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Informationen zum Autor Robert J. Barro is Paul M. Warburg Professor of Economics at Harvard University, a senior fellow of the Hoover Institution of Stanford University, and a research associate of the National Bureau of Economic Research. His recent books include Macroeconomics: A Modern Approach, Economic Growth, Nothing Is Sacred: Economic Ideas for the New Millennium, and Determinants of Economic Growth. Jong-Wha Lee is former Chief Economist and Head of the Office of Regional Economic Integration of the Asian Development Bank, and currently Professor at the Economics Department of Korea University. He has worked as an economist at the International Monetary Fund, taught at Harvard University as a visiting professor, and served as a consultant to various institutions such as the Harvard Institute for International Development, the Inter-American Development Bank, the United Nations Development Programme, and the World Bank. Klappentext To recover from recession, the global economy must rely on the strong performance of developing Asian economies, and it has become clear not only in Asia that regional cooperation and integration is key to regional economic development. Heavily reliant on external demand as an impetus to growth and closely linked to global financial markets, Asian economies are becoming closely integrated through trade, investment, and financial transactions. But how closely integrated are they, and what are the real benefits of integration? Zusammenfassung Costs and Benefits of Economic Integration in Asia brings together authoritative essays that identify and examine various initiatives to promote economic integration in Asia. Inhaltsverzeichnis Foreword Acknowledgements Contributors Acronyms I. Introductory Essay Robert J. Barro and Jong-Wha Lee II. East Asian Currency Union Jong-Wha Lee and Robert J. Barro 1. Introduction 2. The Benefits and Costs of an East Asian Currency Union 2.1 Benefits and Costs of Currency Unions 2.2 Optimum Currency Area (OCA) Criteria 3. Which Currency Union for East Asia? 3.1 Data for East Asia Monetary Union Analysis 3.2 Is East Asia an OCA? 4. Welfare Effects of East Asian Currency Unions 4.1 The Effects of Currency Unions on Growth and Volatility 4.2 Rare Disasters and Currency Unions 4.3 Estimation of Welfare Effects of East Asian Currency Unions: An Illustration 5. Concluding Remarks III. Asian Financial Integration: Trends and Interruptions Eduardo Borensztein and Prakash Loungani 1. Introduction 2. Convergence in Interest Rates and Equity Premia 3. Portfolio Holdings and Home Bias 3.1 Portfolio Holdings: Summary Statistics 3.2 Portfolio Holdings: Gravity Model Estimates 3.3 Home Bias 4. Risk-Sharing and Financial Stability 4.1 Risk-Sharing 4.2 Financial Integration and Crises 4.3 Local vs. Foreign Investors: Recent Studies 4.4 Investor Behavior during the Subprime Crisis: Evidence from Brazil 5. Conclusions IV. Understanding Business Cycle Synchronization: Is Inflation Targeting Paving the Way to Asian Monetary Union? Andrew K. Rose 1. Motivation and Introduction 2. The Effect of Trade on Business Cycle Synchronization 3. Inflation Targeting and Business Cycle Synchronization: Theory and Literature 4. The Data Set 5. Decoupling 6. Business Cycle Synchronization and Inflation Targeting 7. Regression Analysis 8. Estimating Treatment Effects via Matching 9. Why? 10. Summary and Conclusion V. Trading Silver for Gold: Nineteenth-Century Asian Exports and the Political Economy of Currency Unions Kris James Mitchener and Hans-Joachim Voth 1. Introduction 2. Historical Background and Context 3. Data 4. Method and Results 4.1 Multilateral Resistance 4.2 Results for Sub-Periods 4.3 Discussion 5. Identifying the Ef...
