Research in Asian Economic Studies
The 4 (Japan, Korea, China, India) plus 10 ( Myanmar, Laos, Cambodia, Vietnam, Brunei, Singapore, Thailand, Malaysia, The Philippines,Indonesia) model of the Asian economy has now been widely referred to. In 2006, at the Asian Summit in Hyderabad, India, leaders of Japan, Korea and China spoke for the Asian Money.
Mongolia, Chinese Taiwan, Pakistan, Maldives, Sri Lanka, Bangladesh, Bhutan and Nepal belong to the regional map of Asia. Following the principle of inclusion, as in the case of the European Union (EU), they should be accepted as members of the Asian Economic Community. With their increasing economic interaction in terms of inflows of trade and investment and movement of labor, Australia, New Zealand and the Pacific Island will expectedly join the Asian Economy. Thus, the AE-25 will be an economic compact.
We specify the four factors in reference to the institution of the AE-25.
First, the EU-27 has become a learning model. The AE-25 will have competitive shares of world Gross Domestic Product (GDP) and world trade, and will become a competitive actor in the world market.
Second, the the Asian economic compact became a necessity when the Asian Financial Crisis of 1997-98 adversely impacted several of Asia's newly industrializing economies. The post-WWII international financial institutions - the World Bank and the International Monetary Fund - managed by the world's mature industrialized economies, who held majority shares and voting rights, failed to deliver the optimum relief measures on time. As early as 1998, the Asian economies came to realize that they must assume the responsibility of their economic destinies by way of organizing a regional macroeconomic framework with transparent monetary and fiscal parameters. The 3 ( Japan, Korea, China) plus 5 ( Singapore, Thailand, Malaysia, the Philippines and Indonesia) model became the operational forum, albeit wholly and fully non-official. In the new millennium, expansion of the 3 plus 5 model to the 4 plus 10 model became an economic event for the rest of the world to take note of. The AE-25 is its natural regional progression.
Third, a review of the intra-regional flow of economic interaction in terms of trade, investment and migration of labor, unskilled as well as skilled, merits attention. With some 50-plus percent of the world population, the AE-25 has great intra-regional economic potential.
Fourth and finally, the Asia-Pacific Economic Cooperation (APEC) , a trans-Pacific economic compact, established in 1989, has failed to deliver its promises. The 10-20 formula has postponed APEC's free trade area until 2010 for its richer member countries, and until 2020 for others. If the Atlantic has been a divider between Europe and the Americas, the Pacific is no less a divider between Asia and the Americas. Be it also noted that recently, the APEC annual summits have become a forum for debates on international terrorism and security, and has ceased to be a forum for economic dialogs.
The Asian Economy and Asian Money will be the first treatise on the subject.
The Editorial Team
Manoranjan Jan Dutta
Juliet Harrison - [email protected]
Assistant Commissioning Editor
Abi Masha - [email protected]
To propose a volume for Research in Asian Economic Studies, please contact Juliet Harrison - [email protected]
This publication adopts the Emerald Publication Ethics guidelines which fully support the development of, and practical application of consistent ethical standards throughout the scholarly publishing community.
Print copy & more information
For more information about any of the volumes listed below, or to purchase a print copy, please click on the relevant volume title:
- Research in Asian Economic Studies, Volume 8
- The Post Financial Crisis Challenges for Asian Industrialization