经济学Essay要求：What can we learn from the success of the East Asian economies?

本文是经济学专业的留学生Essay范例，题目是“What can we learn from the success of the East Asian economies?（我们能从东亚经济体的成功中学到什么?）”,本文的目的不是对微观或宏观经济政策进行深入的比较分析，而是以一种综合的方式呈现一些对理解东亚经济成功至关重要的实施战略。

INTRODUCTION介绍

The purpose of this essay is not to describe a deep comparative analysis of micro or macroeconomic policies, but rather to present in an integrated way some of the strategies implemented that were crucial for understanding the economic success of East Asia.

In Southeast Asia, reflections on development policy began early, emphasizing the issues of modernization and limited links with the West. After World War II, a period in which Asian countries begin to progressively become independent, development models with central planning, established in yearly projections, begin to be developed.

在东南亚，对发展政策的反思很早就开始了，强调现代化和与西方联系有限的问题。第二次世界大战后，亚洲国家开始逐步独立，开始制定每年预测建立的中央计划发展模式。

It can be said that the strategies used by East Asia in the context of the globalization had a lot to do with its development and success, especially those strategies oriented to the development and use of human resources, as well as the alliance between the public and private sectors with the objective of optimizing the available resources were crucial for the growth of the region.

In the following enumerated sections, we will understand and learn which were the strategies used in particular areas by the region to better understand how their economies succeed.

I. INTERNATIONAL ALIGNMENT即国际对齐

Asian countries have always understood and maintained that development can only flourish within the realistic recognition of existing structures in the international system. The countries of the region recognize their link with the Western-capitalist economic order and the system is accepted as the best alternative to ensure the growth and modernization.[1]

亚洲国家一贯认识和主张，只有在现实承认国际体系现有结构的基础上，发展才能蓬勃发展。本区域各国认识到它们与西方资本主义经济秩序的联系，并承认这一制度是确保增长和现代化的最佳选择

In this regard, the countries of Southeast Asia have set an excellent standard in terms of attracting foreign investments, essential for economic success. In some country's privatization and external investments always require a percentage of capital and local management, in this way not only the identity of the region is maintained but also the formation and training of the human resources of the region are promoted, thus ensuring development.

II. ASIAN DEVELOPMENT MODELS亚洲发展模式

The state had an important role in the economic success since the process started as governments established the mobilization of investments and industrial development efficiently. A concrete example is Japan, whose government-oriented the exchange rate and domestic credit towards large corporations to accelerate investments and protect the domestic market so that their companies could achieve static and dynamic economies of scale. [2] As a result, the level of imports of manufactures decreased and the economy of the country strengthened. Korea, Malaysia, and Indonesia are other examples of this procedure.

国家在经济成功中发挥着重要作用，因为这一过程始于政府有效地动员投资和工业发展。一个具体的例子是日本，其政府主导的汇率和国内对大企业的信贷，以加快投资和保护国内市场，使他们的公司可以实现静态和动态的规模经济。结果，制造业的进口水平下降，国家的经济得到加强。韩国、马来西亚和印度尼西亚也是这样的例子。

These models resulted in record values in terms of sustained growth from the sixties to the year two thousand. During this period, growth was especially concentrated in eight economies, in what we could define as three waves of growth. The first wave of growth was Japan, followed by the called Four Tigers (Hong Kong, Korea, Singapore, and Taiwan), and finally by Indonesia, Malaysia, and Thailand.[3]

The first and second wave of growth in Asia applied a considerable amount of state intervention during the industrialization process, in contrast, the third wave placed much more emphasis on private sector liberalization. [4] Although there is no single Asian model, there is no doubt that there are common characteristics of their leaders such as the ability to learn from the experiences of others, their agility, and dynamism.

III. LOW INFLATION AND COMPETITIVE EXCHANGE RATES低通胀和有竞争力的汇率

Macroeconomic stability and low levels of inflation were a basic prerequisite for the economic success of these economies, where one of the key elements was the administration of the fiscal deficit. Through regulations and legislation, the region ensured that the debt acquired is used in activities that favored development, in this way preventing financed investments from being channeled towards consumption.

