Asia and the Changing Global Economy: Rebuilding Growth Potential

Contents: Preface. I. The Global Economy: Rebuilding its Growth Potential: 1. America’s Economic Resurgence. 2. The US Must Play Champion of Open World Trade Again. 3. The Financial Sector: A Key Driver of Economic Recovery. 4. Economic Expectations from Trump. 5. Risk and Regulation in the US Financial System. 6. Boosting US Growth Through Fiscal Reform. 7. Policy Reforms for Sustaining Global Growth. 8. Digital Trade: The New Frontier. 9. TPP: Trade-offs and Imperatives. II. Global Financial Architecture: 10. How to Reform the International Monetary System: Summary View. 11. How to Better Manage Global Liquidity: The Role of the IMF. 12. Reforming the International Monetary System — A Sequenced Agenda. 13. Restoring the IMF’s SDRs. 14. Asian Perspectives of Global Regulatory Reform — After the Global Financial Crisis. 15. IMF Reforms After the Global Financial Crisis: Still Not Enough. 16. The Renminbi’s Inclusion in the SDR Basket: China Must Reform Further. III. Asia’s Growth Sustainability: 17. What Makes for Economic Growth Persistence? 18. Inclusive Growth, Institutions and the Underground Economy. 19. Risks of a Minsky Moment in Asia? 20. China and India are Witnessing a Persistent Slowdown in Investment Activity. 21. Japan’s Abenomics: Time to Take Stock. 22. Inclusive and Sustained Growth in Asia: The Role of Fiscal Policy. 23. Emerging Asia: At Risk of the 'Middle-Income Trap'?. 24. Imagining If Key Foreign Banks Start Reducing Their Exposure in Asia. IV. India’s Demographics and Growth Determinants: 25. The Demographics of Modern India. 26. Shift the Reform Debate to States. 27. Diversifying India’s Trade Destinations. 28. How to spur Private Investment? 29. Digital Trade can Boost India’s Growth. 30. From GST to TPP. V. India’s Fiscal Federalism and Public Finances: 31. India Needs to Raise Government Revenue to Ensure Equalisation and Growth. 32. Federalism and India’s Human Capital: Summary View. 33. India’s Human Capital: The Regulatory Context for Better Leveraging Federalism. 34. India’s Fiscal Architecture Needs Change. 35. India Must Manage Public Finances Better. 36. Improving India’s Fiscal Architecture: A Consolidated Review. 37. The Fiscal Stance of India’s Budget, 2016. VI. China: Rebalancing Growth: 38. China’s Economy in Transition: Summary View. 39. Slowing Growth: Summary Lessons from China. 40. China’s Growth Transition, Implications and Outlook. 41. Rebalancing Growth in China: The Role of the Yuan in the Policy Package. 42. Amending the OBOR: In Search of Private Financing. 43. Developing the G20 Hangzhou Action Plan for Global Growth. 44. Looking Back: A Wish List for China’s Third Plenum. 45. Catalyzing Consumption and Balancing Growth. VII. Asia and Argentina Crises: Looking Back. 46. Account of the Asian Crisis. 47. The IMF’s Point-Man for Asia. 48. The Day that Shook the World. 49. Introductory Remarks on the Role of the IMF Mission in Argentina. Index.
 
With the global economy experiencing an uneven recovery from the pandemic, what are the complexities of the policy tradeoffs ahead? What are the drivers of sharp divergences across different countries’ economic prospects? In contrast to the aftermath of the Global Financial Crisis, why are emerging markets not leading the post-pandemic recovery? Will Asia be able to rebuild its growth potential in a post-pandemic world, especially India and China? In doing so, how will Asia address the weaknesses in growth and productivity fundamentals that became apparent before the pandemic? Are there lessons to be learned from this experience, as well as from previous crises, and their relevance to countries now facing financial and debt-driven crises in the emerging post-pandemic landscape?

The essays in this book look at these and other fundamental issues from several perspectives in today’s complex global economy. They contain invaluable lessons for what needs to be done to sustain the international framework for global trade and investment that has worked so well since the Second World War and the role that needs to be played by official international institutions to maintain multilateral stability and cooperation.