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The Asian Economy and Asian Money, 287

出版	Emerald Group Publishing Limited, 2008
ISBN	04445325959780444532596
URL	http://books.google.com.hk/books?id=_UR6PAAACAAJ&hl=&source=gbs_api

註釋The Asian Economy with one common Asian Money will be a frontier topic for a study in supranational macroeconomics. If the Europeanization of Europe has become a historic reality, the Asianization of Asia cannot be far behind. The paradigm of the European Union (EU) has become a learning model for other continents, especially Asia. In Asia, the process was initiated following the Asian financial crisis of 1997-98, when several newly industrialized Asian economies suffered negative rates of growth of gross domestic product (GDP). The three (Japan, China, and Korea) plus five (Singapore, Malaysia, Thailand, Indonesia, and the Philippines) came together to became the core members of a new regional group. Their annual meetings became an institutional feature of Asian economic cooperation and regional economic integration. In 2003, the group expanded to become the four (Japan, China, Korea, and India) plus 10 model (the original five plus Myanmar, Cambodia, Laos, Brunei Darussalam, and Viet Nam). Be it noted that the Western Asian countries from Turkey to Afghanistan have never been included in studies of Asian economies and the present study shall follow the same format. However, several South Asian countries in the Indian sub-continent and Mongolia in Central Asia will be included in the proposed study (see Chapters 2, 3, and 6). The 4 plus 10 model has recently made two important commitments. First, at a recent annual summit, their preference for an Asian Free Trade Area (FTA), based on the model of the European Union FTA, has been noted. Second, in 2006, the leaders of China, Japan, and Korea made a public announcement for the need for a common Asian Money. Differences between the traditional FTAs and the EU-FTA will be reviewed. The EU is one integrated economy with total free flow of trade within the EU and a common trade policy vis-à-vis the rest of the world. The EU is one member in the World Trade Organization (WTO), with one vote. I shall discuss three specific reasons for the oneness of the future Asian Economic Union (AEU): First, the Asian Economy, based on the four plus ten model, will have to its credit competitive shares of world output and trade. A comparative data base will be compiled and presented with tabular and graphic expositions. Competition amongst the three regional economic entities, the EU, the USA, and the AEU, will optimize the level of competition in the world market. Competition will contribute to quality and cost competitive products, goods, and services, which will maximize the economic gains of all the microeconomic actors, households as well as businesses, in all the continents. The theory of supra-national macroeconomics (Dutta 2007) will be examined in the context of the continent of Asia. The economic integration of Europe has followed the process of the continent's political integration. Will the AEU be able to learn from this model? Second, the 3-billion plus people of the Asian Economy will constitute a viable market with minimum cost of transportation. The Industrial Revolution of China and India's great high-tech industrial leap forward have added much to the economic dimensions of Asia. Asia's newly industrialized and industrializing economies plus Japan, a mature industrialized economy, have much to gain from trade with each other. They also have surplus funds for investment in the neighboring Asian economies where relatively low wage labor, unskilled, skilled, and professional, continues to be available, and where the endowment of natural resources remain to be explored. Free movement of labor remains an issue of concern. The issues of illegal immigrants have become a pressing issue in several of these economies. To ensure a free flow of trade and investment, and movement of labor, as in the EU, there is a critical need for an intra-Asian macroeconomic policy, specified by well-defined monetary and fiscal guidelines. Third, the Asia-Pacific Economic Cooperation (APEC), instituted in 1989 to match the EU's competitive strength, has delivered little (Dutta 1999 and 2007). The twenty-one members of APEC spread out on the two shores of the Pacific have failed to be an effective framework of regional free trade area and economic cooperation. I have argued as the Atlantic has divided Europe from the Americas, so does the Pacific divide Asia from the Americas.