The Pacific Rim is a dynamic as well as diverse economic region, containing the world's three largest economies (US, China and Japan, measured by GDP at PPP). Many of the world's fasting growing and emerging market economies lie in this region. Trans-Pacific economic exchange, including trade and capital movements, has been an important driver of the world economy, contributing to growth as well as global imbalances. Within the Asia-Pacific region also, there has been an increase in trade and investment, as well as the development of value chain linkages through outsourcing and foreign direct investment. How to manage this economic integration and the vagaries of globalization, while supporting continued high growth has been an important theme of economic debate in the region. This Handbook will begin with institutional and historical perspectives, go on to consider various dimensions of economic policies, then examine the growth process and specific challenges to growth, and finally consider the key theme of regional economic integration in its many dimensions, including trade, investment, monetary coordination, crisis management and value networks.
