Tai ngay!!! Ban co the xoa dong chu nay!!! T H E OX F OR D HA N DB O OK OF T H E E C ON OM IC S OF T H E PAC I F IC R I M oxfordhb-9780199751990-FM.indd i 10/26/2013 12:41:58 PM CONSULTING EDITORS Michael Szenberg Lubin School of Business, Pace University Lall Ramrattan University of California, Berkeley Extension oxfordhb-9780199751990-FM.indd ii 10/26/2013 12:42:01 PM the oxford handbook of THE ECONOMICS OF THE PACIFIC RIM Edited by INDERJIT KAUR AND NIRVIKAR SINGH oxfordhb-9780199751990-FM.indd iii 10/26/2013 12:42:01 PM Oxford University Press is a department of the University of Oxford It furthers the University’s objective of excellence in research, scholarship, and education by publishing worldwide Oxford New York Auckland Cape Town Dar es Salaam Hong Kong Karachi Kuala Lumpur Madrid Melbourne Mexico City Nairobi New Delhi Shanghai Taipei Toronto With offices in Argentina Austria Brazil Chile Czech Republic France Greece Guatemala Hungary Italy Japan Poland Portugal Singapore South Korea Switzerland Thailand Turkey Ukraine Vietnam Oxford is a registered trademark of Oxford University Press in the UK and certain other countries Published in the United States of America by Oxford University Press 198 Madison Avenue, New York, NY 10016 © Oxford University Press 2014 All rights reserved No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission in writing of Oxford University Press, or as expressly permitted by law, by license, or under terms agreed with the appropriate reproduction rights organization Inquiries concerning reproduction outside the scope of the above should be sent to the Rights Department, Oxford University Press, at the address above You must not circulate this work in any other form and you must impose this same condition on any acquirer Library of Congress Cataloging-in-Publication Data The Oxford handbook of the economics of the Pacific Rim / edited by Inderjit N Kaur and Nirvikar Singh pages cm Includes bibliographical references Summary: “A survey of the economy of the Pacific Rim region”— Provided by publisher ISBN 978–0–19–975199–0 (alk paper) Pacific Area—Economic conditions Pacific Area—Economic integration Asia—Economic conditions Asia—Economic integration I Kaur, Inderjit N., editor of compilation II Singh, Nirvikar, editor of compilation HC681.O94 2013 330.9182’3—dc23 2013004669 Printed in the United States of America on acid-free paper oxfordhb-9780199751990-FM.indd iv 10/26/2013 12:42:01 PM Contents Acknowledgments List of Contributors Introduction Inderjit Kaur and Nirvikar Singh ix xi PA RT I T H E NAT U R A L WOR L D : H I STORY, C L I M AT E , A N D R I SK S The History of Biological Exploitation on the Pacific Rim Eric Jones 35 Climate Risk and Response in the Pacific Rim David Roland-Holst 54 Natural Disasters and Economic Policy for the Pacific Rim Ilan Noy 82 PA RT I I P E OP L E : M IG R AT ION , DE M O G R A P H IC S , A N D H UM A N C A P I TA L International Labor Migration in the Pacific Rim Philip Martin Age Compositional Shifts and Changing Intergenerational Transfers in Selected Asian Countries Naohiro Ogawa Human Capital Trends in the Pacific Rim Anne Goujon oxfordhb-9780199751990-FM.indd v 105 124 147 10/26/2013 12:42:01 PM vi CONTENTS PA RT I I I P E R SP E C T I V E S ON E C ON OM IC G ROW T H A N D DE V E L OP M E N T Economic Growth and Performance on the Pacific Rim Barry Bosworth and Susan M Collins The New Structural Economics and Strategies for Sustained Economic Development in the Pacific Island Countries Hinh T Dinh and Justin Yifu Lin The Evolution of Fiscal Developments and Policies in the Pacific Rim Manmohan Singh Kumar, Nirvikar Singh, and Jaejoon Woo 169 198 230 PA RT I V R E G IONA L G OV E R NA N C E A N D T R A DE L I N KAG E S 10 Asia in Global Economic Governance Wendy Dobson and Peter A Petri 261 11 Geoeconomics versus Geopolitics: Implications for Asia Devesh Kapur and Manik Suri 290 12 The Political Economy of Asia-Pacific Trade Agreements John Ravenhill 314 13 Global Production Sharing and Trade Patterns in East Asia Prema-chandra Athukorala 333 14 Foreign Trade of the Pacific-Rim Economies Kar-Yiu Wong 362 PA RT V I N D U S T RY, P OL IC Y, A N D I N N OVAT ION 15 Are the Geese Still Flying? Catch-up Industrialization in a Changing International Economic Environment Inderjit Kaur 395 16 Multinational Enterprises, Foreign Direct Investment, and the East Asian Economic Integration Tzu-Han Yang and Deng-Shing Huang 415 oxfordhb-9780199751990-FM.indd vi 10/26/2013 12:42:01 PM CONTENTS vii 17 The Impact of Industrial Policy on Asian Growth: An Example from Taiwan Howard Pack 441 18 Creative Industries: Socio-Economic Transformation as the New Face of Innovation F Ted Tschang 464 19 The Road to Innovation in East Asia Shahid Yusuf 490 PA RT V I M AC ROE C ON OM IC S A N D F I NA N C E 20 Asian Financial Crises Anne O Krueger 21 The “Impossible Trinity,” the International Monetary Framework, and the Pacific Rim Joshua Aizenman and Hiro Ito 22 Rethinking Capital Account Liberalization Maria Socorro Gochoco-Bautista and Noli R Sotocinal 23 Asian Currencies in the Global Imbalance and Global Financial Crisis Eiji Ogawa and Chikafumi Nakamura 537 551 587 605 24 Rebalancing of the World Economy and Asia Menzie D Chinn and Hiro Ito 625 25 China’s Financial Openness and Asset Return Linkages in East Asia Reuven Glick and Michael Hutchison 656 26 The Offshore RMB Market in Hong Kong and RMB Internationalization Yin-Wong Cheung and Hui Miao 681 Author Index Subject Index 699 707 oxfordhb-9780199751990-FM.indd vii 10/26/2013 12:42:01 PM oxfordhb-9780199751990-FM.indd viii 10/26/2013 12:42:01 PM Acknowledgments The conceptualization of the Pacific Rim as an economic entity has emerged only in the past few decades, but the importance of this way of looking at the world will only increase Therefore, we think this volume has great potential significance, and that underlies our acknowledgment of the hard work of many people who together made this possible The scope and sweep of the Pacific Rim as a region made the project a long and challenging