Asia’s financial markets are increasingly vulnerable to external shocks. Here are three steps to make its economies more resilient.
Jong Woo Kang
Jong Woo is a seasoned economist with extensive knowledge and experience on policy and strategic issues. He leads the publication of Asian Economic Integration Report. Jong Woo’s areas of research interest include regional integration, inclusive growth, macroeconomic and trade policies, and aid effectiveness.
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The developing world has a long way to go to reach the stage of financial sector development of advanced economies.
In the future, many Asian economies may not accumulate huge trade surpluses or foreign financial assets as quickly as now.
Both global and regional trade integration can affect national exports, and vice versa.
Beyond political rhetoric, the question is whether the current trend is indeed ominous of growing protectionism on the horizon.
Asian policy makers must take proactive steps to turn a nascent upturn into a sustained boom. Missing the opportunity will have enormous costs.
Emerging economies should take careful stock of their economic fundamentals, and intensify efforts to improve their current account and fiscal soundness.
200 years after David Ricardo, the philosophical ground of comparative advantage and gains from trade still remains strong.