First published in 1998, this volume brings together contributions from leading economic analysts around the Pacific Basin, reporting on their research into three of the most important issues facing the region: trade, investment flows, and the environmental effects of economic growth. Each of these issues has important domestic and multilateral ramifications and the Pacific Basin's status as the world's most dynamic economic region makes this analysis relevant to policy makers and researchers in all countries. The collection is unusual in offering appraisals from economists representing the principal economies of the region. Among other contributions in the book are insights into the forces animating regional trade and investment, detailed assessment of leading East Asian economies such as those of China, Indonesia, Japan, Korea, and Singapore, and innovative research on economy-environment linkages.
• Collects expert opinion from around the Pacific region on its leading economic issues • Diverse analysis of Pacific Basin trade and investment • Was the first authoritative empirical analysis of Pacific Basin trade and environmental issues
Part I. Introduction and Overview: 1. Prelude to the Pacific century: overview of the region, leading issues, and methodology Hiro Lee and David Roland-Holst; Part II. US-Japan and Asian Trade Patterns: 2. Cooperative approaches to shifting comparative advantage: the case of bilateral trade between the United States and Japan Hiro Lee and David Roland-Holst; Comment Peter A. Petri; 3. Is there an Asian export model? Marcus Noland; Comment Albert Fishlow; Part III. Regional Trading: Arrangements in the Pacific Basin: 4. Should East Asia go regional? Arvind Panagariya; Comment Barry Eichengreen; 5. Political feasibility and empirical assessments of a Pacific free trade area Hiro Lee and David Roland-Holst; Comment Alain de Janvry; 6. Regionalism in the Pacific basin: strategic interest of ASEAN in APEC Tan Kong Yam; Comment Pearl Imada Iboshi; Part IV. Foreign Direct Investment: Determinants and Consequences: 7. The determinants of foreign direct investment: a survey with application to the United States Peter A. Petri and Michael G. Plummer; Comment Jeffrey H. Bergstrand; 8. Are trade and direct investment substitutes or complements? An analysis of the Japanese manufacturing industry Masahiro Kawai and Shujiro Urata; Comments Julia Lowell; 9. Korea's outward foreign direct investment and the division of labor in the Asia-Pacific Jai-Won Ryou; Comment Chung H. Lee; 10. China's absorption of foreign direct investment Shang-Jin Wei; Comment K. C. Fung; 11. The impact of foreign investment in Indonesia: historical trends and simulation analysis Iwan Azis; Comment William E. James; Part V. Trade Resources and the Environment: 12. Economic development and the environment in China Wang Huijiong and Li Shantong; Comment Mark Poffenberger; 13. Outward orientation and the environment in the Pacific Basin: coordinated trade and environmental policy reform in Mexico John Beghin, David Roland-Holst, and Dominique van der Mensbrugghe; Comment David Zilberman and Linda Fernandez.