Asia and the Global Economy最新文献

{"title":"The analysis of structural change in a period of rapid economic growth – contributions from Vietnamese experience","authors":"Adam Fforde","doi":"10.1016/j.aglobe.2025.100121","DOIUrl":"10.1016/j.aglobe.2025.100121","url":null,"abstract":"<div><div>After the 1980s transition ‘from plan to market’, from 1992 Vietnamese economic growth accelerated significantly. Strategy continued to stress industrialisation; yet current price GVA/worker in manufacturing, initially relatively high, was by around 2010 below average. Services therefore came to dominate growth, not industry. Effective capital and labour markets, which had come to prominence in the 1980s, developed further, and higher rewards paid to labour and capital in services drove structural change, despite policy favouring manufacturing. This account, though not generally accepted, follows the global pattern and contradicted donor advice. However, like the 1980s, by the end of the 2010s Vietnamese ‘lived experience’ came to contradict donor-supported strategy and extant Party doctrine, and policy shifted to support servicisation, or more accurately structural change that supported relatively high actual or potential GVA/worker rather than an ‘industrialisation’ vision. The paper suggests that we can learn from this, and analyses structural change with an unorthodox analytical framework that requires defending as it is anathema to mainstream approaches. It does this by building on recently published work analysing the causes of confirmation bias in most economic analyses that supported the incorrect donor advice of the necessity of industrialisation. It blames this upon the reliance of standard analyses upon constant price sectoral GDP data to empirically found production function-based modelling (Arrow 1974, Fforde 2024c). This then legitimises the paper’s use of current price sectoral GVA/worker (GDP/worker) to analyse structural change during Vietnam’s ongoing Economic Miracle. The results show important aspects of servicising growth: the absence of a sub-sector that can be conceptualised as a ‘leading sector’ (the role played by manufacturing in standard incorrect narratives); and the striking failure of the very high relative GVA/worker in manufacturing in the 1990s to drive industrialisation, as by the 2010 this was below average and contributing little to GDP growth; and the importance of understanding the operative incentive pattern (which so far we do not) and the causes of variations in GVA/worker.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"6 1","pages":"Article 100121"},"PeriodicalIF":1.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146078715","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The impact of blockchain on the banking sector: A systematic review of applications, challenges, and future directions","authors":"Youssef Said ,&nbsp;Al mahdi Khaddar ,&nbsp;Lahcen Hassine ,&nbsp;Ahmed Eddaoui ,&nbsp;Tarik Chafiq","doi":"10.1016/j.aglobe.2025.100133","DOIUrl":"10.1016/j.aglobe.2025.100133","url":null,"abstract":"<div><div>This systematic review evaluates blockchain adoption in the banking and financial sector through 38 peer-reviewed studies published between 2020 and 2024. Following PRISMA 2020 and Kitchenham’s methodological standards, it provides a transparent synthesis of how blockchain is reshaping payments, settlements, trade finance, KYC/AML processes, data governance, and Central Bank Digital Currencies (CBDCs). Evidence shows consistent gains in transaction speed, reconciliation accuracy, and auditability, confirming blockchain’s transition from a disruptive concept to an emerging institutional infrastructure. However, significant challenges persist, including scalability limits, interoperability gaps, regulatory misalignment, and privacy-accountability tensions. The review highlights a shift from pilot experiments toward early industrial integration supported by consortium-based governance and hybrid architectures. It concludes with strategic implications for banks and regulators, emphasizing collaboration, flexible regulatory frameworks, standardized interoperability protocols, and the development of transparent and explainable RegTech solutions.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"6 1","pages":"Article 100133"},"PeriodicalIF":1.5,"publicationDate":"2026-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145792224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The digital yuan in the shadow of dollar hegemony: rethinking asia’s financial autonomy amid US-China tensions","authors":"Li Zeng ,&nbsp;Wee-Yeap Lau","doi":"10.1016/j.aglobe.2025.100126","DOIUrl":"10.1016/j.aglobe.2025.100126","url":null,"abstract":"<div><div>The intensifying US–China strategic rivalry is reshaping Asia’s geopolitical economy, with significant implications for financial sovereignty and currency dynamics. This paper examines China’s central bank digital currency, the digital yuan (e-CNY), as both a technological innovation and a geostrategic response to dollar hegemony. Drawing on theories of financial nationalism and monetary hierarchy, it distinguishes nominal currency control from substantive autonomy in cross-border transactions, highlighting structural vulnerabilities arising from regional reliance on the US dollar. The study argues that the e-CNY functions defensively to mitigate risks of financial containment—such as sanctions or SWIFT exclusion—and proactively as a foundation for alternative settlement infrastructures, particularly within Belt and Road Initiative networks and projects like the m-CBDC Bridge. Using a conceptual, theory-driven approach informed by recent policy developments, the paper explores how e-CNY adoption could foster regional monetary pluralism or intensify competition over standards and governance. It concludes that the digital yuan is integral to a broader transformation of Asia’s financial architecture, signalling a new frontier of sovereign assertion and institutional experimentation in a bifurcating global order.