The reform in Asian financial sectors—especially in banking and stock markets—has been remarkable since the currency crisis of 1997–98. East Asia is now a major player in international finance, providing serious competition to the more traditional financial centers of London and New York. Financial Sector Development in the Pacific Rim provides a rich collection of theoretical and empirical analyses of the growing capital markets in the region.
Bringing together authors from various East Asian and Pacific nations, this volume examines the institutional factors influencing financial innovation, the consequences of financial development, widespread consolidation occurring through mergers and acquisitions, and the implementation of policy reform. Financial Sector Development in the Pacific Rim offers the comparative analysis necessary to answer broad questions about economic development and the future of Asia.
In Gary Snyder and the Pacific Rim, Timothy Gray draws upon previously unpublished journals and letters as well as his own close readings of Gary Snyder's well-crafted poetry and prose to track the early career of a maverick intellectual whose writings powered the San Francisco Renaissance of the 1950s and 1960s. Exploring various aspects of cultural geography, Gray asserts that this west coast literary community seized upon the idea of a Pacific Rim regional structure in part to recognize their Orientalist desires and in part to consolidate their opposition to America's cold war ideology, which tended to divide East from West. The geographical consciousness of Snyder's writing was particularly influential, Gray argues, because it gave San Francisco's Beat and hippie cultures a set of physical coordinates by which they could chart their utopian visions of peace and love.Gray's introduction tracks the increased use of “Pacific Rim discourse” by politicians and business leaders following World War II. Ensuing chapters analyze Snyder's countercultural invocation of this regional idea, concentrating on the poet's migratory or “creaturely” sensibility, his gift for literary translation, his physical embodiment of trans-Pacific ideals, his role as tribal spokesperson for Haight-Ashbury hippies, and his burgeoning interest in environmental issues. Throughout, Gray's citations of such writers as Allen Ginsberg, Philip Whalen, and Joanne Kyger shed light on Snyder's communal role, providing an amazingly intimate portrait of the west coast counterculture. An interdisciplinary project that utilizes models of ecology, sociology, and comparative religion to supplement traditional methods of literary biography, Gary Snyder and the Pacific Rim offers a unique perspective on Snyder's life and work. This book will fascinate literary and Asian studies scholars as well as the general reader interested in the Beat movement and multicultural influences on poetry.
"An excellent and often impressive book that advances our understanding of the internationalization of production and the ways in which it is actually implemented in specific sites."
--Saskia Sassen, Department of Urban Planning, Columbia University
This collection of original essays examines the social and political consequences of the globalization of the apparel industry in Asia, Mexico, Central America, the Caribbean, and the United States. The contributors analyze the countries' trade policies, the apparel industry's network of capital ad labor, working conditions in garment factories, and the role of workers, especially women. Written by scholars of various nationalities and from different disciplines, this volume provides a look at the industry from the perspective of participants within each country and illustrates a general trend toward the internationalization of production and global economic restructuring.
"[C]ontains an impressive array of good case studies on a variety of regions and countries, with special focus on how the United States apparel industry relates to globalization in each case."
--Journal of American Ethnic History
The imbalanced, yet mutually beneficial, trading relationship between the United States and Asia has long been one of international finance’s most perplexing mysteries. Although the United States continues to post a substantial trade deficit—and China reaps the benefits of a surplus—the dollar has yet to sink in the face of ever-increasing account disparities. International Financial Issues in the Pacific Rim explains why the United States enjoys a seemingly symbiotic relationship with its trading partners despite stark inequities in the trade balance, especially with Asia. This timely and well-informed study also debunks the assumed link between economic openness and low inflation in the region, identifies the serious gap between academic and private-sector researchers’ understanding of exchange rate volatility, and analyzes the liberalization of Asian capital accounts. International Financial Issues in the Pacific Rim will have broad implications for global trade and economic policy issues in Asia and beyond.
Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions.
The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.