Gravity and Friction in Growing East Asia

Without the advantages of low wages or high skills, East Asian economies are following a new path of regional integration, led by China. Along this path, policy-makers must manage a migration of 2 million people a month to East Asia's cities, a sharp and unprecedented increase in income inequal...

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Main Authors:	Gill, Indermit, Kharas, Homi
Format:	Journal Article
Language:	EN
Published:	2012
Subjects:	Economic Integration F150 Economic Growth of Open Economies F430 International Linkages to Development Role of International Organizations O190 Development Planning and Policy: Trade Policy Factor Movement Foreign Exchange Policy O240 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470
Online Access:	http://hdl.handle.net/10986/5774

id	okr-10986-5774
recordtype	oai_dc
spelling	okr-10986-57742021-04-23T14:02:23Z Gravity and Friction in Growing East Asia Gill, Indermit Kharas, Homi Economic Integration F150 Economic Growth of Open Economies F430 International Linkages to Development Role of International Organizations O190 Development Planning and Policy: Trade Policy Factor Movement Foreign Exchange Policy O240 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Without the advantages of low wages or high skills, East Asian economies are following a new path of regional integration, led by China. Along this path, policy-makers must manage a migration of 2 million people a month to East Asia's cities, a sharp and unprecedented increase in income inequality, and a growing discontent with corruption as governance structures have been decentralized. Having successfully integrated globally before the financial meltdown of the 1990s, and integrating regionally at an even faster pace since then, East Asia's middle-income countries must now accelerate a third integration, this time at home. Growth based on scale economies and specialization requires managing both gravity and friction. This article outlines what East Asian nations must do to manage these forces even as another financial meltdown is taking place. How well they can do this will determine whether they will grow through middle income to join the ranks of developed economies or not escape the 'middle-income trap'. 2012-03-30T07:34:29Z 2012-03-30T07:34:29Z 2009 Journal Article Oxford Review of Economic Policy 0266903X http://hdl.handle.net/10986/5774 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article East Asia and Pacific
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	EN
topic	Economic Integration F150 Economic Growth of Open Economies F430 International Linkages to Development Role of International Organizations O190 Development Planning and Policy: Trade Policy Factor Movement Foreign Exchange Policy O240 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470
spellingShingle	Economic Integration F150 Economic Growth of Open Economies F430 International Linkages to Development Role of International Organizations O190 Development Planning and Policy: Trade Policy Factor Movement Foreign Exchange Policy O240 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Gill, Indermit Kharas, Homi Gravity and Friction in Growing East Asia
geographic_facet	East Asia and Pacific
relation	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description	Without the advantages of low wages or high skills, East Asian economies are following a new path of regional integration, led by China. Along this path, policy-makers must manage a migration of 2 million people a month to East Asia's cities, a sharp and unprecedented increase in income inequality, and a growing discontent with corruption as governance structures have been decentralized. Having successfully integrated globally before the financial meltdown of the 1990s, and integrating regionally at an even faster pace since then, East Asia's middle-income countries must now accelerate a third integration, this time at home. Growth based on scale economies and specialization requires managing both gravity and friction. This article outlines what East Asian nations must do to manage these forces even as another financial meltdown is taking place. How well they can do this will determine whether they will grow through middle income to join the ranks of developed economies or not escape the 'middle-income trap'.
format	Journal Article
author	Gill, Indermit Kharas, Homi
author_facet	Gill, Indermit Kharas, Homi
author_sort	Gill, Indermit
title	Gravity and Friction in Growing East Asia
title_short	Gravity and Friction in Growing East Asia
title_full	Gravity and Friction in Growing East Asia
title_fullStr	Gravity and Friction in Growing East Asia
title_full_unstemmed	Gravity and Friction in Growing East Asia
title_sort	gravity and friction in growing east asia
publishDate	2012
url	http://hdl.handle.net/10986/5774
_version_	1764396254279761920

Gravity and Friction in Growing East Asia

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