Econometric Studies of International Industrial Restructuring and Competitiveness-focusing on Japan, the US and Asian NIES-

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In this study we intended to analyze econometrically the international economic restructuring developed after the Plaza agreement in the fall of 1985, focusing on Japan, the Unites States and East Asian economies. For this purpose we, first, compared the role of manufacturing sector in production and employment in the developed countries with that of developing Asia, and found a significant shift of manufacturing capacity to developing Asia through foreign direct investment. Second, we measured structural interdependence among Japan, US and East Asia by using International Input Output Tables of 1990 and 1995. Third, we constructed a macro econometric model of Thailand to assess the impacts on her economy of foreign direct investment from developed countries as a case study, and confirmed the positive contribution of direct investment. Fourth, we constructed Malmquist productivity indexes of Singapore and Hong Kong based on Data Envelopment Analysis and compared the growth sustainability and competitiveness of two economies. Last, with a growing energy demand in East Asian industrialization, we examined a new direction of oil development in the East China Sea.