Ramkishen S. Rajan
Yong Pung How Professor
Lee Kuan Yew School of Public Policy (LKYSPP)
National University of Singapore (NUS)
Asian Economic Development
Fall 2024 Syllabus (Claremont Mckenna College)
Readings
Weeks 1 & 2
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The Economist (2004). “A Productivity Primer,” November.
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Young, A. (1994). “Lessons from the East Asian NICs: A Contrarian View,” European Economic Review, 38, 964-973.
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Krugman, P. (1995). “The Myth of Asia's Miracle,” Foreign Affairs, 73, pp.62-78
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Bhagwati, J.N. (1996). “The Miracle that Did Happen: Understanding East Asia in Comparative Perspective,” mimeo, May 3.
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IMF (1994). “The East Asian Miracle: Building a Basis for Growth,” IMF Finance and Development, March.
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Liu, Z. (2015). “Is China’s Growth Miracle Over?” FRBSF Economic Letters, August.
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IMF (2023). “Unleashing India’s Growth Potential,” IMF Working Papers 23/82, April.
Weeks 3 & 4
Demographics
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Bloom, D.E. and J.G. Williamson (1997). “Demographic Transitions and Economic Miracles in Emerging Asia,” NBER Working Paper No.6268, November.
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McNicoll, G. (2006). “Policy Lessons of the East Asian Demographic Transition,” Working Paper No. 210, Population Council, USA.
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Deloitte (2017). “Voice of Asia," September.
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Nomura (2022). “China’s Demographic Timebomb: Lessons from Japan’s Lost Decade.”
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AMRO (2023). “Prospects for China’s Long-Term Growth amidst Population Aging,” Analytical Note, December 12.
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Malin, S., and A. Tyagi (2023). “India’s Demographic Dividend: The Key to Unlocking Its Global Ambitions,” S&P Global, 03 August.
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Roland Rajah, Alyssa Leng (2022). “Revising down the rise of China,” Lowy Institute, 14 March.
Financial Repression
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Ito, H. (2010). “Financial Repression,” Princeton Encyclopedia of World Economy.
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Lardy, N. (2008). “Financial Repression in China,” Policy Brief, Peterson Institute.
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Klapper, L. and D. Singer (2013). “Financial inclusion and the Role of the Post Office,” Let's Talk Development.
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Mayeda, A. (2008). “Postal Savings Reform in Northeast Asia, Part One: Japan and South Korea,” Country Analysis Unit, Federal Reserve Bank of San Francisco, July.
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Marks, C. (2008). “Postal Savings Reform in Northeast Asia, Part Two: China,” Country Analysis Unit, Federal Reserve Bank of San Francisco, July.
*NEW: Weekly Presentations (Week 4: Sep 18)
2. MIT1
3.MIT2
4. MIT3
Weeks 5 & 6
Industrial Policy
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Wade, R. (2005). “Bringing the State Back In: Lessons from East Asia’s Development,” mimeo.
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Doner, R.F., B.K. Ritchie and D. Slater (2005). “Systemic Vulnerability and the Origins of Developmental States: Northeast and Southeast Asia in Comparative Perspective,” International Organisation, 59, pp.327–361.
- Kuchiko, A. (2007). “Industrial Policy in Asia,” IDE Discussion Paper No.128.
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Irwin, D. (2023). The Return of Industrial Policy. IMF Finance and Development.
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Rodrik, D. (2004). “Industrial Policy for the Twenty-First Century,” UNIDO, September.
- Juhász, R. N. Lane and D. Rodrik (2023). “The New Economics of Industrial Policy,” Working Paper, August.
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“Investment and New Industrial Policies,” Chapter IV, UNCTAD.
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The Economist (2015). “Special Economic Zones: Not So Special.” April 4.
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Irwin, D. (2023). “The Return of Industrial Policy, Finance & Development, June.
Trade and Value-chains
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Ozawa, T. (2006). “Asia’s Labour-Driven Economic Development, Flying Geese Style,” Working Paper No.2006/59, UNI-WIDER.
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Inomata, S. (2013). “Trade in Value Added: An East Asian Perspective,” ADBI Working Paper No. 451.
- Alicia Garcia Herrero (2023). Resilience of Global Supply Chains: Facts and Implications. ADBI Working Paper Series.
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Henry Storey (2023). “Mexico and Vietnam’s Role in Global Supply Chain Reshuffle.” Hinrich Foundation, September 26.
Others
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Frankel, J. (2015). “The Plaza Accord 30 years Later.” NBER Working Paper 21813, Dec. 2015. Revised, Feb. 18, 2016.
Readings
Weeks 10 & 11: Crisis
Rajan, R.S. (2007). "Financial Crisis, Capital Outflows and Policy Responses", Journal of Economic Education, 38, pp.92-108
Week 12: ER Regimes
Rajan, R.S. (2011). “Management of Exchange Rate Regimes in Emerging Asia,” Review of Development Finance, 2 (2), 2012, pp.53-68.