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The Slow Pace of Economic Reform
In the late 1980s, Japan's strong economic performance put it on a the verge of becoming a major player in regional and global affairs. But nearly a decade of economic stagnation, a mounting of bad debts, and a continuing stream of scandals have tarnished the country's distinctive economic model. At the turn of the millennium, the Japanese economy remained mired in a pattern of stagnation. As this disappointing condition dragged on, the government pursued policies to restore economic health. Yet Japan has been slow to embrace the systemic reform on which a robust economic recovery depends. In Arthritic Japan, Edward J. Lincoln examines the causes and implications of this weak response. Concluding that Japan is unlikely to pursue the vigorous reform necessary for economic growth, Lincoln warns of serious consequences: a stumbling economy bedeviled by recession and financial crisis, eroding leadership in economic and security issues, a continued defensive trade posture, and a disgruntled population that could turn a more nationalistic stance in foreign policy.
In this collaboration between the Brookings Institution and the Asian Development Bank Institute, eminent international economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of multilateral organizations such as the International Monetary Fund.
Established in the aftermath of the Asian financial crisis at the ministerial level, the G-20 has served as a high-level platform for discussing economic analyses and policy responses since 1999. During the current global financial crisis, however, the G-20's role moved toward that of a global crisis management committee at the leadership level. The challenge now for the G-20 is to succeed in fostering ongoing and increasing cooperation among its members while being supportive of, rather than trying to replace, more universal institutions.
After analyzing the dynamics of growth in Asia comparatively and historically, the volume appraises the scope for policy coordination among key economies. The contributors analyze financial stability in emerging Asia and then assess the implications of Asia's increasing role within the newly emerging system of global economic governance, focusing especially on reform of the international monetary structure.
Contributors: Dony Alex (ICRIER, New Delhi), Kemal Dervis¸ (Brookings), Hasan Ersel (Sabanci University), Karim Foda (Brookings), Yiping Huang (Peking University), Masahiro Kawai (ADBI), Rajiv Kumar (FICCI, New Delhi), Domenico Lombardi (Oxford University and Brookings), José Antonio Ocampo (Columbia University), Jim O'Neill (Goldman Sachs)
Although emerging economies as a group performed well during the global recession, weathering the recession better than advanced economies, there were sharp differences among them and across regions. The emerging economies of Asia had the most favorable outcomes, surviving the ravages of the global financial crisis with relatively modest declines in growth rates in most cases. China and India maintained strong growth during the crisis and played an important role in facilitating global economic recovery.
In this informative volume, the second in a series on emerging markets, editors Masahiro Kawai and Eswar Prasad and the contributors analyze the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation. The book examines strategies to promote financial stability, including reforms for financial market development and macroprudential supervision and regulation.
A Study in Comparative Political Economy
Aviation performance is an important cog in modern globalized economies, which demand flexibility, mobility, efficiency, and dependability. Airport delays have gone from being a nuisance to being a salient public concern, drawing the ire of even the White House. In this important book, international transportation experts compare and contrast how different nations have managed their airports and air traffic control systems and how well they are meeting the needs of their people. The book's cross-national approach encompasses several different institutional arrangements, making it a timely and valuable study in comparative political economy. Among the countries studied, the United States is sometimes seen as a bastion of free markets, at the forefront of airline deregulation, but its airports and air traffic control system are publicly owned and operated. The same is true in continental Europe, for the most part. In contrast, Australia, New Zealand, the United Kingdom, and Canada are experimenting with privatization, while even mainland China is allowing the private sector to participate in airport ownership. Which methods work best, and under what circumstances? This book provides the answers.
America, India, and Pakistan to the Brink and Back
India and Pakistan will be among the most important countries in the twenty-first century. In Avoiding Armageddon, Bruce Riedel clearly explains the challenge and the importance of successfully managing America's affairs with these two emerging powers and their toxic relationship.
Born from the British Raj, the two nations share a common heritage, but they are different in many important ways. India is already the world's largest democracy and will soon become the planet's most populous nation. Pakistan, soon to be the fifth most populous country, has a troubled history of military coups, dictators, and harboring terrorists such as Osama bin Laden.
The longtime rivals are nuclear powers, with tested weapons. They have fought four wars with each other and have gone to the brink of war several times. Meanwhile, U.S. presidents since Franklin Roosevelt have been increasingly involved in the region's affairs. In the past two decades alone, the White House has intervened several times to prevent nuclear confrontation on the subcontinent. South Asia clearly is critical to American national security, and the volatile relationship between India and Pakistan is the crucial factor determining whether the region can ever be safe and stable.