one, as we sought to cover a wide range of important issues and include diverse perspectives from a range of influential scholars We wish to first thank the consulting editors of the Oxford Handbook series, Michael Szenberg and Lall Ramrattan, as well as OUP Executive Editor Terry Vaughn, for the opportunity to undertake this important project We are grateful to Catherine Rae, formerly of OUP, for her initial help, and most of all we are indebted to Cathryn Vaulman for stepping in and helping us bring this effort to fruition with great patience and care We also wish to acknowledge the project manager of the production team, Bharathy Surya Prakash, as well as her team members, for their patient work on getting the volume into its final form Inderjit Kaur would like to acknowledge the rich intellectual environment of the University of San Francisco Center for the Pacific Rim, where she held a Research Fellowship of the Kiriyama Chair for Pacific Rim Studies In particular, she is indebted to the then-Executive Director of the Center, Barbara Bundy, for many valuable conversations She also acknowledges the consistent support of the Center’s Associate Director at the time, Ken Kopp, and of the Kiriyama Chair for Pacific Rim Studies Nirvikar Singh would like to acknowledge his former and current colleagues at UC Santa Cruz, some of whom have contributed to this volume, for many interactions that have expanded his understanding of the economics of the Pacific Rim, and the global economy more generally: Joshua Aizenman, Yin-Wong Cheung, Menzie Chinn, Michael Dooley, K.C Fung, Michael Hutchison and Phillip McCalman Michael Hutchison, in particular, has been a valued collaborator on a range of projects, and he, Menzie and K.C joined Nirvikar in founding the Santa Cruz Center for International Economics, which became an important intellectual hub for work on the global economy, including much on the Pacific Rim Nirvikar would also like to acknowledge learning from many collaborators on various past Pacific Rim research projects: K P Kalirajan, Terrie Carolan, Gaofeng Han, Jesse Mora, Cyrus Talati and Hung Trieu Much of that collaborative work was funded by the University of California Pacific Rim Research Program, and their support is gratefully acknowledged as well oxfordhb-9780199751990-FM.indd ix 10/26/2013 12:42:01 PM 724 SUBJECT INDEX Japan (Cont.) trade settlements in, 688 Trans-Pacific Partnership and, 325, 326–327 World War II and, 42 WTO and, 275 Jordan, 112, 449, 577–578 Kazakhstan, 106 Kiribati agriculture in, 213–214 economic growth in, 204 fiscal deficit in, 204 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199, 202, 205 labor force participation in, 218 manufacturing in, 213–214 population of, 199–200 poverty and inequality in, 205 public sector in, 201 remittances in, 216 services sector in, 213–214 size of, 199 trade balance in, 202 Kobe Earthquake (Japan, 1995), 84, 91–92 Koizumi, Junichiro, 111, 319 Korea See South Korea Kuwait, 112 Kyoto Protocol, 284 labor migration See also under specific countries brain drain and, 156 to cities, 118–119 economic growth and, 116–119 government policies and, 105, 120 inter-governmental agreements and, 120 low-skilled migrants and, 6–7, 109–112, 120 Middle East and, migration brokers and, 7, 110, 115–116 Pacific Rim regions and, 6, 105–108 remittances and, 7, 112, 114, 117–121, 156 skilled laborers and, 109, 156, 162–163 temporary employment and, 108 women and, 120–121 Laos catch-up industrialization in, 408 currency valuation issues in, 618, 620 oxfordhb-9780199751990-Index.indd 724 economic growth in, 2, 247–248 education in, 516 fiscal balance in, 232–233, 235–236 government debt and, 235–236 government expenditure in, 243–244 government revenue in, 241–242, 251 inflation in, 245–246 interest rate growth differentials in, 249 labor out-migration and, 108 taxes in, 251 trade agreements and, 315 trade patterns in, 323 Latin America See also specific countries budget deficits in, 182 capital accounts in, 590, 602 China and, 50 creative industries in, 475 Debt Crisis (1980s) in, 592 demographic trends in, 172–173 economic growth in, 10, 169–172, 174–188, 194 education in, 150–152, 184–187 foreign direct investment in, 180, 187 Global Financial Crisis and, 182 global trade and, 179, 182, 187 governance issues in, 182–184, 187 human capital in, IMF and, 264 income levels in, 9, 169–170 inflation in, 182 infrastructure in, 66 Japanese investment in, 51 labor out-migration and, 120 literacy rates in, 152 macroeconomic instability in, 184, 188 savings and investment rates in, 181–182, 187 total factor productivity in, 177, 187 trade barriers in, 274 trade patterns in, 372 trilemma in, 557–559, 572 Lebanon, 112 Lee, Ang, 472 Lee Kwan Yew, 109, 265 Li and Fung (consulting firm), 404, 480–481 liberalization See capital account liberalization Lithuania, 577–578 Luxemburg, 428–429 10/25/2013 3:52:00 PM SUBJECT INDEX Macao, 127–128, 153, 155, 158, 160 Malaysia Asian Financial Crisis and, 23, 538, 540–541, 543, 548n15, 594 capital account in, 594 capital controls in, 593–594, 601n11 catch-up industrialization in, 399 Chinese yuan and, 662, 687 creative industries in, 467 currency valuation issues in, 307, 543, 598, 618, 620, 662 current account in, 606–607 demographic trends in, 147, 157 dependency ratios in, 157, 159 domestic politics in, 325 economic competitiveness of, 499 economic growth in, 2, 147, 170, 191, 247–248, 367–368, 592 education in, 150, 152–153, 155, 158, 191, 512–516, 518 equity prices in, 28, 667, 671 exports by category from, 339 fiscal balance in, 232–233, 235–240 food subsidies in, 251 foreign exchange issues in, 540–541 Global Financial Crisis in, 354, 577 government debt and, 235–238 government expenditure in, 243–244, 251 government revenue in, 241–242, 251 income levels in, 170, 449 increased output per worker in, 191 inflation in, 245–246 innovation in, 492–493, 497–498, 506–510, 512 interest rate growth differentials in, 249 interest rates in, 28, 665–666, 669–670, 672 labor in-migration and, 105, 108, 114–116 labor out-migration and, 