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The East Asian growth experience is still not well understood, especially the region’s clustered, sequential development and neighbourhood effects linking economies at different levels of industrial development. Moreover, the impact on it of OECD-member policies has never been subjected to systematic analysis. A central question involves how different policy vectors transmitted by OECD countries, notably in trade, investment and aid, may or may not have contributed to the region’s progress.
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This chapter looks at the determinants of economic and financial linkages between developed and developing countries, with a special focus on East Asia. The synchronisation of business cycles depends on trade flows, production structures and to a lesser extent capital-account openness, and the correlation of stock and bond returns in emerging markets depends on the trade flows.
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This chapter identifies a number of examples of apparent lack of coherence in United States and European Union trade policies. They include the effect of preferential policies that lock in trade shares and inhibit growthpromoting structural adjustment, biases in tariff structures, policies that affect incentives of developing countries to make commitments in the WTO, the use of anti-dumping actions and the nature of tariff peaks and escalation.
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This chapter reviews policy coherence in Japan with particular focus on trade-related policies, assuming that economic co-operation policy for East Asia has been conducted purely to promote development. It finds various policies not at all designed to maintain coherence. Deliberately or by happenstance, they are sometimes coherent and sometimes inconsistent.
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Foreign aid has played one of the key roles in East Asia’s economic development since the early 1970s. Aid has flowed across a changing landscape with contours defined by shifting resource constraints within donor countries and evolving ideas in both donors and recipients about the main objectives of aid.
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Both environmental and economic policies of OECD countries can have impacts on environmental quality in non-member countries, including those in developing Asia. Some are more direct and easier to trace than others are. OECD environmental policies may have both a direct demonstration effect, leading to imitation or adaptation, and an indirect effect via induced technical change and international technology diffusion.
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This chapter examines the extent to which the East Asian economies are integrated through trade, FDI and finance and are interdependent in macroeconomic co-movements. It next explores the factors behind recent economic regionalism in East Asia, in trade and investment on the one hand and money and finance on the other, and identifies the important features.
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This chapter analyses foreign trade and FDI in East Asia since the 1980s and describes the formation of the trade-FDI nexus that initiated the region’s multi-layered development. The region’s remarkable sequential growth pattern became the basis of such development, as the trade-FDI nexus involved the NIEs, the ASEAN countries and China.
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This chapter seeks to review the highlights of major trends in international migration both from East Asia to OECD member countries and within East Asia, focusing on the movement of highly skilled workers. Large numbers of workers migrate from less-advanced East Asian countries to the more advanced economies of the region and to the OECD area.
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For decades the CLMV countries (Cambodia, Laos, Myanmar, Viet Nam) experienced the negative impacts of wrong economic ideologies and policies. Since the mid-1980s, they have engaged in economic transition from centrally planned to market-oriented economies, from inward-looking to outwardlooking development strategies, and from close economic relations with the Soviet bloc to closer economic relations with the global and regional market economies.
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This chapter first sketches an economic and social profile of the South Asian region. It points out that this region of developing or least-developed economies is as profoundly affected by the forces of globalisation as any other part of the global economy but has only relatively recently begun to come to grips with the policy shifts that adapting to globalisation requires.
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This chapter discusses what lessons the Central Asian countries can learn from the East Asian development experience and the coherence or incoherence of OECD-country policies. First, it focuses on the benefits — and the potential risk — of economic openness, as these countries have moved towards open economies since 1992.
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This chapter looks at the potential role of OECD countries in helping to improve Latin America’s economic performance. It begins by stressing the fact that the Latin American countries have already left behind their days of closed economies and pervasive state intervention and turned themselves towards the market, following the structural reforms introduced in the 1980s and 1990s.