Based on extensive research and Riedel's role in advising four U.S. presidents on the region, Avoiding Armageddon reviews the history of American diplomacy in South Asia, the crises that have flared in recent years, and the prospects for future crisis. Riedel provides an in-depth look at the Mumbai terrorist attack in 2008, the worst terrorist outrage since 9/11, and he concludes with authoritative analysis on what the future is likely to hold for America and the South Asia puzzle as well as recommendations on how Washington should proceed.
Force and Legitimacy in a Changing World
America's three most recent wars in Kosovo, Afghanistan, and Iraq have raised profound questions about when to use military force, for what purpose, and who should make the decision whether to go to war. These crucial questions have been debated around the world with increasing intensity, and by beginning to provide important answers, Beyond Preemption moves the debate forward in significant ways. During the past three years, the contributors to this volume have engaged in a global dialogue with political officials, military figures and strategists, and international lawyers from around the world on when and how to use force and in what way its use can best be legitimized. They found consensus that the world has changed so dramatically that much of the old way of thinking about when and how to go to use force to deal with new challenges has become largely obsolete. Drawing on these high-level discussions, Ivo Daalder and his colleagues make specific proposals for how to forge a new international consensus on the vexing questions about the use of force, including its preemptive use, to address today's interrelated threats of terrorism, weapons of mass destruction, and humanitarian crises. In Beyond Preemption, the authors also consider the critical matter of how these strategies could be best legitimized and be made palatable to domestic audiences and the international community at large. Contributors include Bruce W. Jentleson (Duke University), Anne E. Kramer (Brookings Institution), Susan E. Rice (Brookings Institution), James B. Steinberg (Lyndon B. Johnson School of Public Affairs, University of Texas at Austin).
Knowledge Hubs for the Life Sciences
Biological resource centers (BRCs) collect, certify, and distribute organisms for use in research and in the development of commercial products in the pharmaceutical, agricultural, and biotechnology industries. They maintain a large and varied collection, including cell lines, micro-organisms, recombinant DNA material, biological media and reagents, and the information technology tools that allow researchers to access biological materials. BRCs have established themselves as a crucial element in the life science innovation infrastructure, from their early impact on virology, to their crucial role in addressing cross-culture contamination in the 1970s, to their current leadership in promoting a global biodiversity network. Today they confront new challenges, resulting from shifts in the nature of biological research, the interaction between public and private researchers, and the increasing focus on biosecurity. This book provides a systematic economic assessment of the impact of biological resource centers through their role in facilitating cumulative knowledge in the life sciences and building on their roles as knowledge hubs institutions that facilitate the transfer of scientific and technical knowledge among members of a research community. The knowledge hubs framework offers insight into how to develop and evaluate policy proposals that impinge on the control and access of biological materials. Stern argues that science and innovation policy must be premised on a clear understanding of the role that knowledge hubs play and the policy mechanisms that encourage their sustained growth and effectiveness.
Anatomy of a Market Failure and a Policy Dilemma
As the Internet revolution continues to unfold and transform telecommunications, pressure is building for faster, less expensive, and more widely accessible broadband service. Such a development would facilitate improved and less expensive traditional applications such as voice telephony and web browsing. It would also enable new and useful applications such as Internet-based television, videoconferencing, and software distribution. Broadband has great potential to improve efficiency and productivity, even to improve national security in some cases. Broadband service and affordability, however, have consistently lagged well behind demand and progress in information technology, with damaging results. The Internet revolution remains incomplete and threatens to stagnate if the situation continues. In The Broadband Problem, economist and technology entrepreneur Charles H. Ferguson explains the causes and ramifications of this damaging bottleneck, and he offers suggestions on improving the current state of affairs. He asserts that current telecommunications law and policy have not provided sufficient levels of new entry, competition, and innovation in the local telecom market. The continuing dominance of ILECs (incumbent local exchange carriers) in that market impedes the healthy, and much-needed, development of an efficient broadband market. The result of these policy and market failures is inadequate technological progress, innovation, and productivity in advanced Internet services and telecommunication services generally. The broadband problem is holding us back, and thus must be addressed and solved. With this important volume, Charles Ferguson has contributed mightily to that mission.
2000 through current issue
Published twice a year, Brookings Papers on Economic Activity (BPEA) offers authoritative, in-depth research on economic development. For over thirty years, BPEA has been an indispensable source for scholars and policymakers seeking objective analysis of major macroeconomic issues.
2000 - 2007
Published annually, Brookings Papers on Education Policy (BPEP) analyzes policies intended to improve student performance. In each volume, analysts review the current situation in education and consider programs for reform.