109, 162 literacy rates in, 152 migration data from, 107 MNCs and, 294 natural disasters in, 86 patents in, 510 physical capital’s contribution to economic growth in, 191 production networks and network trade in, 302, 335–336, 341–345, 348 R&D spending in, 506–507 oxfordhb-9780199751990-Index.indd 725 725 sovereign wealth fund in, 687 tariffs in, 322 taxes in, 251 technology absorption in, 509 timber industry in, 44 total factor productivity growth in, 191 trade agreements and, 315, 321, 325–326 trade patterns in, 323, 337–338, 342–345, 354, 365–368, 431–433, 500 Maldives, 11, 220–221 Mantega, Guido, 597 Marcos, Ferdinand, 114 markets, failures and imperfections in, 25–26, 443–444 Marshall, Alfred, 207 Marshall Islands brain drain in, 162 economic performance in, 204 fiscal deficit in, 204 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199, 202, 205 labor force participation in, 218 population of, 199–200 poverty and inequality in, 205 size of, 199 Mauritius, 11, 220, 223–224, 577 Mead Johnson, 295 Mexico See also NAFTA creative industries in, 468–470, 475 dependency ratios in, 159 disaster preparedness in, 93–94 ecological changes in, 43 economic growth in, 170, 192, 368 education in, 150, 152–153, 155, 158, 192 financial crisis (1994) in, 545, 565 G20 and, 271 Global Financial Crisis in, 357, 577–578 global trade and, 179 governance in, 183 income levels in, 170, 449 increased output per worker in, 192 labor out-migration and, 114, 117, 120, 162 literacy rates in, 152 living standards in, 50 MNCs and, 294 natural disasters in, 82, 86, 92 Pacific Alliance and, 15 10/25/2013 3:52:00 PM 726 SUBJECT INDEX Mexico (Cont.) physical capital’s contribution to economic growth in, 192 production networks and network trade in, 302, 344–345 services sector in, 424 total factor productivity in, 192 trade agreements and, 317, 326, 328 trade dependence and, 16 trade patterns in, 357, 365–366, 368–373, 376, 378–381 Micronesia fiscal deficit in, 204 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199, 202, 205 inflation in, 204 labor force participation in, 218 migration data from, 107–108 population of, 199 poverty and inequality in, 205 size of, 199 Middle East See also specific countries Arab migration in, 113 economic growth in, 194 food imports in, 51 Gulf Cooperation Council countries and, 108, 111–113 infrastructure in, 66 infrastructure projects in, 112 labor in-migration and, 7, 105, 108, 111–113, 120, 202 labor policies in, 113 migration See labor migration Miyamoto, Shigeru, 472 Miyazaki, Hayao, 472 MNCs (multinational corporations) See also under specific countries in energy sector, 417 export promotion and, 416 in financial services, 417, 420–422, 425 foreign direct investment and, 18, 416–417, 423, 425, 428–429, 434–435 geoeconomic-geopolitical tension and, 292–297 global expansion of, 415–416, 434 impact on trade patterns from, 416 increased globalization and, 415, 420–421 oxfordhb-9780199751990-Index.indd 726 innovation and, 508 in manufacturing, 417, 420–421, 423, 425, 437 in natural resources, 420–421, 425 in public facilities, 420–421, 425 R&D spending by, 295–296 regional economic integration and, 415 in service sectors, 420–421, 423–425 technology companies and, 294 trade patterns and, 19 world’s largest, 416–425, 436–437 monetary independence index (MI) See under trilemma Mongolia demographic trends in, 129–130, 136–138 dependency ratios in, 129–130, 136–138 economic growth in, 247–248 education in, 516 fiscal balance in, 232–233, 235–236 government debt and, 235–236 government expenditure in, 243–244 government revenue in, 241–242 inflation in, 245–246 interest rate growth differentials in, 249, 253 Moo-hyun, Rho, 321 Multi-Fiber Agreement (1982), 224 multinational enterprises (MNEs) See MNCs Myanmar catch-up industrialization in, 408 economic growth in, 247–248 fiscal balance in, 232–233, 235–236 government debt and, 235–236 government expenditure in, 243–244 government revenue in, 241–242 inflation in, 245–246 interest rate growth differentials in, 249, 253 labor out-migration and, 108 natural disasters in, 89 trade agreements and, 315 NAFTA (North American Free Trade Agreement) exports by category from, 339 intra-industry trade and, 378 production networks and network trade in, 336, 342 as trade bloc, 19, 369, 372, 430–432, 434–435 10/25/2013 3:52:00 PM SUBJECT INDEX trade patterns in, 337–338, 342–345, 349–351, 372 Naidu, N Chandrababu, 408 National Semiconductors, 340–341 National Transfer Accounts (NTA) See under demographic trends natural disasters See also specific disasters capital flows and, 94–95 catastrophic risk (CAT) bonds and, 96–97 climate change and, 5–6, 82, 87–88 deaths from, 84–86, 89–90 developing countries and, 83, 89, 92 direct versus indirect damages from, 83, 89–91 early-warning systems and, 6, 89, 96 earthquakes and, 84–86, 88 economic costs of, 5, 83–85, 89–95 Emergency Events Database (EM-DAT) on, 83–84 fiscal impacts of, 93–94 floods and, 84–86, 88 foreign aid and, 91, 94 impact on economic growth from, 92–93 impact on household expenditures and, 91–92 infrastructure damage and, 83–84, 90–91 insurance coverage and, international impacts of, 94–95 inter-regional transfers and, 91 long-run impacts of, 92–93 mitigation and preparedness policies for, 89–91, 93–96 out-migration and, 6, 93, 95 politicians and, 90, 94 poverty and, 90 reinvestment opportunities and, 5–6, 95 short-run impacts of, 91–92 storms and, 86 natural resources See also factor endowments Columbian Exchange and, 37–38, 49 competition for, 40–41 conservation and, 47–48 environmentalists and, 45–47 equilibria notions and, 49–50 Kuznets curve and, 48 medical applications for, 39 MNCs and, 420–421, 425 non-renewable forms of, 3, 35 optimism regarding, 36, 46–47, 49 oxfordhb-9780199751990-Index.indd 727 727 overexploitation of, 42 Pacific Rim and, 1, 3, 35–42 pessimism about, 49–50 renewable forms of, 3, 35 Nauru brain drain in, 156, 163 GDP data from, 199 population of, 199 size of, 199 neodymium magnets, 293 Nepal economic growth in, 247–248 fiscal balance in, 232–233, 235–236 government debt