Rebalancing for Sustainable Growth

Asia’s Postcrisis Challenge

  • Masahiro Kawai
  • Jong-Wha Lee

Part of the Economics, Law, and Institutions in Asia Pacific book series (ELIAP)

Table of contents

  1. Front Matter
    Pages i-xv
  2. Masahiro Kawai, Jong-Wha Lee
    Pages 1-29
  3. Yung Chul Park
    Pages 31-64
  4. Masahiro Kawai, Shinji Takagi
    Pages 65-102
  5. Willem Thorbecke, Biswa Nath Bhattacharyay, Hank Lim, Gloria O. Pasadilla, Venkatachalam Anbumozhi
    Pages 103-142
  6. Gloria O. Pasadilla, Bart W. Édes
    Pages 143-177
  7. David G. Mayes, Peter J. Morgan, Hank Lim
    Pages 179-219
  8. Chalongphob Sussangkarn
    Pages 221-250
  9. Masahiro Kawai, Jong-Wha Lee
    Pages 251-260
  10. Back Matter
    Pages 261-266

About this book


The Asian model of export-led growth served it well in the post-war period, but prolonged sluggish growth of the developed economies following the global financial crisis, together with growing inequality and rising environmental problems, point to the need for a new growth model. The purpose of this book is to describe the challenges facing Asian economies in the post-global financial crisis environment and to identify structural issues and policies that can help guide Asian policymakers to expand the growth potential of domestic and regional demand in coming years, and thereby create a basis for balanced, sustainable, and inclusive long-term growth. These issues and policies span a variety of dimensions, including macroeconomic policy (monetary, fiscal, and foreign currency management), real sector issues (trade and industrial structure), infrastructure development, labor market and social policy, financial sector reform and regulation, and regional cooperation and architecture.

Key recommendations to achieve these goals include measures to: deepen social protection to support social resilience; increase infrastructure investment to create a “seamless Asia”; enhance productivity in the services sector; establish a region-wide free trade agreement to encourage intraregional trade in goods and services and investment through economies of scale and dynamic efficiency of a larger market; promote a shift to a low-carbon society and support green growth; and deepen and integrate financial markets to facilitate the recycling of Asia’s high savings for investment within the region.


Emerging Asian Economies Global Financial Crisis Industrial Structure Adjustment Macroeconomic Stability Social Protection

Editors and affiliations

  • Masahiro Kawai
    • 1
  • Jong-Wha Lee
    • 2
  1. 1.Tokyo University Graduate School of Public PolicyBunkyo-kuJapan
  2. 2.Economics DepartmentKorea UniversitySeoulKorea, Republic of (South Korea)

Bibliographic information

  • DOI
  • Copyright Information Asian Development Bank Institute 2015
  • Publisher Name Springer, Tokyo
  • eBook Packages Business and Economics
  • Print ISBN 978-4-431-55320-5
  • Online ISBN 978-4-431-55321-2
  • Series Print ISSN 2199-8620
  • Series Online ISSN 2199-8639
  • Buy this book on publisher's site
Industry Sectors
Finance, Business & Banking