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Trade-led Growth

A Sound Strategy for Asia

image of Trade-led Growth
The global economic crisis triggered changes in real economies and trade in all countries, including those in Asia, which adopted the so-called export-led growth model. With these drastic changes in trade flows, and the need to counteract potential adverse effects, the old debate on the advantages and flaws of the export-led model has re-opened. It aims to provide some theoretical and empirical reasons towards an argument that for developing Asian economies, export-led growth is still a valid model of stable, equitable and sustainable growth. It also combines local research with that of established ones. While there is extensive literature focusing on the role of openness and trade in a country’s development, much of it dates to before the most recent global crisis. Volumes that were recently published argue against an export-led growth strategy, while this volume argues in defence of trade-led growth for the Asian region.

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Role of global production networks in understanding the impacts of the macroeconomic stimulus

The economic performance of the Association of Southeast Asian Nations (ASEAN) region has been registering fast economic growth attributable to increases in exports. The increases can be traced from the utilization of global production networks (GPNs), facilitated by forces of liberalization, deregulation, and the impact of information and communication technology (ICT). GPNs are a nexus of interconnected functions and operations in which goods and services are produced, distributed and consumed, and can therefore provide perspectives on patterns of trade and investments (Tullao, Conchada and Aguinaldo, 2005).

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