and, 235–236 government expenditure in, 243–244 government revenue in, 241–242, 251 inflation in, 245–246 interest rate growth differentials in, 249 international trade and, 251 labor out-migration and, 112 taxes in, 251 Netherlands foreign direct investment and, 428 manufacturing sector in, 423 MNCs and, 294, 418–419, 423–424, 436 science and engineering in, 298 services sector in, 424 trade patterns in, 365 network trade See also production networks decoupling thesis and, 348 in information and communications technology, 346–347, 405–406 in manufacturing, 344–345 product categories and, 335, 340, 346 products versus components in, 335–336, 341–346, 357, 434 New Orleans (Louisiana), 93 new structural economics See under PICs New Zealand agriculture and, 43 ASEAN and, 276 Australia and, 36 dependency ratios in, 159 ecological changes in, 40 economic growth in, 170, 190, 368 education in, 151, 155, 158, 190 foreign aid and, 201 greenhouse gas emissions and, 64 10/25/2013 3:52:00 PM 728 SUBJECT INDEX New Zealand (Cont.) income levels in, 9, 170, 449 increased output per worker in, 190 labor in-migration and, 7, 108, 156, 202 labor out-migration, 163 living standards in, 50 Maori in, 40 natural disasters in, 84, 86 “neo-Europes” in, physical capital’s contribution to economic growth in, 190 total factor productivity in, 190 trade agreements and, 315, 321 trade patterns in, 324, 366, 368, 371 Trans-Pacific Partnership and, 276 Nicaragua brain drain in, 163 dependency ratios in, 159 economic growth in, 170, 192 education in, 155, 158, 192 human capital in, income levels in, 170 increased output per worker in, 192 literacy rates in, 152–153 natural disasters in, 82, 86 physical capital’s contribution to economic growth in, 192 total factor productivity in, 192 Niue, 199 Noda, Yoshihiko, 327 North Pacific Gyre, 43 Norway, 419, 428–429 Obama, Barack, 284 Oil Price Shocks (1973–1974), 592 Oman, 112–113 Pacific Alliance, 15 Pacific Asia See ASEAN East Asia Pacific Island Countries See PICs Pacific Rim regions, early history of ecological changes in, 40, 42–44, 49–50 European presence and, 35–41 Pacific Tsunami Warning System, 96 Pakistan demographic trends in, 130, 136 trade agreements and, 321, 325 oxfordhb-9780199751990-Index.indd 728 Palau agriculture in, 213–214 brain drain in, 163 economic performance in, 204 fiscal deficit in, 204 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199, 202, 205 inflation in, 204 labor force participation in, 218 manufacturing in, 213–214 population of, 199 poverty and inequality in, 205 services sector in, 213–214 size of, 199 trade balance in, 202 Palestinian Territories, 106, 112 Panama dependency ratios in, 159, 161 economic growth in, 170, 193 education in, 152–153, 155, 158, 161, 193 income levels in, 170, 449 increased output per worker in, 193 labor out-migration from, 163 literacy rates in, 152 natural disasters in, 86 physical capital’s contribution to economic growth in, 193 total factor productivity, 193 Papua New Guinea agriculture in, 213–214, 217, 220 brain drain in, 156, 163 commodity price fluctuation and, 203 economic growth and, 10 economic growth in, 203 fishing in, 221 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199–200, 202, 205 human capital in, inflation in, 204 labor force participation in, 218 literacy rates in, 152–153 manufacturing in, 212–214, 225 mining in, 202–203, 212, 214, 221 natural disasters in, 86 natural gas and petroleum in, 212, 214 population of, 198–200, 223 10/25/2013 3:52:00 PM SUBJECT INDEX poverty and inequality in, 205 remittances in, 216 resource exploitation in, 51 services sector in, 213–214 size of, 199–200 timber exports from, 44 trade balances in, 201–202 trade patterns in, 366, 368 Park Geun-hye, 325 Peru dependency ratios in, 159 ecological changes in, 43 economic growth in, 170, 193, 368 education in, 152–153, 155, 158, 193 Global Financial Crisis in, 577–578 guano from, 41, 46–47 income levels in, 170 increased output per worker in, 193 Japanese migration to, 111 labor out-migration from, 163 literacy rates in, 152 natural disasters in, 85–86 Pacific Alliance and, 15 physical capital’s contribution to economic growth in, 193 total factor productivity, 193 trade agreements and, 326 trade patterns in, 365–366, 368 Philippines Asian Financial Crisis and, 23, 538, 540–541 capital controls in, 593, 598 capital flows and, 597, 599 catch-up industrialization in, 399 creative industries in, 467, 476, 478, 480 currency valuation issues in, 598, 618, 620 deforestation in, 44 demographic trends in, 132–133, 157 dependency ratios in, 157, 159, 161 economic competitiveness of, 499 economic growth in, 170, 191, 247–248, 368, 592 education in, 152–153, 155, 158, 161, 191, 513–518 exchange rates in, 600 exports by category from, 339 fiscal balance in, 232–233, 235–240 food subsidies in, 251 foreign exchange issues in, 540 oxfordhb-9780199751990-Index.indd 729 729 Global Financial Crisis in, 354, 577, 599–600 government debt and, 235–238 government expenditure in, 243–244 government revenue in, 241–242 income levels in, 170 increased output per worker in, 191 inflation in, 245–246 innovation in, 493, 498, 506–510, 512 interest rate growth differentials in, 249, 253 international trade and, 251 Japanese landholdings in, 51 labor out-migration and, 6–7, 109–110, 113–118, 120, 163 literacy rates in, 152 living standards in, 50 natural disasters in, 82, 85–86, 89 patents in, 510 pearl farming in, 47 Philippine Overseas Employment Administration (POEA) in, 114–115 physical capital’s contribution to economic growth in, 191 production networks and network trade and, 336, 341–345, 348 R&D spending in, 506–507 Republic Act 8042 and, 115 technology absorption in, 509 timber exports from, 44 total factor productivity growth in, 191 trade agreements and, 315 trade patterns in, 323, 337–338, 342–345, 354, 366, 368, 500 United States and, PICs (Pacific Island Countries) See also specific countries agriculture and fisheries in, 199–200, 213– 214, 217, 219–221, 224 climate change and, 76 commodity price fluctuation and, 202–203 comparative