宏观经济稳定和低通货膨胀水平是这些经济体经济成功的基本先决条件，这些经济体的关键因素之一是管理财政赤字。通过规章和立法，该区域确保所获得的债务用于有利于发展的活动，从而防止融资投资用于消费。

On the other hand, success in export promotion required a competitive real exchange rate. For this, reasonable fiscal and monetary policies were combined with a flexible exchange rate administration, to keep the exchange rate aligned with the changing protectionist structures and inflationary levels of its trading partners.[5] For example, countries like Indonesia, Korea, and Thailand faced periods of real appreciation of their currencies, avoided maintaining a fixed exchange rate given the possibility of reaching higher inflation rates than those of their trading partners.

IV. EXPORT PROMOTION 促进出口

The success of the economies of the Asia Pacific region has been associated with the rapid growth of its exports, in fact, since 1970, the growth of exports in the region has been usually superior to that of the rest of the developing world.

亚太区域各经济体的成功与其出口的迅速增长有关，事实上，自1970年以来，该区域的出口增长通常优于其他发展中世界。

Authors such as Weiss[6], Redding and Venables[7], among others, argue that openness to international trade, supported by a system of neutral incentives, was a critical factor in

Asia's rapid growth. Asian countries practiced intervention in different sectors of the economy, including commercial aspects, but they did not fail to recognize the importance of trade as a development factor.

Interventions in industrial policy, which often made use of trade policy instruments, were implemented under the belief that changing the industrial structure to new and more modern sectors increased opportunities to capture dynamic economies of scale; this strategy remains currently applied and is one of the reasons for the balanced growth of the region in terms of technology, production processes, and products, as well as necessary to maintain an acceptable competitive level.

The World Bank itself recognizes that, of all the interventionist processes applied in East Asia, the one associated with the export impulse is the most promising for other developing countries.[8]

V. FINANCIAL SYSTEM金融体系

In the financial sector, policies were established to promote savings and to channel resources towards activities with high social return. Although different institutions and policies were used, in general, there were positive real interest rates for deposits and stable financial systems.[9]

在金融部门，制定了促进储蓄和将资源用于具有高社会回报的活动的政策。虽然使用了不同的机构和政策，但总的来说，存款的实际利率是正的，金融系统是稳定的

Besides, regulations were promoting responsible behavior, for example, avoiding loans for speculative purposes. Furthermore, although these countries did not implement deposit guarantee systems, they transmitted confidence to the system, essential for an economy prosper, through rescue programs if were necessary.

Domestic savings and the level of investments in East Asia is significantly higher compared to other economies. The difference between domestic savings and investments is the outflow of foreign capital.[10] East Asian economies as a group have been one of the only economies in which savings exceeded investments, making them net exporters of capital, which will help them expanding the market of the region, increasing economies of scale and having more capacities to specialize in research and technology.

CONCLUSION结论

The rapid growth of East Asian economies is unquestionably an example in terms of implementing development strategies. However, despite the international recognition of this fact, some developing countries have not followed the East Asian model.

东亚经济的快速增长无疑是实施发展战略的一个例子。然而，尽管国际社会已经承认这一事实，但一些发展中国家并没有效仿东亚模式。

It can be said that it is important to be aligned with the main international economic system to thrive economically, doing this the region was able to attract foreign investment achieving growth and expanding its market. Besides, this alignment was an incentive for boosting exports, finally reaching the leadership in terms of world industry exports.

It can be learn from this countries that an economic success can be achieved through some common characteristics that they applied in their economies, such as, macroeconomic stability, low levels of inflation, rapid economic growth, broad participation in the benefits of growth, growth based on technological progress, rapid export growth, rapid demographic transition, high investment rates and significant savings in human capital investments.

Another point that can be can learn from East Asian countries is that if a country becomes a net exporter of capital it would develop its expansion thought the world market, increasing its economies of scale and having more capacities to specialize in research and technology, essential for success in the economy.

Undoubtedly, the economies of the region have suffered due to the crisis of 2008, but nevertheless, the achievements of the model that allowed many East Asian countries to perform important economic achievements in less than a generation must be recognized.

毫无疑问，由于2008年的金融危机，该地区的经济遭受了损失，但尽管如此，该模式的成就，让许多东亚国家在不到一代人的时间里取得了重要的经济成就，这必须得到承认。

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