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Trade in Developing East Asia: How It Has Changed and Why It Matters

Author

Listed:
  • Constantinescu, Cristina

    (World Bank)

  • Mattoo, Aaditya

    (World Bank)

  • Ruta, Michele

    (World Bank)

Abstract

East Asia, for long the epitome of successful engagement in trade, faces serious challenges: technological change that may threaten the very model of labor intensive industrialization and a backlash against globalization that may reduce access to important markets. The analysis in this article suggests that how East Asia copes with these global challenges will depend on how it addresses three more proximate national and regional challenges. The first is the emergence of China as a global trade giant, which is fundamentally altering the trading patterns and opportunities of its neighbors. The second is the asymmetric implementation of national reform – in goods trade and investment versus services – which is affecting the evolution of comparative advantage and productivity in each country. The third is the divergence between the relatively shallow and fragmented agreements that regulate the region's trade and investment and the growing importance of regional and global value chains as crucial drivers of productivity growth.

Suggested Citation

  • Constantinescu, Cristina & Mattoo, Aaditya & Ruta, Michele, 2018. "Trade in Developing East Asia: How It Has Changed and Why It Matters," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 22(4), pages 427-465, December.
    • Handle: RePEc:ris:eaerev:0350
    DOI: 10.11644/KIEP.EAER.2018.22.4.350
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    Cited by:

    1. Kym Anderson & Sundar Ponnusamy, 2019. "Structural Transformation to Manufacturing and Services: What Role for Trade?," Asian Development Review, MIT Press, vol. 36(2), pages 32-71, September.
    2. Anan Wiranto & Nia Yustiana, 2019. "China’s Economic Spillover to ASEAN-6 Economies: Before and After Renminbi Internationalization," International Journal of Business and Administrative Studies, Professor Dr. Bahaudin G. Mujtaba, vol. 5(4), pages 240-256.

    More about this item

    Keywords

    Trade Policy; Goods Trade; Services Trade; China; Trade Agreements; Global Value Chains;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • F60 - International Economics - - Economic Impacts of Globalization - - - General

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