Macroeconomics for Emerging East Asia

by Calla Wiemer

Overview

Macroeconomics for Emerging East Asia presents a distinctive approach to the study of macroeconomic theory and policy. The author develops a unique analytical framework that incorporates: (1) both internal and external balance as aspects of macroeconomic stability; (2) both the exchange rate and the interest rate as monetary policy instruments, (3) government debt sustainability as a concern of fiscal policy, and (4) global capital flows as a force to be reckoned with. The framework provides students with the foundational knowledge to analyze macroeconomic issues common to emerging economies. Concepts are illustrated using the latest empirical data and extensive case study analysis for thirteen economies of Northeast and Southeast Asia (Cambodia, China, Hong Kong, Indonesia, Korea, Laos, Myanmar, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam). The book's lucid exposition accommodates students of differing levels of preparation.

Product Details

ISBN-13:	9781009152532
Publisher:	Cambridge University Press
Publication date:	12/01/2022
Series:	Elements of Paleontology
Pages:	354
Product dimensions:	7.87(w) x 10.04(h) x 0.63(d)

About the Author

Calla Wiemer has taught at the University of Hawaii at Manoa, the University of the Philippines, the National University of Singapore, the KDI School of Public Policy and Management, and Claremont McKenna College. She was Editor-in-Chief of the Journal of Asian Economics from 2015 to 2020. As President of the American Committee on Asian Economic Studies, she moderates the Asia Economics Blog. She is bi-continental with homes in Los Angeles and Manila.

Table of Contents

1. Fitting macroeconomics to emerging East Asia; 2. Taking the measure of emerging East Asia; 3. Microeconomic fundamentals; 4. National income and product accounts; 5. Balance of payments accounts; 6. Money; 7. Finance; 8. Exchange rates; 9. Models of equilibrium and disequilibrium; 10. Business cycles; 11. Monetary policy; 12. Fiscal policy; 13. Policy for internal and external balance; 14. Macroprudential policy; 15. Crises; 16. Epilogue.

Editorial Reviews

‘Calla Wiemer has written a highly readable, accessible, and analytically rigorous volume that will be of great value to scholars and policymakers both in East Asia and for anybody with an interest in this fascinating, diverse, and dynamic region. Macroeconomics for Emerging East Asia is grounded in mainstream macroeconomic theory and practice. But the author is rightly at pains to emphasize that the standard US macro textbooks are generally written with the implicit assumption that economies enjoy the ‘exorbitant privilege’ of possessing an internationally accepted reserve currency, and that this framework needs to be modified for the East Asian economies. An attractive feature of the volume is its application to real-world policy issues and challenges. These range from the misleading allegation, frequently directed at China and some other East Asian economies, of ‘currency manipulation’, to the origins and management of recent economic crises such as those of 1997–98, 2008–9, and the current pandemic. Highly recommended.’ Hal Hill, H. W. Arndt Professor Emeritus of Southeast Asian Economies, Crawford School of Public Policy, Australian National University

‘This excellent work clearly explains the interplay of macroeconomics, international finance, and development in an important – yet not completely familiar – part of the world. The author, an expert long familiar with the region, compellingly lays out the models necessary for analysis, while deploying data that highlights how emerging East Asia differs from other regions in macro behavior and response to policies. This is sure to become the reference for this subject.’ Menzie Chinn, Professor of Public Affairs and Economics, University of Wisconsin–Madison

‘In Macroeconomics for Emerging East Asia, Calla Wiemer skillfully presents theoretical concepts and policy topics in a highly lucid manner. The liberal use of examples from East Asia makes it attractive both to intermediate economics majors and to advanced students in public policy, business, and area studies.’ Shinji Takagi, Distinguished Research Professor, Asian Growth Research Institute, and Professor Emeritus of Economics, Osaka University

From the Publisher