advantage and, 11, 212, 224 current accounts in, 203–204 demographic trends in, 221 economic features of, 200–201 economic growth in, 10–11 export processing zones in, 223 factor endowments and, 11, 199–202, 206, 213–219 fiscal deficits in, 204 10/25/2013 3:52:00 PM 730 SUBJECT INDEX PICs (Pacific Island Countries) (Cont.) foreign aid dependence and, 11 foreign aid in, 201, 217–218, 222 foreign direct investment and, 217–218, 223 foreign exchange in, 223 GDP data from, 199–200, 202, 205 geographic isolation of, 199–201, 203, 206, 216–217, 219, 223 Growth Identification and Facilitation (GIF) framework proposal regarding, 211–213, 221 human capital in, 224–225 inflation in, 204 infrastructure in, 206, 221 labor forces in, 217–219, 223–224 labor out-migration and, 221–222 light manufacturing in, 11, 201, 213–215, 219, 222–225 macroeconomic performance in, 203–204 migratory pressure in, 76 mining (and petroleum) in, 202, 212, 214, 219, 224 natural disasters in, 200, 204, 223 natural resource dependence and, 11 new structural economic analysis of, 198–199, 206, 219, 225 population data from, 199–200 poverty and inequality in, 205–206 public sectors in, 201 remittances in, 199, 202, 215–216, 219, 221–222 service sectors in, 201, 213, 215, 219 similarities among, 199, 201–203 strategies for sustained development in, 219–225 tourism in, 11, 204, 206, 215, 221 trade balances in, 201–202 traditional economic analysis of, 199, 206–207 water issues in, 72 poaching, 45 Poland, 294, 298, 578 Portugal, 428–429 production networks See also under specific countries catch-up industrialization and, 401–404, 408–410 oxfordhb-9780199751990-Index.indd 730 China’s role in, 16, 290–291, 299–300, 302–304, 307, 334, 346–347 comparative advantage and, 334, 340, 347, 352 compared to flying geese model of development, 352, 409 Comtrade data on, 333–335 creative industries and, 21, 480 East Asia in comparative perspective, 336, 340 economic growth patterns and, 352–353 foreign direct investment and, 18, 401–403 geoeconomics-geopolitics tension and, 290, 299–303 geographic proximity and, 302–303, 404 during Global Financial Crisis, 353–354 impact of mechanization on, 309 innovation and, 405, 407 knowledge and technology transfer from, 302, 408 MNCs and, 299–302 natural disasters’ impact on, 94–96 network trade and, 15, 333–335 outward processing trade [OPT] data on, 334 regional economic integration and, 299, 305, 307, 316–318, 347–351, 358, 402–404 for semiconductors, 340–341 trade agreements and, 277, 325 trade-investment-services nexus and, 301, 303 trade patterns and, 15, 340–345 vertical integration and, 353 vertical specialization in, 353, 402–403 production sharing See production networks productivity See total factor productivity Qatar, 105, 112, 422 Ramos, Fidel, 114 rebalancing See under global imbalances Regional Comprehensive Economic Partnership (RCEP), 265, 276 renminbi See Chinese yuan Renminbi Bloc, 306–308 Republic of Korea See South Korea 10/25/2013 3:52:00 PM SUBJECT INDEX research and development (R&D) spending See under specific countries Ring of Fire, 82, 97n2 risk moral hazard and, 60–61, 96 Samaritan’s dilemma and, 95–96 Russia demographic trends in, 148 dependency ratios in, 159–160 economic growth in, 367–368 education in, 151–152, 155, 158, 161 Far East regions of, 45, 47, 51 fishing in, 47 G20 and, 271 Global Financial Crisis in, 577 greenhouse gas emissions in, 64 human capital in, 148 infrastructure in, 66 labor out-migration from, 163 literacy rates in, 152 MNCs and, 294, 418–419 natural disasters in, 86 Pacific Rim exploration and, 36, 39 poaching in, 45 resource exploitation in, 51 science and engineering in, 298 trade patterns in, 366–368 WTO and, 274 Sakaguchi, Hironobu, 472 Samoa agriculture in, 213–214 brain drain in, 156, 163 economic growth in, 203 economic reform in, 203 foreign aid in, 218 foreign direct investment in, 215, 218 GDP data from, 199–200, 202, 205 inflation in, 204 labor force participation in, 218 literacy rates in, 152 manufacturing in, 213–214, 225 population of, 199 poverty and inequality in, 205 remittances in, 215–216 services sector in, 213–214 size of, 199 San Francisco (California), 59 oxfordhb-9780199751990-Index.indd 731 731 San Francisco Earthquake (1906), 6, 94 Saudi Arabia energy sector in, 430–431 labor in-migration and, 112 trade patterns in, 370–371, 385, 430–431 “second great unbundling” of globalization, 300–301 Second Life, 471, 483 sentinel commodities, 65–66 Seychelles, 220–221 Shanghai Cooperation Organization, 282 Shanmugaratnam, Tharman, 109 Shenzhen (China), 119 Shinawatra, Thaksin, 320 Sichuan earthquake (China, 2008), 91 Silicon Valley, 471, 520 Singapore Asian Financial Crisis and, 538, 549 brain drain reversal in, 156 capital account in, 598 capital controls in, 593 capital stock growth rate in, 137, 139 catch-up industrialization in, 398 China and, 307 Chinese yuan offshore market in, 693 creative industries in, 21, 467–470, 474–475, 481 currency in, 307 currency valuation issues in, 618, 620 current account in, 607, 643, 647–648 demographic trends in, 127, 129–130, 135–137, 139–140, 147 dependency ratios in, 129–130, 135–137, 140, 160 domestic politics and, 319 economic competitiveness of, 499 economic growth in, 147, 170, 191, 247–248, 367–368, 537–538, 592 education in, 150–153, 155, 158, 191, 464, 512–515, 518 exports by category from, 339–340 fertility rates in, 127 as financial and trade hub, financial services sector in, 422 fiscal balance in, 231–240, 251 foreign direct investment and, 429 G20 and, 273 10/25/2013 3:52:00 PM 732 SUBJECT INDEX Singapore (Cont.) Global Financial Crisis in, 354, 577–578 governance in, 183 government debt and, 235–238 government expenditure in, 243–244, 251 government revenue in, 241–242, 251 greenhouse gas emissions in, 64 income levels in, 2, 170, 449 increased output per worker in, 191 industrial policy in, 475 inflation in, 245–246 innovation in, 492–493, 497–498, 506–510, 512, 520, 522 interest rate growth differentials in, 249, 253 international trade and finance in, 265–266 labor in-migration and, 