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Preface

Exploring the Causes and Remedies of Japanization

Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Introduction and overview

Exploring the Causes and Remedies of Japanization

Dongchul Cho, Takatoshi Ito and Andrew Mason

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Abbreviations and acronyms

Exploring the Causes and Remedies of Japanization

Edited by Dongchul Cho, Takatoshi Ito and Andrew Mason

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Mohamed Ariff and Shamsher Mohamad

Adam Smith traced the source of opulence of nation, which he called capital, to the uninterrupted efforts of every man to better his condition. Today we define wealth as the item that has some economic substance, a value such that this wealth can be used for several intended purposes, in modern economics, for consumption as theoretically glorified by the Utility Maximization Theorem (Arrow-Debreu). In this chapter, the reader is introduced to the modern idea of net wealth held by households and entities. The amount of wealth as at 2017 is given as US$ 250 trillion after all liabilities are subtracted from total wealth. In this context, Calvin’s contribution of wealth as God’s gift to man is referred to, which provides a continuity with Islam’s claim that wealth belongs to God, and He apportions who begets it.

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Xiaowei Zang and Lucy Xia Zhao

The study of the family and marriage in China is interesting given profound changes in fertility transition, household structure, mate selection, divorce, old age support, and so on, since the nineteenth century. This chapter first reviews the English literature on a few selected aspects of the family institution and marriage in China. Next, it summarizes the outline of each of the chapters, which discuss a wide range of topics including love and marriage, educational endogamy, family planning, son preference, the marriage squeeze, family decision-making power, filial piety and old age support, intermarriage and intercultural dating, international adoption from mainland China, and many more.

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Preface

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

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Shahid Yusuf

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Preface

Achieving Fiscal Sustainability

Edited by Naoyuki Yoshino and Peter J. Morgan

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Peter J. Morgan and Long Q. Trinh

Sustainable and inclusive growth in emerging Asian economies requires continued high levels of public sector investment in areas such as infrastructure, education, health, and social services. These responsibilities, especially with regard to infrastructure investment, need to be devolved increasingly to the regional government level. However, growth of sources of revenue and financing for local governments has not necessarily kept pace, forcing them, in some cases, to increase borrowing or cut spending below needed levels. This chapter reviews alternative models of the relationship between central and local governments, and provides an overview and assessment of different financing mechanisms for local governments, including tax revenues, central government transfers, bank loans, and bond issuance, with a focus on the context of emerging Asian economies. The chapter also reviews financing mechanisms for local governments and mechanisms for maintaining fiscal stability and sustainability at both the central and local government levels. Based upon the evidence on the decentralization process in Asia, it proposes some policy implications for improving central–local government relations and fiscal sustainability.

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Edited by W. J. Morgan, Qing Gu and Fengliang Li