Asian Economic Policy Review

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Latest documents

• Comment on “Dutertenomics: Populism, Progress and Prospects”
• Comment on “Dutertenomics: Populism, Progress and Prospects”
• Comment on “Has Nguyen Phu Trong's Leadership Curbed Economic Reform? Economic Reform Trends in Vietnam”
• The Southeast Asian Economies in the Age of Discontent

  This paper investigates the effects on and responses of five middle‐income Southeast Asian economies to the current global environment of authoritarian populism, the retreat from economic liberalism, and the appeal of anti‐globalization movements. While the political histories and institutional capabilities of the five – Indonesia, Malaysia, Philippines, Thailand and Vietnam – vary greatly, these economies have a history of at least moderately fast economic growth for extended periods, and of increasing regional and global economic integration. We argue that most of the factors behind the discontent with globalization in the rich economies are not present to the same degree in these countries, and that there has therefore been no major retreat from the economic policy settings that have underpinned their past economic success. However, there are no grounds for complacency. Economic growth is slowing in some of the countries, economic insecurity remains widespread, and the development of durable independent institutions has lagged economic growth.

• Comment on “Has Nguyen Phu Trong's Leadership Curbed Economic Reform? Economic Reform Trends in Vietnam”
• Dutertenomics: Populism, Progress, and Prospects

  In 2016, when Rodrigo Duterte was elected Philippine President the economy was growing robustly. Despite the record growth, his election is considered a populist revolt of the middle‐ and upper‐class Filipinos. Yet, his economic policies – from his initial 10‐point agenda to the laws he approved – are liberal. This paper distinguishes and relates Duterte's authoritarian‐populist political style (“Dutertismo”) and his economic agenda (“Dutertenomics”). The distinction follows from his lack of interest in economic affairs, which he delegated to his team of economic managers. This team ably pushes important economic reforms because of the president's style, which so far has earned him wide public approval. After slowing down during the first half of Duterte's term, growth has recently picked up. To keep the momentum and public attention off human rights violations, Duterte needs to accomplish his economic agenda by mid‐2022. Drawing on his powers and popularity, he may yet be able to elicit the full support of Congress.

• Comment on “Thailand's Policy Challenges”
• Japan Center for Economic Research
• Comment on “Economic Reforms in the Aftermath of Regime Change in Malaysia”
• Comment on “The Southeast Asian Economies in the Age of Discontent”

Featured documents

• Regional Cooperation and Integration in the Mekong Region

  Over the past two decades, several regional cooperation programs were initiated by multilateral and bilateral donors to address concerns about the development gap in the Mekong subregion. Programs such as the Greater Mekong Subregion program of the Asian Development Bank and the Mekong–Japan...

• Comment on “Korean Unification: Economic Adjustments under German Assumptions”
• Comment on “Economic Reforms in the Aftermath of Regime Change in Malaysia”
• Comment on “Dutertenomics: Populism, Progress and Prospects”
• Comment on “Has Nguyen Phu Trong's Leadership Curbed Economic Reform? Economic Reform Trends in Vietnam”
• Has Abe's Womanomics Worked?

  The present paper estimates the effect of the Abe Cabinet's Womanomics policies that aimed to increase female labor supply and keep women on a career path. The policies are surveyed, and the effects are estimated using microdata from the Labor Force Survey combined with data at the prefectural...

• Trade Wars: Editors' Overview
• Cambodia: Rapid Growth with Weak Institutions

  This paper examines Cambodia's socioeconomic development since the early 1990s peace settlement. The country's economic growth has arguably been the fastest among post‐conflict societies, driven by the credible restoration of peace and security, large public and private capital inflows, economic...

• Product Downsizing and Hidden Price Increases: Evidence from Japan's Deflationary Period

  In this paper, we empirically examine the extent to which product downsizing occurred during the deflationary period in Japan, as well as the effects of product downsizing on prices and quantities sold. Using scanner data on prices and quantities for all products sold at about 200 supermarkets over ...

• Why Has Japan Failed to Escape from Deflation?

  Japan has failed to escape from deflation despite an extraordinary monetary policy easing over the past 4 years. Monetary easing undoubtedly stimulated aggregate demand, leading to an improvement in the output gap. However, since the Phillips curve was almost flat, prices have hardly reacted at all....