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100126"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145473620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Regional security structure and domestic political economy interests: Comparative analysis of belt and road initiative investments in the Philippines and Malaysia","authors":"Mohid Iftikhar","doi":"10.1016/j.aglobe.2025.100128","DOIUrl":"10.1016/j.aglobe.2025.100128","url":null,"abstract":"<div><div>Why do regional states respond to BRI, especially when established financing mechanisms are in place? Second, what pathways shape the success and failure of BRI investments in these states? I compare Malaysia and the Philippines, from 2013 to 2023, which share common BRI infrastructure investments shaped by regional financing opportunities and domestic political economy interests. Employing a triangulation strategy with rich empirical sources, including interviews, policy statements, speeches, official statistics, and documents, I build on neoclassical realism and explain that the BRI provided new financing opportunities, defining the interaction capacity of Malaysia and the Philippines with China at the regional security structure. Meanwhile, the domestic political economy, combining elite leadership and historical institutional forces, determined BRI’s timing, objectives, and outcomes. The predominant success of BRI investments in Malaysia is attributed to a responsive market structure and continuity in elite interests. Conversely, the fragmented market structure in the Philippines, along with the interests of the military bureaucracy, impeded most BRI investments. This research contributes original knowledge in Asian International Relations and Comparative Political Economy literature by explaining how regional states' responses and outcomes are shaped towards financing opportunities of China.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100128"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145579144","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"US tariff policy and a transformation of global trade architecture","authors":"Won-Ho Kim","doi":"10.1016/j.aglobe.2025.100120","DOIUrl":"10.1016/j.aglobe.2025.100120","url":null,"abstract":"<div><div>The second Trump administration’s tariff regime has triggered a profound transformation of the global trade architecture, extending beyond traditional protectionism to a systematic dismantling of multilateral institutions. This paper examines how the collapse of trust in US trade commitments and the erosion of export-led development pathways across the Global South are catalyzing the construction of alternative institutional frameworks. Through analysis of the EU–CPTPP partnership initiative, the acceleration of Asian regionalism, and BRICS expansion, it demonstrates that states are engaging in purposeful institutional innovation rather than descending into fragmentation. The findings indicate that the coming years constitute a critical window for determining whether emerging regional arrangements evolve into inclusive multilateral alternatives or harden into competing economic blocs. Sustaining open trade in this environment will depend on building coalitions grounded in predictable, rules-based governance that move beyond reactive responses to U.S. disruption.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100120"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145473621","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Round table discussion: Will a new global trade system or a stronger Asian free trade arrangement emerge against the United States’ aggressive tariff regime? A political economy approach","authors":"Josef C. Brada ,&nbsp;Bernard Hoekman ,&nbsp;Won-Ho Kim ,&nbsp;Jehoon Park ,&nbsp;Sunghoon Park","doi":"10.1016/j.aglobe.2025.100130","DOIUrl":"10.1016/j.aglobe.2025.100130","url":null,"abstract":"<div><div>The following material is a transcription of a discussion among the contributors to and organizers of the Round Table on the topic: Will a New Global Trade System or a Stronger Asian Free Trade Arrangement Emerge against the United States’ Aggressive Tariff Regime? A Political Economy Approach</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100130"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145620396","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Information and communication technology as a catalyst for bank efficiency: Empirical evidence from Vietnam","authors":"Nham Linh Vuong ,&nbsp;Hung Manh Pham ,&nbsp;Trung Tien Le ,&nbsp;Van Chi Nguyen ,&nbsp;Thu Hoai Thi Nguyen","doi":"10.1016/j.aglobe.2025.100119","DOIUrl":"10.1016/j.aglobe.2025.100119","url":null,"abstract":"<div><div>The swift progression of the digital economy and the Fourth Industrial Revolution highlights the essential function of Information and Communication Technology (ICT) in the transformation of the banking sector. In emerging markets such as Vietnam, the rapid growth of digital financial services necessitates an understanding of the relationship between ICT and bank performance. This research examines the influence of ICT on the operational efficiency and profitability of 24 commercial banks in Vietnam over the period from 2011 to 2022. This study assesses the impact of ICT and its components—Information Technology Infrastructure (ITI) and Information Technology Applications (ITA)—on essential financial metrics: Return on Assets (ROA), Return on Equity (ROE), and Net Interest Margin (NIM). The methodology employs panel data regression techniques such as Pooled OLS, Fixed and Random Effects Models, Feasible Generalized Least Squares (FGLS), and the Generalized Method of Moments (GMM) to ensure robustness and address endogeneity concerns. The findings indicate that ITI has a significantly positive impact on ROA and ROE; however, the overall ICT index does not demonstrate a consistent positive relationship across models, suggesting a profitability paradox. Online payment systems enhance return on assets (ROA) while adversely impacting ROE and NIM as a result of implementation expenses and operational risks. It concludes that ICT investment can improve efficiency, but its advantages are contingent upon strategic alignment, employee readiness, and regulatory support. Policymakers and bank managers must emphasize IT infrastructure, staff training, and risk management to optimize returns from digital transformation.