Incomplete Diversification
Christis G. Tombazos

PART IV: GLOBALIZATION, IMMIGRATION AND LABOR MARKET ISSUES
9. Globalization and Labor Markets: Developments in the Asia-Pacific
Ian Harper

10. Aging and Migration in Japan
Junichi Goto

11. Labor Market Transitions for Female Workers in Japan: The Role of Global Competition
Tomoko Kishi and Noel Gaston

12. The Effects of Overseas Operations on Home Employment of Japanese Multinational Enterprises
Nobuaki Yamashita and Kyoji Fukao

Index