Among a vast literature on the Asian economies, the book proposes a distinctive approach, inspired by Régulation Theory, in order to understand the current transformations of the Asian economies. The book follows their transformations after the 1997 Asian crisis until the subprime crisis. During this period, the viability of their growth regime was to coherence of five basic institutional forms: the degree of competition and insertion into the world economy, the nature of labour market organization, the monetary and exchange rate regimes and finally the style for State intervention via legislation, public spending and tax.
The book provides new findings. The degree of financial liberalization and opening to the world economy largely determines the severity of the 2008-2009 recession and the political-economic reactions of each Asian countries to the subprime crisis. Asian capitalisms are distinct from American and European ones, but they are quite diverse among themselves, and this differentiation has been widening during the last decade. This book will help to shed light on a de facto regional economic integration is taking place in Asia, but unsolved past political conflicts do hinder the institutionalisation of these interdependencies.
Table of Contents
1. How Has the Japanese Mode of 'Régulation' Changed? Whereabouts of the Companyism Toshio Yamada and Yasuro Hirano 2. The Transformation of the Japanese Corporate System and the Hierarchical Nexus of Institutions Akinori Isogai 3. The Increasing Heterogeneity of Firms in Japanese Capitalism: Facts, Causes, Consequences and Implications Sébastien Lechevalier 4. Labor-and Financial Market Risks and Welfare Spending: A Comparative Study with A Special Emphasis on Japan Hironori Tohyama 5. Increasing Wage Inequality in Japan since the End of the 1990s: An Institutional Explanation Hiroyuki Uni 6. Institutional Changes and the Transformations of the Growth Regime in the Japanese Economy: Facing the Impact of the World Economic Crisis and Asian Integration Hiroyasu Uemura 7. Development Mode and Capability Building in the Age of Modularization and Regional Integration: Origins of Structural Adjustments of Chinese Economy Song Lei 8. Chinese International Production Linkages and Japanese Multinationals: Evolving Industrial Interdependence and Coordination Jian Wang, Sherstha Nagendra and Hiroyasu Uemura 9. Analysis of the Linkage Effect in Chinese Export-Led Growth: According to the Subdivisions of Asian International Input–Output Tables Chengnan Yan 10. The Chinese Growth Regime and the World Economy Robert Boyer 11. Korean Economy between Two Economic Crises: Hybridization or Convergence towards a Market-Led Economy? Wooseok Ok and Junho Yang 12. The Great Transformations in the Korean Economy since 1962: Processes and Consequences Hyungkee Kim 13. Asian Capitalisms: Institutional Configurations and Firm Heterogeneity Yuji Harada and Hironori Tohyama 14. The Consequences of Internationalization of Trade and Financial Transactions on Growth: Combining an Institutional Hierarchy Hypothesis with a Keynes-Minsky Approach Hiroshi Nishi 15. Comparative Analysis of Conditions for Monetary Integration: Europe and Asia Hiroyuki Uni 16. Given the Heterogeneity of Asian Countries, is a Monetary Integration or Coordination Possible? Se-Eun Jeong, Jacques Mazier and Sophie Saglio
Robert Boyer, Senior Economist at CEPREMAP (Centre pour la Recherche Economique et ses Applications), is currently fellow at the Wissenschaftskolleg zu Berlin (2010-2011). He is a contributor to Régulation Theory, i.e. a research program which analyzes how economic institutions evolve in the long run and defines diverse contemporary brands of capitalism. He has published extensively on labor institutions, technical change, institutional macroeconomics, economic history, financial crises and European integration. These publications include Contemporary Capitalism: The Embeddedness of Institutions (with R. Hollingsworth Eds), CUP, 1977; Japanese Capitalism in Crisis, with T. Yamada, Routledge, 2000; Régulation Theory the State of the Art, with Y. Saillard, Routledge, 2001; The Future of Economic Growth, Edward Elgar, 2004; History Repeating for Economists, An Anticipated Financial Crisis, Prisme n° 13, November 2008, Cournot Centre for Economic Research, Paris.Hiroyasu Uemura is Professor of economics at Yokohama National University, Japan. He is a contributor to Régulation Theory, i.e. a research program which analyzes how economic institutions evolve in the long run and defines diverse contemporary brands of capitalism. He has published books and articles widely in the field of institutional economics and macroeconomic analysis. These include The Institutional Analysis of Socio-economic Systems: Beyond Marx and Keynes, Nagoya University Press, 2007 (with A. Isogai and A. Ebizuka). Furthermore, He also contributed to chapters in Boyer, R. and Yamada, T., Japanese Capitalism in Crisis: A Regulationist Interpretation, Routledge, 2000.
Akinori Isogai is Professor of economics at Kyushu University in Japan. He has published books and articles widely in the field of the evolutionary and institutional economics and institutional analysis on the contemporary Japanese economy. His recent publications include The Frontier of Institutional Economics: Theory, Application and Policy, Minerva Shobo, 2004, and The Institutional Analysis of Socio-economic Systems: Beyond Marx and Keynes, (with H. Uemura, and A. Ebizuka), Nagoya University Press, 2007.