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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.

Economics/Management Science. --- International Economics. --- Emerging Markets/Globalization. --- Law and Economics. --- Economics. --- International economics. --- Commercial law. --- Economie politique --- Droit commercial --- Commerce --- Business & Economics --- International Commerce --- Sustainable development --- Globalization. --- Business Law. --- Business --- Business law --- Law, Commercial --- Mercantile law --- Law --- Law merchant --- Maritime law --- Global cities --- Globalisation --- Internationalization --- International relations --- Anti-globalization movement --- Economic policy, Foreign --- Economic relations, Foreign --- Economics, International --- Foreign economic policy --- Foreign economic relations --- Interdependence of nations --- International economic policy --- International economics --- New international economic order --- Economic policy --- Economic sanctions --- Law and legislation --- Markets. --- Public markets --- Fairs --- Market towns --- Global Financial Crisis (2008-2009) --- 2000 - 2099 --- Asia --- Asia. --- Economic conditions --- Economic policy. --- Asian and Pacific Council countries --- Eastern Hemisphere --- Eurasia

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This paper analyzes some of the structural problems associated with the Korean financial sector, and investigates whether the financial system has allocated credit in an efficient way over the past three decades. Using data for 32 manufacturing sectors, we find no evidence that credit flows were directed to the relatively more profitable sectors, either before or after the financial reforms. We also find that the flow of credits did not contribute to improve the economic performance of the favored industries over time.

Exports and Imports --- Money and Monetary Policy --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- General Financial Markets: Government Policy and Regulation --- Economic Development: Financial Markets --- Saving and Capital Investment --- Corporate Finance and Governance --- Economywide Country Studies: Asia including Middle East --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Financial Institutions and Services: General --- International Lending and Debt Problems --- Monetary economics --- Finance --- International economics --- Credit --- Bank credit --- Loans --- Financial sector --- External debt --- Money --- Financial institutions --- Economic sectors --- Financial services industry --- Debts, External --- Korea, Republic of