6, 105, 109, 114, 120, 121n4, 156 labor out-migration from, 163 literacy rates in, 152 manufacturing sector in, 423 migration and citizenship policies in, 109 migration data from, 107 MNCs and, 422–423 patents in, 510 physical capital’s contribution to economic growth in, 191 production networks and network trade and, 336, 340–345, 348 R&D spending in, 406, 506–507 sovereign wealth fund in, 251 technology absorption in, 509 total factor productivity growth in, 191 trade agreements and, 315, 317, 319, 321, 326 trade patterns in, 337–338, 342–345, 354, 364–368, 370, 431–433, 500 Trans-Pacific Partnership and, 276 WTO and, 275 Slovakia, 577–578 Smith, Adam, 61, 207 Solomon Islands agriculture in, 213–214 brain drain in, 163 economic growth in, 203 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199–200, 202, 205 oxfordhb-9780199751990-Index.indd 732 inflation in, 204 labor force participation in, 218 literacy rates in, 152–153 manufacturing in, 213–214 mining in, 203, 214 population of, 199–200, 223 poverty and inequality in, 205 public sector in, 201 remittances in, 216 services sector in, 213–214 size of, 199 timber exports from, 44 trade balance in, 201 South Africa China and, 307 climate change and, 284 currency valuation issues in, 598 infrastructure in, 66 MNCs and, 294, 418, 424 services sector in, 424 timber industry in, 45 South America See Latin America South Asia See also specific countries demographic trends in, 130 economic growth in, 194 exports by category from, 339–340 food imports in, 70 poaching in, 45 production networks and network trade and, 336, 342–345 trade patterns in, 337–338, 342–345 urbanization in, 107, 118 Southeast Asia See ASEAN South Korea agriculture in, 387–388 ASEAN and, 26, 275–276, 316, 612–613 Asian Financial Crisis and, 23, 442, 444, 460, 538, 540–545, 548–549 auto industry in, 505 automobiles in, 66 brain drain reversal in, 156 capital controls in, 593, 597–598 capital flows and, 597, 599 capital stock growth rate in, 137, 139 catch-up industrialization in, 398, 403 chaebols in, 403, 542, 548n18 Chiang Mai Initiative Multilateralization and, 280 10/25/2013 3:52:00 PM SUBJECT INDEX China and, 17, 264, 270, 277, 292, 305, 307, 317, 327, 382–389, 433, 672–677 climate change and, 284 computer gaming industry in, 474, 476–477, 479, 482 creative industries in, 21, 467, 470, 474, 476–477, 479 currency valuation issues in, 307, 544, 598, 612, 618–620 current account in, 606–607, 646 demographic trends in, 127–130, 135–137, 139–140, 147 dependency ratios in, 129–130, 135–137, 140, 160 domestic politics in, 318–319, 325, 542 economic competitiveness of, 499 economic growth in, 1, 147, 170, 191, 247–248, 383–384, 537–538, 542, 545 education in, 152–153, 155, 158, 191, 512–518 Employment Permit System in, 112 equity prices in, 28, 667, 671, 676–677 exchange rates in, 600 exports by category from, 339–340, 385–388 fertility rates in, 127 financial services sector in, 422 fiscal and monetary policies in, 542, 544 fiscal balance in, 231–240 food imports in, 50, 70 foreign direct investment and, 277 foreign exchange issues in, 540 foreign land acquisition by, 50 G20 and, 271, 273 Global Financial Crisis in, 354–356, 577, 599–600 governance in, 183 government debt and, 235–238 government expenditure in, 243–244, 251 government revenue in, 241–242 greenhouse gas emissions in, 64 income levels in, 2, 170 increased output per worker in, 191 industrial policy in, 18, 20, 398–399, 403, 442, 444, 459–460, 481, 641 inflation in, 245–246 information and communications technology in, 406 information technology sector in, 474 infrastructure in, 111 oxfordhb-9780199751990-Index.indd 733 733 innovation in, 405–406, 492–495, 505–510, 522 interest rate growth differentials in, 249, 253 interest rates in, 28, 666, 669–670, 672–675 Japan and, 17, 264, 270, 277, 327, 382–389 labor in-migration and, 109–112, 114–115, 120 labor out-migration and, 111 life expectancy in, 128 literacy rates in, 152 manufacturing in, 387–388 manufacturing sector in, 423 migration and citizenship policy in, 112 migration data from, 107 MNCs and, 19, 294, 417–419, 421–424, 437 natural disasters in, 84, 86 patents in, 297, 509–510 physical capital’s contribution to economic growth in, 191 pollution in, 283 preferential trade agreements and, 15 production networks and network trade and, 336, 342–345 R&D spending in, 406, 506–507 regional diplomacy and, 266 regional trade and, 300 science and engineering in, 298 services sector in, 423–424 taxes in, 251 technology absorption in, 508–509 timber industry firms in, 44 total factor productivity growth in, 191, 446 trade agreements and, 277, 315, 317, 321, 324–325 trade patterns in, 337–338, 342–345, 349, 354–356, 364–366, 370–371, 382, 384–390, 429, 431–433, 500 WTO and, 275 sovereign wealth funds, 94, 282 Spain financial services sector in, 422 foreign direct investment and, 428–429 income levels in, 449 MNCs and, 418–419, 422, 424 science and engineering in, 298 services sector in, 424 trade patterns in, 370 10/25/2013 3:52:00 PM 734 SUBJECT INDEX Sri Lanka, 577 supply chains See production networks Sweden financial services sector in, 422 foreign direct investment and, 428–429 manufacturing sector in, 423 MNCs and, 294, 418–419, 422–423 science and engineering in, 298 Switzerland financial services sector in, 421–422 foreign direct investment and, 428–429 manufacturing sector in, 423 MNCs and, 418–419, 421–424, 429 science and engineering in, 298 services sector in, 424 Taiwan Asian Financial Crisis and, 23, 442, 444, 460, 538, 540–541, 543, 549 brain drain reversal and, 156 catch-up industrialization in, 398–399 chemical sector in, 455–456 China and, 292, 307 computer gaming industry in, 473 Council of Labor Affairs (COLA) in, 110 creative industries in, 469–470, 472–473, 472–474 credit policies in, 444, 460 currency valuation issues in, 307, 598, 662 demographic trends in, 127–128, 147 domestic politics in, 319 economic competitiveness of, 499 economic growth in, 1, 23, 147, 170, 191, 247–248, 368, 537–538, 592 education in, 191, 454, 459, 513–515, 517 equity prices