Development Strategies of Open Economies: Cases from Emerging East and Southeast Asia (Advanced Research on Asian Economy and Economies of Other Co)

In an open economy, basic development strategies include promoting foreign exports, attracting foreign direct investment, and stimulating economic growth. Using time-series and panel data analyses, the first part of this book studies the causality and significance of these three strategies, individually or collectively, empirically and theoretically, during the catch-up growth and development phases of emerging East and Southeast Asian economies.

While it is well-known that trade and investment are major catalysts for economic development and growth, the interaction and importance of all three strategies have seldom been studied together statistically and systematically. This well-researched scholarly book collects closely-related papers by Frank Hsiao and Mei-Chu Wang Hsiao and studies the causal relations and the degree of importance among these three strategies for policymakers, scholars and students of development studies and international economics.

Another development strategy in open economies is reducing friction and volatility through government-to-government policy coordination. The second part of this book introduces the role of the United States in the Asia-Pacific region, and the possibility of monetary policy coordination between large countries and small countries in the Asia-Pacific region.

Readership: Advanced undergraduate and graduate students and lecturers of economics, applied econometrics, macroeconomics and regional economic analysis, as well as policy makers.

Frank S T Hsiao, Professor Emeritus of Economics, Department of Economics, University of Colorado Boulder (UCB), USA, is an associate editor for the Journal of Asian Economics. He has a BA and MA in Economics from National Taiwan University, Taipei, Taiwan, and an MA and PhD in Economics from the University of Rochester, Rochester, NY. From 1966 to 2007, he was a full-time professor at the UCB. He has visited many East and Southeast Asian countries and has extensively authored and co-authored articles in leading professional journals on growth models, production functions, Asian economic development, and computer-assisted teaching, including a books on Pasokon de Gaimu no Riron (Game Theory using Spreadsheets, in Japanese, with Y Umehara), Tokyo: Nihon Hyoronsha, 212 pp. 2nd printing (1999), and Economic and Business Analysis: Quantitative Methods using Spreadsheets, World Scientific (2011), 672 pp. Mei-Chu Wang Hsiao is Professor Emerita of Economics, Department of Economics, University of Colorado Denver (UCD), USA. She has a BA in accounting and banking from National Taiwan University, Taipei, Taiwan, and an MA and PhD in Economics from the University of Rochester, Rochester, NY. From 1981 to 2008, she was a full-time professor at the UCD. She has visited many East and Southeast Asian countries and has authored and co-authored many articles on econometric analysis of Asian economies. She has co-authored (with Frank S T Hsiao) Economic Development of Taiwan-Early Experiences and the Pacific Trade Triangle, World Scientific (2015), 578 pp., and Economic Development of Emerging East Asia: Catching Up of Taiwan and South Korea. London: Anthem Press (2017), 323 pp.