APEC and the New Economy

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Structural policies, networked information technologies, and flexible and skilled human resources transform old social and economic activities into new ones, which together increase economic growth in todayx92;s "new economy." In this study Catherine L. Mann and Daniel H. Rosen examine how this new phenomenon is affecting the economies of the member nations of the Asia Pacific Economic Cooperation (APEC) forum and whether APEC policymakers should have an action agenda toward it. The authors use macroeconomic models and distill case studies from selected APEC countries to illustrate both the potential rewards and the challenges faced by policymakers and businesses in enabling and embracing the dynamism of the new economy. The study also highlights the impact of new economy forces on trade competitiveness as well as the relationship between government and civil society. The authors conclude with a set of policy recommendations for APEC members, and for APEC itself to ensure that the benefits of the New Economy are widely shared in the region. The study was initially prepared for the Economic Committee of APEC for presentation to its annual ministerial and summit meetings in Shanghai in October 2001.

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Catherine L. Mann, senior fellow at the Institute for International Economics, held several posts at the Federal Reserve Board of Governors (1984-87 and 1989-97), including Assistant Director and Special Assistant to the Staff Director, International Finance Division (1994-97). She was a Senior Economist on the Staff of the President's Council of Economic Advisors (1991-92), the principal staff member for the Chief Economist of the World Bank (1988-89), and a Ford Foundation Fellow at the National Bureau of Economic Research (1987). She is an Adjunct Professor at the Owen School of Management at Vanderbilt University, and has also taught at the University of Chicago, Princeton University, University of Maryland, Georgetown, Boston College, and MIT. She has written numerous articles on international trade and finance. She is the coauthor of Global Electronic Commerce: A Policy Primer with Sue E. Eckert and Sarah Cleeland Knight (2000) and author of Is the U.S. Trade Deficit Sustainable (1999). Daniel H. Rosen is a visiting fellow at the Institute for International Economics. From 2002-2001 he was a member of the National Economic Council Staff where he served as Senior Advisor for International Economic Policy. His work has focused on the economic development of East Asia, particularly Greater China. He is the author of Behind the Open Door: Foreign Enterprises in the Chinese Marketplace (1998). Other areas of focus include telecommunications negotiations, trade and environment linkages, and the limits of economic sanctions as a foreign policy tool.