IAB Research Papers
Folder: Institute of Asian Business Papers
The IAB undertakes collaborative research across a range of disciplines and organizes seminars, executive education programs and conferences on themes of interest to the stakeholders.
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FINANCIAL SECTOR DEVELOPMENTS IN ASIA: GROWTH AND TRANSFORMATION IN EQUITY MARKETS
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- 18.03.13
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- 18.03.13
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- 696 KB
- Downloads:
- 87
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- 1.0
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FINANCIAL SECTOR DEVELOPMENTS IN ASIA: EVOLVING DOMESTIC BOND MARKETS AND FINANCIAL DEEPENING
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- 18.03.13
- Modified:
- 18.03.13
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- 720 KB
- Downloads:
- 82
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- 1.0
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RIPENING REGIONAL ECONOMIC ARCHITECTURE IN ASIA
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- 18.03.13
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- 18.03.13
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- 642 KB
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- 112
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- 1.0
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THE INDIAN ECONOMY: FROM STELLAR GROWTH TO UNDERPERFORMANCE
- Uploaded:
- 30.08.12
- Modified:
- 25.09.12
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- 847 KB
- Downloads:
- 307
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- 1.0
The economic trajectory of the Indian economy has altered several times. After decades of severe underperformance, the Indian economy gradually picked up momentum in the 1980s and 1990s and turned in a stellar performance during the 2000s. This paper examines the rationale behind the ups and downs in India’s economic performance. It provides a succinct account of various phases of growth, delayed initiation of reforms, tardy and incomplete implementation and vitally important economic strategies that should have been adopted by Indian policy-makers but were ignored. In addition, India failed to address several serious structural issues, allowed them to fester indefinitely and paid a high price in terms of GDP growth. Paradoxically the economy benefited from the incomplete reforms and Indian growth had a stellar growth period in the 2000s, before slumping in 2011. Deterioration continued in 2012. The paper delves into the causes behind the deceleration and analyses how macroeconomic attrition came about. It also proposes a revival strategy warranted by the current economic deceleration.
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THE EUROZONE FINANCIAL CRISIS AND THE RESILIENCE OF ASIAS ECONOMIES
- Uploaded:
- 09.05.12
- Modified:
- 18.06.12
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- 796 KB
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- 617
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- 1.0
The Eurozone sovereign debt crisis has created enormous uncertainties and financial stress in the global economy. The essential focus of this article is the impact of the crisis on the Asian economy through the twin channels of multilateral trade and financial flows. It examines how the Asian economies successfully withstood the crisis in a resilient manner and also why they were able to sustain a healthy GDP growth—albeit suffering a small deceleration. It infers that relatively sound fundamentals in the Asian economies moderated the negative impact of the crisis. Given the openness, interdependence and global and regional integration of the Asian economies, it was natural that external shocks had an effect on the region. However, the region’s economies were not vulnerable. Due to a challenging global environment, the growth momentum of the Asian economies, including China, no doubt diminished, but the slowdown has proved benign. An important point that this paper makes is that the sound fundamentals of the Asian economies provided a cushion against the shock. Private consumption is trending up in the region. Strong domestic demand has played an important role in protecting Asian economies from the Eurozone crisis and ameliorating the severity of its impact. They were better prepared to face the Eurozone crisis than the other regions of the global economy. At the end of the first quarter of 2012, Asian economies began showing some preliminary signs of emerging from economic sluggishness.
