- Consulting Editors
- List of Contributors
- The History of Biological Exploitation on the Pacific Rim
- Climate Risk and Response in the Pacific Rim
- Natural Disasters and Economic Policy for the Pacific Rim
- International Labor Migration in the Pacific Rim
- Age Compositional Shifts and Changing Intergenerational Transfers in Selected Asian Countries
- Human Capital Trends in the Pacific Rim
- Economic Growth and Performance on the Pacific Rim
- The New Structural Economics and Strategies for Sustained Economic Development in the Pacific Island Countries
- The Evolution of Fiscal Developments and Policies in the Pacific Rim
- Asia in Global Economic Governance
- Geoeconomics Versus Geopolitics: Implications for Asia
- The Political Economy of Asia-Pacific Trade Agreements
- Global Production Sharing and Trade Patterns in East Asia
- Foreign Trade of the Pacific-Rim Economies
- Are the Geese Still Flying? Catch-Up Industrialization in a Changing International Economic Environment
- Multinational Enterprises, Foreign Direct Investment, and the East Asian Economic Integration
- The Impact of Industrial Policy on Asian Growth: An Example From Taiwan
- Creative Industries: Socio-Economic Transformation as the New Face of Innovation
- The Road to Innovation in East Asia
- Asian Financial Crises
- The “Impossible Trinity,” The International Monetary Framework, and the Pacific Rim
- Rethinking Capital Account Liberalization
- Asian Currencies in the Global Imbalance and Global Financial Crisis
- Rebalancing of the World Economy and Asia
- China’s Financial Openness and Asset Return Linkages in East Asia
- The Offshore RMB Market in Hong Kong and RMB Internationalization
- Author Index
- Subject Index
Abstract and Keywords
The chapter documents the evolution of fiscal balances, public debt, and revenue and expenditure ratios as well as GDP growth, and inflation in the Pacific Rim economies over the past two decades. It also provides a brief summary of the some of the factors that underlie these developments, noting in particular budgetary policies, including tax and expenditure policies, and the role of budgetary institutions. In addition, the chapter discusses the relationship between growth, interest rates, fiscal positions, and debt sustainability The chapter highlights the heterogeneity of fiscal experiences of countries in the region and the varied challenges that they face over the medium and long run to ensure sustainable public finances.
Manmohan Singh Kumar is Assistant Director in the Finance Department and Chief of General Resources and SDR Policies Division at the International Monetary Fund.
Nirvikar Singh is Professor of Economics at University of California, Santa Cruz.
Jaejoon Woo is Associate Professor of Economics at DePaul University and Senior Economist at the International Monetary Fund.
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