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Begin New Search Topic International Trade and Finance Political Geography Asia-Pacific Content Type Working Paper Publishing Institution East-West Center Publication Year within 25 Years

1. Unconventional Monetary Policy, Spillovers, and Liftoff: Implications for Northeast Asia

Author:
Marcus Noland
Publication Date:
11-2015
Content Type:
Working Paper
Institution:
East-West Center
Abstract:
Unconventional monetary policy (UMP) has had predictable effects. How exit plays out is scenario-dependent. Quantitative easing has had the predictable effect of encouraging currency depreciation and some partner countries may have attempted to offset these exchange rate effects. Korea presents a particularly interesting case: it is relatively small and relatively open and integrated, in both trade and financial terms, with the United States and Japan, two practitioners of UMP. Authorities have acted to limit the won's appreciation primarily against the currency of China, not the US or Japan. Nevertheless, Korea's policy is a source of tension with the US. Under legislation currently being considered, the currency manipulation issue could potentially interfere with Korean efforts to attract direct investment from the US and create an obstacle to Korea joining the Trans-Pacific Partnership.
Topic:
Economics, International Trade and Finance, Markets, Monetary Policy, and Financial Markets
Political Geography:
Korea and Asia-Pacific

2. The Trans-Pacific Partnership and Asia-Pacific Integration: A Quantitative Assessment

Author:
Peter A. Petri, Michael G. Plummer, and Fan Zhai
Publication Date:
10-2011
Content Type:
Working Paper
Institution:
East-West Center
Abstract:
Two emerging tracks of trade agreements in the Asia-Pacific—one based on the proposed Trans-Pacific Partnership (TPP) agreement and an Asian track—could consolidate the “noodle bowl” of current smaller agreements and provide pathways to a Free Trade Area of the Asia-Pacific (FTAAP). We examine the benefits and strategic incentives generated by these tracks over 2010-2025. The effects on the world economy would be small initially but by 2025 the annual welfare gains would rise to $104 billion on the TPP track, $303 billion on both tracks, and $862 billion with an FTAAP. The tracks will be competitive but their strategic implications are constructive: each would generate incentives for enlargement. Over time, strong economic incentives would emerge for the United States and China to consolidate the tracks into a region-wide agreement. Each track would bring a different template to such consolidation and can be viewed as defining a “disagreement point” in the Asia-Pacific bargaining game. The study is based on an analysis of 48 actual and proposed Asia-Pacific trade agreements and models impacts on variables including sectoral trade, output, employment and job shifts in 24 world regions.
Topic:
Economics and International Trade and Finance
Political Geography:
United States, China, Israel, Asia, Australia/Pacific, and Asia-Pacific