Moving Up the Ladder: Development Challenges for Low and Middle-Income Asia

Besides export expansion, a growing middle class in Asia has contributed to the area's economic expansion, providing Asian countries with a window of opportunity to leap from low/middle income levels to high income levels. It may sound easy for these countries to run up the ladder of economic growth, but the potential risks of quickly shifting from low/middle to high income levels are often overlooked. Careful studies in history reveal that the experience of moving up the ladder of economic growth has varied among countries.

This book explores (1) the current state of Asian economies and 2) the conditions or policy counter-measures that lead to higher income levels under changing external circumstances. This is illustrated through case studies on five Asian economies, with emphasis on their structural problems. It also aims to paint a comprehensive picture of necessary policies, which will encourage Asian countries to move up the ladder of growth.

Readership: Students and the general public who would like to understand the current state of Asian economies and the policy measures that would lead to higher income levels in these economies.

Mr Shigesaburo Kabe is a senior editor of editorial bureau, Nikkei Inc. He had worked for Japan Center for Economic Research (JCER) as a Principal Economist until March 2015. He is a PhD Candidate (Keio University) and received Master of International Economics from Aoyama-gakuin University, Tokyo. His research interests include population study focusing on low fertility and ageing in Asia, human resource development (HRD), and transnational movement of people. He has published papers in refereed journals, such as Asian Economic Policy Review.

Mr Ryuichi Ushiyama is a Principal Economist of Japan Center for Economic Research (JCER). He previously worked as a Singapore correspondent, Singapore Bureau Chief and Hanoi Bureau Chief of Nihon Keizai Shimbun (NIKKEI), covering politics and economy of ASEAN countries. He received Master of International Economics from Aoyama-gakuin University, Tokyo. His research interests include foreign direct investment, international trade and economic integration in Asia. He has published many papers on Asian economy, including analysis of emerging economies such as Cambodia and Myanmar, and middle-income trap issues among ASEAN countries. These papers have been published by JCER in both English and Japanese.

Dr Takuji KINKYO is a Professor of Economics at Kobe University in Japan. He received his PhD from University of London. He previously worked as Director at International Department in Ministry of Finance. His research interests include exchange rate economics, finance and development, and Asian economic integration. His work has been published in leading academic journals. He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013) and Financial Globalization and Regionalism in East Asia (Routledge, 2014).

Dr Shigeyuki HAMORI is a Professor of Economics at Kobe University in Japan. He received his PhD from Duke University and has published many papers in refereed journals. He is the author or co-author of An Empirical Investigation of Stock Markets: The CCF Approach(Kluwer Academic Publishers, 2003), Hidden Markov Models: Applications to Financial Economics (Springer, 2004), Empirical Techniques in Finance (Springer, 2005), Introduction of the Euro and the Monetary Policy of the European Central Bank (World Scientific, 2009), Rural Labor Migration, Discrimination, and the New Dual Labor Market in China (Springer, 2014), Indian Economy: Empirical Analysis on Monetary and Financial Issues in India (World Scientific, 2015), and The European Sovereign Debt Crisis and Its Impacts on Financial Markets (Routledge, 2015). He is also the co-editor of Global Linkages and Economic Rebalancing in East Asia (World Scientific, 2013) and Financial Globalization and Regionalism in East Asia(Routledge, 2014).