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ASIA’S ECONOMIC REGIONALISM: CHALLENGES FOR TRADE IN A NEW AGE
- Uploaded:
- 29.02.12
- Modified:
- 01.03.12
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- 915 KB
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- 522
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- 1.0
The objective of this research paper is to examine the characteristic features of contemporary regionalism in Asia. It identifies the positive and negative features associated with the free trade agreements that have proliferated in Asia during the first decade of the 21st century. There has been a marked transformation in Asia’s regional architecture in a short span of a decade-and-a-half. The mode and conduct of multilateral trade has been significantly transformed during recent years and Asia could not possibly remain immune to this transformation. The importance of regionalism in multilateral trade has increased steadily. In addition, the trade–investment–services nexus has developed and grown increasingly important. As business firms now manufacture parts of their products across the border, bilateral trade agreements (BTAs), regional trade agreements (RTAs) and free trade agreements (FTAs) of the contemporary period need to take into account the new kind of trade barriers that have been created due to the changing mode of trade. The contemporary regional agreements need to be designed to facilitate the new modes of conducting business and trade. It was understood rather late in Asia that the ‘WTO-Plus’ FTAs are more functional and result-oriented than their predecessors. This explains the delay in turning towards them. An important trend-setter in this regard was the US. The blueprint and norms followed by the US had a demonstration effect. Numerous surveys reveal that the utilization rates of the FTAs in Asia are usually low. They compare unfavourably to that of NAFTA. This implies that the increasing intra-regional trade in Asia was not the direct result of progress in regionalism. Recent country-level and industry-level studies have indicated several clear and cogent reasons behind the under-utilization of FTAs in the region. BTAs and FTAs in Asia have several shortcomings which often render them lightweight and insubstantial. Many of their drawbacks stem from their initiation and negotiations.
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THE ASIAN ECONOMY AND THE GLOBAL FINANCIAL CRISIS
- Uploaded:
- 25.11.11
- Modified:
- 22.12.11
- File Size:
- 81 KB
- Downloads:
- 1017
- Version:
- 1.0
When the global financial crisis broke out in 2007, the Asian economies were initially insulated from its effects. Various economic indicators confirmed that despite the on-going financial turbulence the regional economies remained buoyant. However, as outward-oriented economies, they were globally integrated, and could not possibly remain immune for long. With the passage of time, Asian economies began to be adversely affected, some seriously. Their difficulties multiplied in the last quarter of 2008. The decoupling thesis that had been given some credence began to appear unconvincing. Stock markets in Asia plummeted sharply and currencies came under increasing downward pressure. Exports and industrial production also declined dramatically, which adversely affected the GDP.
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THE ROLE OF ASIA IN GLOBAL ECONOMIC RECOVERY
- Uploaded:
- 25.11.11
- Modified:
- 22.12.11
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- 85 KB
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- 865
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- 1.0
Asian economies were the first to show tangible signs of recovery from the global financial crisis. Significantly before the other regions in the global economy, signs of improvement became visible in several Asian emerging-market economies (EMEs). Starting in China and then in Indonesia, recovery spread to the other EMEs. A rapid and strong countercyclical response was the principal reason for Asia’s quick rebound. The upturn was also strengthened by external factors. By mid-2009 the regional rebound had turned into a full-scale resurgence
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THE ROLE OF CHINA IN ASIA’S EVOLUTION TO GLOBAL ECONOMIC PROMINENCE
- Uploaded:
- 25.11.11
- Modified:
- 22.12.11
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- 72 KB
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- 949
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- 1.0
Two relevant and interrelated economic realities are: first, the People’s Republic of China (hereafter “China”) in 2011 is a large economy in both absolute and relative terms. Over three decades of macroeconomic reforms and the resulting dynamism turned it into the largest regional economy in mid-2010. In a short period of time China has established a noteworthy niche in both the regional and global economies (Das, 2008a, 2008b).
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CRISIS AND ECONOMIC TRANSFORMATION IN ASIA: AN APPRAISAL
- Uploaded:
- 25.11.11
- Modified:
- 22.12.11
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- 44 KB
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- 938
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- 1.0
The global financial crisis, recession and recovery have had a serious impact on the Asian and global economies. Together they engendered significant transformation in the contours of the Asian and global economies. For instance, Asian economies presently depend less on markets in the advanced industrial economies and due to their enlarged markets they could and did make a substantive contribution to the global recovery. In particular, Chinese firms have started taking more interest in the emerging-market economies.