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100119"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145361555","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Commercializing culture in China: The reconstruction of cultural symbols and the adaptation of the torch festival","authors":"Shuang Yin,&nbsp;Kartini Aboo Talib @ Khalid,&nbsp;Shazlin Amir Hamzah","doi":"10.1016/j.aglobe.2025.100125","DOIUrl":"10.1016/j.aglobe.2025.100125","url":null,"abstract":"<div><div>The Torch Festival, a significant cultural heritage of the Yi ethnic group in Yunnan, China, has undergone significant reconstruction of its cultural symbols in the context of globalization and modernization. This study employed qualitative methods, drawing on semi-structured interviews, participatory observation, and literature analysis, to explore the reconstruction mechanisms and modern adaptation strategies of the Torch Festival's cultural symbols. The study found that this reconstruction was manifested in ritual simplification, cultural expansion, and commercialization, with a shift from community-led inheritance to tourism-driven symbolic reproduction. Digital technology has both expanded dissemination and exacerbated symbolic alienation. Thematic analysis identified five key themes: ritual simplification and cultural identity, cultural expansion and modern innovation, intergenerational differences and inheritance challenges, commercialization and cultural adaptation, and digital technology and cultural communication. This study fills existing gaps and provides a reference for the modern development of traditional festivals.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100125"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145527991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Empowering economic growth through female labor force participation in central Asia: Evidence from regression and dynamic analyses","authors":"Zebo Kuldasheva,&nbsp;Maaz Ahmad","doi":"10.1016/j.aglobe.2025.100115","DOIUrl":"10.1016/j.aglobe.2025.100115","url":null,"abstract":"<div><div>Female labor force participation plays a significant role in driving the economic development of a country across various sectors. The previous literature suggests that increasing female labor force participation contributes to economic growth, the sector-specific impact remains unclear. The current study addresses this gap by analyzing female employment at both aggregate and sectoral levels, focusing on agriculture, industry, and services—on the economic growth of Central Asian economies from 1995 to 2022. Using a combination of regression techniques—including pooled OLS, fixed effects, and random effects models—and dynamic analytical approaches, the study addresses key issues of reverse causality and endogeneity through the adoption of the system GMM model. In addition, this study uses stationarity tests, including the Breitung and Das, IPS, and Pesaran tests, which reveal a mixed order of integration. The results of regression analysis show that total female labor force participation positively contributes to economic growth, while corruption negatively affects it. Sector-specific analysis result reveals that female participation in agriculture and services significantly enhances economic growth, whereas participation in the industrial sector has a detrimental impact. These results highlight the essential need for targeted policies to improve female labor force participation in high-growth sectors, mitigate the negative effects in the industrial sector, and address corruption. The study offers valuable insights into the role of female labor force participation in shaping economic growth in Central Asia.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100115"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145219112","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Japan’s international cooperation from ODA to OSA—Origins, evolution, and emerging trends","authors":"John XXV Paragas Lambino","doi":"10.1016/j.aglobe.2025.100112","DOIUrl":"10.1016/j.aglobe.2025.100112","url":null,"abstract":"<div><div>This paper examines the origins, evolution, and emerging trends in Japan’s international cooperation, focusing on its Official Development Assistance (ODA) and the newer Official Security Assistance (OSA). While initially aimed at diplomatic normalization, Japan’s approach has consistently aligned with economic interests, evolving into a strategic tool to elevate its global stature and recently toward national security in response to a more volatile geopolitical landscape. This strategic recalibration not only serves Japan’s security interests but also supports economic revitalization, particularly through defense-related industries. Despite this shift, Japan continues to promote human security, emphasizing dignity and freedom from fear and want. Looking ahead, its cooperation is likely to be shaped by two trajectories: one shaped by security imperatives, the other by human security values. These dual trajectories reveal a dynamic of mutual appropriation—where each agenda leverages elements of the other to further its own aims—and underlying tension between their respective priorities.</div></div>","PeriodicalId":100126,"journal":{"name":"Asia and the Global Economy","volume":"5 2","pages":"Article 100112"},"PeriodicalIF":1.5,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049361","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}