in, 28, 667, 671 exports by category from, 339–340 fertility rates in, 127–128 film industry in, 472 financial services sector in, 422 food imports in, 70 foreign direct investment and, 429, 454 foreign exchange issues in, 540 Global Financial Crisis in, 354–356 governance in, 183 human capital in, 20 import restrictions and, 444 oxfordhb-9780199751990-Index.indd 734 income levels in, 170, 449 increased output per worker in, 191 industrial policy in, 19–20, 442, 445–460 information and communications technology in, 446 information technology in, 505 innovation in, 405, 407, 492–495, 497–498, 505, 509–511, 522 interest rates in, 28, 666, 668–670, 672 labor in-migration and, 105, 109–110, 114–115 labor markets in, 446 labor out-migration and, 163 macroeconomic policies in, 459 manufacturing sector in, 423, 454–456, 458–459 MNCs and, 19, 417–419, 421–423, 454 natural disasters in, 86 patents in, 509–510 physical capital’s contribution to economic growth in, 191 production networks and network trade and, 336, 342–345, 348, 402, 407 R&D in, 406, 443, 446 science and engineering in, 298 spillover effects from industrial policy in, 455–458 tariffs in, 444 total factor productivity growth in, 20, 191, 445–452, 454, 459 trade agreements and, 315, 317, 319 trade patterns in, 337–338, 342–345, 349, 354–356, 366, 368, 373, 424, 431–433, 500 value added by sector in, 448–450, 452 WTO and, 275 taxes, 12, 239, 251, 284 technology catch-up industrialization and, 398, 400–401, 403–404, 407–408, 410, 433, 435 creative industries and, 21, 465–466, 468, 473, 475, 477, 480, 482–484 endogenous growth models and, 92 industrial policy and, 442–443, 445, 447–448, 453–454, 457, 459–460 innovation and, 2, 490–492, 494–495, 497, 507–513, 518–519, 521–522 production networks and network trade and, 341, 346–347, 352–353 10/25/2013 3:52:00 PM SUBJECT INDEX Texas Instruments, 294, 340–341 Thailand Asian Financial Crisis and, 23, 234, 442, 540–545, 594 capital controls in, 593, 597 capital flows and, 597–598, 599 capital stock growth rate in, 137, 139 catch-up industrialization in, 399 China and, 307 climate change and, 77 creative industries in, 469–470, 474 currency valuation issues in, 307, 542, 544, 594, 598 current account in, 606–607 demographic trends in, 127, 129–130, 132–133, 135–136, 139–140, 147 dependency ratios in, 129–130, 135–136, 140, 159 domestic politics in, 320 economic competitiveness of, 499 economic growth in, 147, 170, 191, 247–248, 368, 545, 592 education in, 152–153, 155, 158, 161, 191, 512, 514–518 exchange rates in, 600 exports by category from, 339 fertility rates in, 127 fiscal balance in, 232–240 foreign exchange issues in, 540–541 Global Financial Crisis in, 354, 599–600 government debt and, 235–238 government expenditure in, 243–244 government revenue in, 241–242, 251 income levels in, 170 increased output per worker in, 191 inflation in, 245–246 innovation in, 493, 498, 506–510, 512 interest rate growth differentials in, 249 labor in-migration and, 108 labor out-migration and, 110, 163 literacy rates in, 152 manufacturing sector in, 423 MNCs and, 294 natural disasters in, 94, 97 patents in, 510 physical capital’s contribution to economic growth in, 191 oxfordhb-9780199751990-Index.indd 735 735 pollution in, 283 production networks and network trade and, 302, 336, 341–345 R&D spending in, 506–507 taxes in, 251 technology absorption in, 509 total factor productivity growth in, 191 trade agreements and, 315, 320, 326 trade patterns in, 323–324, 337–338, 342–345, 354, 366, 368, 370–371, 431, 500 Tohuku (Japan) earthquake and tsunami (2011), 82–84, 93–94, 96 Tonga agriculture in, 213–214 brain drain in, 156, 163 economic growth in, 204 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199, 202, 205 inflation in, 204 labor force participation in, 218 literacy rates in, 152 manufacturing in, 213–214 population of, 199 poverty and inequality in, 205 remittances in, 215–216 services sector in, 213–214 size of, 199 trade balance in, 202 total factor productivity economical growth and, 174–177, 187, 190–194 industrial policy and, 20, 445–451, 459 trade agreements See also specific agreements club theory and, 268 domestic political factors and, 318–324, 326, 328 in East Asia, 314–317, 319–320, 326–328 economic growth and, 264 floating exchange rates’ impact on, 327 foreign direct investment and, 325–326 investor protection and, 277 listed by country, 315 market-driven nature of, 14, 314 negotiations toward, 265, 274 next generation of, 324–327 overlap among, 270, 276 10/25/2013 3:52:00 PM 736 SUBJECT INDEX trade agreements (Cont.) political economy literature on, 318–320 regional forms of, 268–269, 272, 275–276, 303 security considerations and, 320 trade-investment-service nexus and, 325 trade patterns See also under specific countries comparative advantage and, 385–386, 388 competition and, 17 currency internationalization and, 27 in East Asia, 15–16, 306, 316 economic growth and, 367–369 in food products, 50–51, 68 foreign direct investment and, 18 intra-industry trade and, 376–382, 385–386 MNCs’ impact on, 416 network trade and, 15 production networks and, 16, 333, 336, 340, 352 regional blocs and, 426–427, 430–435 trade dependence and, 366 trade interdependence and, 369–373 trade performance and, 364–367 WTO and, 274 Trans-Pacific Partnerships (TPP), 15, 272, 276–277, 325–327 Triffin Dilemma, 595 Trilateral Summit, 327 trilemma capital controls index (KAOPEN) and, 555–566, 572–575, 581 developing countries and, 555–563, 565–566, 569–570, 572, 574, 579 in East and Southeast Asia, 557–558, 574 emerging market economies and, 555–558, 565–570, 572–573, 575–577, 579 European Exchange Rate Mechanism (ERM) countries and, 560–561, 565 exchange rate stability goal and, 24, 552–566, 572–575, 579 exchange rate stability index (ERS) and, 555–566, 572–575, 580–581 financial openness goal and, 24, 552–567, 569–575, 577–579 foreign exchange reserves and, 557, 570–580 Global Financial Crisis and, 567–568, 577–580 oxfordhb-9780199751990-Index.indd 736 hypothesis of, 553–555, 578–579 industrialized countries and, 555–556, 