Back Matter

Back Matter

Author(s):
Vivek Arora, and Roberto Cardarelli
Published Date:
February 2011
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    About the Authors

    Vivek Arora is an Assistant Director in the IMF’s Asia and Pacific Department where he reviews the department’s regional research and leads the country team on the Philippines. Mr. Arora joined the IMF in 1992. His country assignments have included China, the United States, Canada, Korea, South Africa, and others. He served as the IMF’s Senior Resident Representative in Beijing, China from 2006 to 2010. He has a Ph.D. in economics from Brown University and received his undergraduate education at St. Stephen’s College, Delhi.

    Steven Barnett is a Deputy Division Chief in the Asia and Pacific Department of the IMF.

    Ray Brooks is the IMF’s Mission Chief for Australia and New Zealand. His responsibilities also include oversight of IMF work on Fiji, Papua-New Guinea, Samoa, Timor Leste, and Tuvalu. Mr. Brooks has worked for the IMF since 1991, and was previously the IMF’s Senior Resident Representative in Beijing, China. Prior to joining the IMF, he worked at the Reserve Bank of New Zealand and studied at the University of Essex.

    Roberto Cardarelli heads the Regional Studies Division in the IMF’s Asia and Pacific Department. Before this, he worked in the World Economic Studies Division of the IMF’s Research Department. Mr. Cardarelli holds a Ph.D. from Cambridge University.

    Marcos Chamon is a Senior Economist in the Research Department at the International Monetary Fund.

    Kai Guo is an Economist in the IMF’s Strategy, Policy, and Review Department.

    Sonali Jain-Chandra is an Economist in the IMF’s Asia and Pacific Department.

    Adil Mohommad is a Research Assistant in the Regional Studies Division of the IMF’s Asia and Pacific Department.

    Malhar Nabar is an Economist in the IMF’s Asia and Pacific Department.

    Papa N’Diaye is a Senior Economist in the IMF’s Asia Pacific Department.

    Nathan Porter is an Economist in the IMF’s Strategy, Policy, and Review Department. Previously, he worked in the IMF’s Asia and Pacific Department covering China.

    Murtaza Syed is the IMF’s Deputy Resident Representative in Beijing, China. Prior to joining the IMF, he worked at the Institute for Fiscal Studies in London and taught at Oxford University.

    Olaf Unteroberdoerster is a Senior Economist in the Regional Studies Division of the IMF’s Asia and Pacific Department.

    Index

    Note: Page references followed by “f,”,“t,” and “b” denote figures, tables, and boxes respectively.

    • Aggregate investment, 55–59

    • Aggregate return on investment, 57

    • ASEAN, xiv, 49

      • economies, 5, 13, 14, 69

      • investment levels in, 53, 69

    • Asia

      • advanced economies, 3

      • changes in investment type, 52f

      • corporate governance reform in, 37–39

      • corporate saving. See Corporate saving

      • electricity generation in, 53f

      • export exposure in, 5

      • export-oriented, 50, 51f 56f

      • external demand, 4

      • investment trends in, 50–53

      • rebalancing growth in, xiv—xv, 3

      • rebalancing through investment, 62–69

      • reliance on exports in, xiv

      • structural reforms in, 18

      • telecommunication in, 51, 52f

    • Asian households and corporate saving, 32–33

    • Asian international input-output (AIO) tables, 5, 24

    • Average effective corporate rate (AER), 64(n15)

