CONTENTS -- Preface -- Acknowledgments -- List of Tables and Figures -- List of Contributors -- Introduction -- Part I Asia's Rebirth -- Chapter 1 Asian Economic Performance 1500-2010 Steven Rosefielde and Huan Zhou -- 1.1. Introduction -- 1.2. Historical Record -- 1.3. Communist Growth -- 1.4. Noncommunist Growth -- 1.5. New Problematic -- 1.6. Country Comparisons -- 1.7. Prospects -- Appendix -- Part II The 2008 Financial Crisis and Its Global Aftermath -- Chapter 2 Global Financial Crisis Assaf Razin and Steven Rosefielde -- 2.1. Introduction -- 2.2. Pre-crisis Consensus -- 2.3. New Dissensus -- 2.4. Omitted Variables -- 2.5. Historical Benchmark -- 2.6. Prospects -- Chapter 3 Global Bust Iikka Korhonen and Aaron Mehrotra -- 3.1. Introduction -- 3.2. Boom Before Bust -- 3.3. Financial System Goes Bust -- 3.4. Global Trade Grinds to Halt and Inventories are Run Down -- 3.5. Country Experiences -- 3.6. Exchange Rates During the Crisis -- 3.7. The China Factor -- 3.8. Concluding Remarks -- References -- Part III Asian Repercussions -- Chapter 4 Pan Asian Shock Wave -- 4.1. Notes on "Two Asias" Selected Country/Regional Data -- 1. Macroeconomic indicators -- 2. Fiscal indicators:general government -- 3. Monetary indicators -- Chapter 5 Policy Response Takuji Kinkyo -- 5.1. Introduction -- 5.2. The Impact of the Global Financial Crisis on Asia -- 5.2.1. Hard hit by the crisis -- 5.2.2. Increased resilience against external shocks -- 5.3. Estimating Structural Shocks to Demand Components -- 5.4. Policy Challenges for the CMI -- 5.4.1. Progress of the CMI -- 5.4.2. Enhancing the effectiveness of regional surveillance -- 5.5. Summary and Conclusions -- References -- Chapter 6 Japan Satoshi Mizobata -- 6.1. Introduction -- 6.2. The "Lost Decade" and After -- 6.3. The Global Crisis and Fragile Recovery -- 6.4. Dramatic Changes in Corporate Japan.

6.5. Labor System Reform -- 6.6. Uncertain Compromise -- 6.7. Conclusion -- Supplementary Notes -- References -- Chapter 7 China Kai Kajitani -- 1. Chinese Economy after Crisis -- 2. Global Imbalances and China-US Economic Interaction -- References -- Chapter 8 Russia Eric Brunat -- 8.1. Introduction: The Societal Context of the Modernization in Russia -- 8.2. A Strong Growth After the Collapse of 1998, but Institutional and Societal Weaknesses Remain -- 8.3. The Present World Crisis has Revealed Financial Vulnerability and Structural Weaknesses -- 8.4. The Necessity for Modernization of the Russian Economy and for a Transition Toward a Post-Industrial Knowledge-Based Economy9 -- 8.5. The Importance of a Renewed External Policy: A Regional "Soft Power" Independent Policy is not Sufficient to Stimulate the Modernization Process -- 8.6. Conclusion: The Europe-Russia Relationship and the Potential Effects Accruing from Membership of the WTO must be the Driving Force for Modernization -- References -- Part IV Export-Led Modernization and Decoupling -- Chapter 9 Export-Led Development and Dollar Reserve Hoarding Steven Rosefielde -- 9.1. Black Swan Risk -- 9.2. Patchwork Pragmatism -- 9.3. The Conundrum -- 9.4. Perversity -- 9.5. Storm Warnings -- 9.6. What Should Be Done? -- Chapter 10 Chinese Overtrading Jonathan Leightner -- 10.1. China's 1986-2007 Growth Model and its Recent Death1 -- 10.2. China's Short-Term Response to the Crisis -- 10.3. China's Long-Term Response to the Crisis -- 10.4. Conclusions -- References -- Chapter 11 Counter-Crisis Trade Expansion Mia Mikic -- 11.1. Export-Led Growth and its Role in the Current Imbalances -- 11.1.1. Advantages and disadvantages of export-led growth -- 11.1.2. Transmission of impacts and decoupling -- 11.1.3. Global imbalances are part of the export-led growth mechanism.

11.2. The Pattern of Asia-Pacific Integration into the Global Economy Sets: These Economies' Future -- 11.2.1. Recent trends in exports and imports -- 11.2.2. Developments in trade orientation and trade dependence prior the current crisis -- 11.2.3. "Factory Asia" phenomenon -- 11.2.4. Intraregional trade grows asymetrically -- 11.3. Helping the (New) Engine to Run -- 11.3.1. Fiscal policy and, stimulus packages -- 11.3.2. Trade, investment, and exchange rate policies -- 11.4. Way Forward -- References -- Chapter 12 Collapse, Consequences, and Prospects of Japan's Trade Ryuhei Wakasugi -- 12.1. Introduction -- 12.2. Comparative Advantage and Import Variation -- 12.3. Shifting Sources of US Import and Japan's Offshore Sourcing -- 12.4. Changes of Japanese Exports: Extensive and Intensive Margins -- 12.5. Changes of Japanese Exports after the Financial Crisis -- 12.6. Sustainable Growth of World Trade -- 12.7. Conclusion -- References -- Chapter 13 Business Cycle Decoupling Iikka Korhonen, Jarko Fidrmuc and Ivana Bátorová -- 13.1. Introduction -- 13.2. Literature Survey -- 13.3. Data and Empirical Methodology -- 13.3.1. Data -- 13.3.2. Empirical methodology -- 13.4. Results -- 13.5. Conclusions -- Appendix -- References -- Part V Petro Shock -- Chapter 14 Lessons From BRICs Masaaki Kuboniwa -- 14.1. Introduction -- 14.2. An Overview of Economic Growth in the BRICs -- 14.3. From Dutch to Russian Disease -- 14.4. The Impact of Trading Gains on Economic Growth in the BRICs -- 14.5. Summary -- References -- Part VI Western Economic Fatigue -- Chapter 15 Eurozone and Global Financial Imbalances Bruno Dallago and Chiara Guglielmetti -- 15.1. The Context -- 15.2. The Global Crisis and the EZ: External Shocks, Global Weaknesses, and Domestic Vulnerability -- 15.3. Diverging Europe?.

15.4. European Sovereign Debt and Euro Crises: The Fork in the Road of the EZ and the Risks of Muddling Through -- References -- Part VII Two Asias -- Chapter 16 East-West Convergence and Intra-Asian Stratification Steven Rosefielde, Masaaki Kuboniwa and Satoshi Mizobata -- Conclusion -- Index.