Asian Economic Development

3 Credits · Level: Graduate

The principal objectives of this course are twofold: (i) to familiarize students with the most important economic development issues confronting and challenging Asian countries today; and (ii) in the course of doing this, to help students acquire and apply the skills needed both to identify and evaluate a country’s major development constraints and challenges and to offer policymakers effective and realistic policy advice. The Asian region is the largest and one of the most economically diverse regions in the world. It offers a virtual smorgasbord of different growth and development experiences with countries ranging from some of the poorest to some of the most successful in the developing world. The course compares and contrasts these records with a view to explaining the differences and drawing some general lessons. Some of the key topics covered include: the miracle vs. myth controversy surrounding the unprecedented economic performance of the so-called “East Asian Tigers;” the causes and aftermath of the Asian Financial Crisis and the region’s efforts to restructure and reduce its vulnerability to external financial shocks; the promotion of innovation and other productivity-enhancing measures to accelerate economic growth and thereby move from middle income to high income, developed country status; the prospect of the Philippines becoming the next Asian Tiger or remaining an outlier among its more successful neighbors; China’s economic reform, assent and integration within the global economy; the nature, strategy and pace of transition from central planning to a more market-based economic system in the so-called transition economies of Asia (TEAs),---China, Vietnam, Laos, Cambodia, Mongolia and Myanmar; the unfolding human drama in South Asia (Bangladesh, India, Nepal, Pakistan and Sri Lanka) as these countries continue to face enormous development challenges despite considerable progress over the last couple of decades; Japan’s economic stagnation, jagged recovery and future long-term structural challenges; the scope for regional economic cooperation; and the region’s competitiveness and future in the global economy. In addition, the course covers the performance of global capital markets in Asia, and the issues associated with the activities of the world’s multilateral trade, finance, and development institutions (WTO, IMF, World Bank and Asian Development Bank) as they relate specifically to the Asian region. The course format is a combination of seminar-styled class discussions, team debates, and class lectures. Students are expected to do the required readings in advance of class, submit a few short papers, and actively participate in class discussions and debates.