    • Balassa-Samuelson effect, 104

    • Baumol disease, 103–104

    • Brazil, 146–149

    • China, 20

      • automobile loans in, 147 b

      • average saving rate, 87f

      • composition of export, 83, 84t

      • consumption in, 10, 14–15, 130–132

      • employment in, agriculture sector, 107–110

      • export exposure in, 5–6

      • export-oriented growth, 79, 80–81

      • global financial crisis, 79

      • health spending, 132–136

      • household income, 118–122

      • household saving rate in, 11–12

      • investment rates, 82

      • labor intensity by sector, 102–103

      • market share in world trade, 88f

      • nontradable sector in, 19

      • partial rebalancing in, 22

      • per-capita GDP, 85, 86f

      • precautionary saving in, 132–138

      • private consumption in, 113–117

      • real GDP growth, 80–82, 85, 86f

      • “Reform and opening up” policy, xiii

      • reform package, 18

      • rural households in, 137

      • saving and government spending, 134t, 135t

      • saving rates, 130, 131 f

      • sectoral employment allocation, 100–103

      • service share of employment, 106f, 109f

      • share in world production, 89f

      • share of industry in GDP, 15

      • shipbuilding in, 90–92

      • skills intensity by sector, 102

      • trade composition, 84

      • urban households in, 134

    • COMTRADE, 24, 25

    • Consultative Group on Exchange Rates (CGER), 27

    • Consumption

      • empirical benchmarks, 10-12

      • steady-state, 27

      • demographics, 124-125

      • employment in services, 122–123

      • real exchange rate, 123

      • financial development and interest rates, 123–124

      • pensions, 125-127

      • public consumption, 124

    • Corporate bond market, 65

    • Corporate governance, 36–37, 38–39, 46

    • Corporate saving

      • affecting household behavior, 31–34

      • in Asia, rise of, 34–37, 39

      • Asian households and, 32–33

      • corporate governance and, 35–36, 44, 45t

      • determinants to GDP, 44t

      • financial reforms and, 29–30

      • impact on national saving, 29

      • openness to trade and, 35

      • private saving and, 41, 42t

      • policy change and impact, 153–154

    • EU-15, 25, 26

    • Export dependence, assessing Asia’s, 4–9

      • compositional effects, 8

      • export exposure, 5–6

      • export-related investments, 7–8

    • Export-oriented economy, 50, 79

    • Export-oriented growth, China maintaining, 85

      • absorption capacity of global economy, 85, 95–97

      • key export industries and prices, 87–89

      • in machine tools, 92–93

      • medium-term path for exports, 85–87

      • in shipbuilding, 90–92

      • in steel industry, 89–90

    • External financing, improving access to, 65–66

    • Finance and household saving, 139, 154–155

      • case studies, 145–154

      • financial development boosting consumption, 140–141

      • financial sector reform on household consumption, 141–145

    • Financial liberalization, 139

    • Global financial crisis, 3

    • Global integrated monetary and fiscal model (GIMF), 4, 17, 18, 103, 110

    • Hong Kong SAR, 25, 26

    • Household consumption, financial sector reform on, 141, 154–155

      • case studies, 145–154

      • payroll loans (case study), 146–149

    • India

      • export exposure in, 6

      • spillover from rebalancing of, 20–21

    • Infrastructure for private investment, 58, 59t

    • International Country Risk Guide, 14n11

    • International Monetary Fund (IMF), 4, 17, 49

    • International Standard Industrial Classification (ISIC), 8

    • Investment, 12–15

      • composition by sector, 54f

      • empirical benchmarks, 14

      • equations, 72t, 73t

      • model-based estimates, 13–14

      • promoting, 49

      • rebalancing in Asia, 49-50

      • steady-state, 26–27

      • changing composition of, 59-62

      • fall in aggregate investment, 55–59

    • Investment income, 120–121

    • Japan

      • changes in fundamentals, 63t

      • composition of exports, 83, 84f

      • export exposure in, 6

      • external finance and, 60

      • investment level in, 53, 69

      • reform package, 18

      • share of employment in service, 108, 109f 119

      • tax rates, 64

    • Korea, 20

      • corporate bond market, 65

      • credit card boom and bust in, 153–154

      • export composition of, 83, 84t mortgage market reforms in, 149–153

      • share of employment in service, 108, 109f

      • structural reforms in, 18

      • transfer of labor service, 119–120

    • Korea Asset Management Corporation, 67

    • Korea Housing Bank, 150

    • Korea Housing Finance Corporation, 150

    • Korea Mortgage Corporation, 150

    • Labor force survey, 100

    • Labor income, 118–120

    • Labor intensity by sector, 102–103

    • Latin America

      • electricity generation in, 53f

      • telecommunication in, 51, 52f

    • Leontief inverse matrix, 26

    • Leverage, 62, 66–67

    • Malaysia

      • corporate bond market, 65

      • economic model, 23

    • Marginal effective corporate tax rate (MER), 64n15

    • Marginal propensity to consume (MPC), 33, 34f, 39

    • Mortgage-Backed Securities Company Act, 150

    • National Accounts, 24, 25, 27

    • National Bureau of Statistics (NBS), 100

    • National Economic Advisory Council, 52n3

    • Newly industrialized economies (NIE), 82

      • changes in fundamentals, 63t

      • external finance and, 60

      • firm-level investment rate, 55

      • investment level in, 53, 69

    • Old-age dependency ratios, 124f

    • Openness to trade, 35

    • Organisation for Economic Co-operation and Development (OECD), 5, 10, 13

    • Penn World Tables, 26

    • Private consumption and household property, 42t, 43

    • Private investment

      • determinants of, 57t

      • infrastructure for, 58, 59t

    • Private saving, 32

      • corporate saving and, 41, 42t

    • Property income, 33

    • Public-private partnership, 68–69

    • Real effective exchange rate (REER), 17, 104, 105

    • Rebalancing

      • consumption, 10–12

      • employment effects of, 103

      • employment share in agriculture, 107–110

      • employment share in services, 105–107

      • global imbalances and, 20

      • impact of, 17–22

      • improving access to external financing, 65–66

      • in Asian economies, 3, 10, 24

      • increasing returns on investment, 62, 63–65

      • investment, 12–15

      • meeting infrastructure needs, 68–69

      • model, 49–50

      • model-based simulations, 110–112

      • nontradable sector, productivity in, 110

      • partial rebalancing, 22–23

      • reducing leverage and promoting SME, 62, 63, 66–67

      • sectoral allocation of employment, 103–105

      • strengthening risk management, 63, 67–68

      • structural reforms, 110

      • through investment (Asia), 62

    • REER gap, 104, 107

    • Regional Economic Outlook: Asia and Pacific, 5, 14, 22, 49, 53

    • Relative productivity, 103

    • Returns on investment, 62, 63–65

    • Singapore, 23

    • Steel industry, 89–90

    • Supply-side imbalances, 15–17

    • Tax code, 64

    • Tax incentives, 64–65

    • Tobin’s Q ratio, 37, 59, 70

    • Uncertainty

      • effects on investment, 60, 61 f

      • reducing, 67–68

    • United States

      • positive spillover, 23

      • saving rate, 17

    • Venture capital investment, 66f

    • Vertical integration, 5f

    • World Bank’s Doing Business database, 46, 101

    • World Development Indicators, 43

    • World Economic Outlook, 26, 27

    • Worldscope, 45, 70

    • World Steel Association, 89

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