Peter A. Petri - Böcker

International trade continues to expand robustly in East Asia and elsewhere, but global trade negotiations have collapsed and globalization is widely criticized. In this book, the participants of the thirtieth Pacific Trade and Development Conference—including the then-Director General of the World Trade Organization, and leading government officials, academics and executives from a dozen major Pacific Rim economies—debate whether global negotiations have ended once and for all, or are suffering temporarily from ‘globalization fatigue;’ whether East Asia’s new regional partnerships will advance or undermine the global trading system; and whether the region’s trade tensions with the United States will intensify or subside. They provide new empirical evidence on how trade affects the distribution of income, the location of pollution-intensive industries, the causes of ‘outsourcing,’ the structure of the intellectual property regime, and international security. And they probe the implications of adjustment to globalization: how can countries reap the benefits of trade while controlling the risks faced by the poor and, perhaps more importantly, the politically strong? Challenges to the Global Trading System is an invaluable resource for students and scholars of Asia-Pacific studies, international relations and development studies, as well as those with a more general interest in Asian studies.

This book examines, in rigorous, quantitative detail, the structure of trade between Japan and the United States, tracing the evolution of trade interdependence and the causes of its increasing intensity. It also looks at sectoral differences in interdependence—at the patterns behind changes in the composition of trade and the complex factors that determine how individual sectors of each economy respond to economic change in all the others.In the first part, the author designs and estimates a multicountry, multisectoral general equilibrium model. The model is operationalized with careful estimates of the parameters that govern demand, production, and trade in both economies. In the second part, the model is employed to explore various aspects of interdependence and commercial policy. Peter Petri's findings indicate, among other things, that the American and Japanese economies are more closely related than one might judge from the size of their trade. As a result of differences in the structures of the two economies, their interdependence is sharply asymmetric, with economic events in the United States having a greater impact on Japan than vice versa. The study also shows that the roots of bilateral conflict can be traced to structural causes, and suggests that recent structural changes may have increased the incentives for protectionism.

The structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the rapid transformation of the Asian economy, the challenges it faces, emerging regional solutions, and how Asia can play a more constructive role in the global economy.Asia is becoming not just the world’s factory, but also its leading creditor, and one of its key sources of dynamism and stability. Key questions are identified and addressed in three areas: Asia’s growth and productivity, financial stability, and regional economic integration. In each of these areas, the contributing authors evaluate current trends and the forces shaping the future. They consider whether the region’s progress is sustainable and what it will take to make it so. How is Asia reshaping its economy in response to the changing global landscape? More urgently, how can Asia weather the severe financial and economic storm originating from the global credit crisis? How will it extend its gains to people left behind? And how can it contribute to better governance and greater prosperity in the world economy? This book covers new ground by connecting theory, assembling detailed evidence on trends and challenges, and offering forward-looking policy prescriptions.This timely book will appeal to Asian economic policy-makers as well as postgraduate students interested in Asian economies, international economics and regional integration. Staff of international and regional organizations interested in Asian economies will also find this book invaluable.