560–563, 565, 572–573, 579 in Latin America, 557–559, 572, 575 monetary independence goal and, 24, 552–566, 572–575, 579 monetary independence index (MI) and, 555–566, 572–575, 580 policy convergence and, 553, 564–577, 579 quadrilemma possibility and, 570–578 relationship between indices of, 560–564 special drawing rights (SDRs) and, 552 Tunisia, 577 Turkey, 298, 307, 449 Tuvalu brain drain in, 156, 163 economic growth in, 204 fiscal deficit in, 204 GDP data from, 199, 202 inflation in, 204 labor force participation in, 218 population of, 199 poverty and inequality in, 205 size of, 199 trade balance in, 201 Typhoon Nargis (Myanmar, 2008), 89 United Arab Emirates, 112–113, 370–371, 385, 422 United Kingdom capital account in, 590 capital controls in, 593 China and, 279, 282 Chinese yuan offshore market proposal in, 693 current account in, 611, 629, 637, 643–644 education in, 518 financial services sector in, 421–422 innovation in, 520 international trade and, 41, 46–47 manufacturing sector in, 423 MNCs and, 294, 417–419, 421–424, 436 science and engineering in, 298, 517–518 services sector in, 424 trade patterns in, 364–365, 369–370 United Nations climate change and, 272, 284 on creative industries, 465, 467 10/25/2013 3:52:00 PM SUBJECT INDEX currency reserve issues and, 280 governance in, 269 United States agriculture in, 375 APEC and, 362 Asian regional security and, 264–265 automobiles in, 66 capital account in, 590, 594–596 capital controls in, 593 capital flows and, 610 China and, 1–2, 29, 265, 270, 276–277, 279, 282, 285, 291–292, 305, 308, 401 climate change and, 77, 284 creative industries in, 21, 467–471, 476, 480 current account deficit in, 25, 605–607, 609–612, 625–631, 636–638, 643–644, 648–649, 651 demographic trends in, 14, 148, 309 dependency ratios in, 159 ecological changes in, 43 economic growth in, 50, 170, 190, 368, 592 education in, 151, 155, 158, 190, 296, 514–515, 518 equity prices in, 28, 671–672, 676–677 exports by category from, 374–375 financial services sector in, 422, 595 fiscal and monetary policy in, 552, 595–597, 605, 610, 648–649 fiscal deficits in, 26, 605–606, 610, 612, 627–628, 648 fishing in, 36–37 foreign aid and, 201 foreign direct investment and, 180, 403, 428, 433 G20 and, 271 global economic governance and, 13, 261–262, 267–268, 274, 278 Global Financial Crisis, 263, 271, 355–357, 552, 595, 605–607, 609–612, 621 greenhouse gas emissions and, 5, 62, 64 income levels in, 2, 9, 170 increased output per worker in, 190 India and, 270 information and communications technology in, 405–406, 471, 505 information and communications technology investment bubble (1990s) in, 609–610 oxfordhb-9780199751990-Index.indd 737 737 innovation in, 405, 495, 499–501, 505, 509–510, 520, 522 interest rates in, 669–670, 673–675 labor in-migration and, 7, 105, 108, 114, 120, 156 labor out-migration from, 163 manufacturing in, 374–375, 423 MNCs and, 19, 294, 308, 416–419, 421–424, 436–437 natural disasters in, 84–86, 93–94, 96 natural resources in, 42 patents in, 297 physical capital’s contribution to economic growth in, 190 reserve currency issues and, 280, 307 savings rate in, 610 science and engineering in, 298, 517–518 sea-level rise and, 75 services sector in, 424 shale gas revolution in, 308–309 subprime mortgage crisis (2007) in, 591, 595, 605, 609–610 timber trade in, 41 total factor productivity growth in, 190, 500–501 trade agreements and, 275, 320–321, 325–327 trade patterns in, 17, 179, 356–357, 364–366, 368–376, 378–382, 384–385, 389 Trans-Pacific Partnership and, 15, 276, 278, 325–326 Washington Consensus and, 308 United States dollar, as international reserve currency, 26, 551–552, 595, 612, 682 Uruguay, 449, 578 Uruguay Round (WTO negotiations), 274, 317 US Committee on Foreign Investment (CFIUS), 277 Vancouver (Canada), 471 Vanuatu agriculture in, 213–214 economic growth in, 204 foreign aid in, 218 foreign direct investment in, 218 GDP data from, 199, 202, 205 inflation in, 204 labor force participation in, 218 labor out-migration and, 163 10/25/2013 3:52:00 PM 738 SUBJECT INDEX Vanuatu (Cont.) literacy rates in, 152 manufacturing in, 213–214 population of, 199–200 poverty and inequality in, 205 public sector in, 201 remittances in, 216 services sector in, 213–214 size of, 199 Vietnam agriculture in, 115 Bureau for Overseas Labor Management in, 115 catch-up industrialization in, 408 China and, 305 climate change and, 77 currency valuation issues in, 620, 662 dependency ratios in, 159, 161 economic growth in, 247–248, 250, 367–368 economic reform in, 115 education in, 149–150, 152–153, 155, 158, 160, 512–513, 515–516 endangered species in, 46 exports by category from, 339–340 fertility rates in, 148–149 fiscal balance in, 232–233, 235–236 G20 and, 273 Global Financial Crisis in, 354 government debt and, 235–236 government expenditure in, 243–244 government revenue in, 241–242 inflation in, 245–246 innovation in, 493, 506–508, 510, 512 interest rate growth differentials in, 249, 253 labor out-migration and, 7, 110, 112–116, 120, 163 literacy rates in, 152 MNCs and, 294 natural disasters in, 84, 86, 91 patents in, 510 oxfordhb-9780199751990-Index.indd 738 production networks and network trade and, 302, 336, 341–345 R&D spending in, 506–507 trade agreements and, 326 trade patterns in, 323, 337–338, 342–345, 354, 366–368 United States and, urban migration in, 115 Vietnam War and, 108, 115 WTO and, 274 Washington Consensus, 308 Western Asia, 106–107, 112 women, educational levels among, 8, 149, 153–155, 160–161 World Bank China and, 282 development finance and, 282 G20 and, 272 Global Financial Crisis and, 272 governance of, 263, 268–269, 282 World War II, 264 WTO (World Trade Organization) China and, 264, 274, 321 Doha Round of negotiations and, 265, 272, 274, 317 G20 and, 272 Global Financial Crisis and, 272 governance of, 268–269 Government Procurement Agreement and, 275 growth of, 268–269 Information Technology Agreement (1996), 314 Uruguay Round of negotiations and, 274,317 Xi Jingping, 266, 284 Zheng He, 37–38 Zhou Xiaochuan, 280, 682 Zhu Rongji, 321 10/25/2013 3:52:00 PM