Portland State University

Department of Economics



Economics 448/548:

East Asian Economic Development (Fall 2016)



Course Time and Place:         TTh 14:00 – 15:50 & Fourth Ave Building 46

Instructor:                                 Hiro Ito, Professor of Economics

Office:                                       Cramer Hall 241-F

Email:                                        ito@pdx.edu

Phone:                                       x5 – 3930

Office Hours:                            TTh 13:00 – 14:00, or by appointment


There is a required reading packet for this course, that is available at Clean Copy, 1510 SW 6th Ave, Portland, OR 97201 , (503) 221-1876.


We will also use articles from Harvard Business Publishing (HBP). You will receive an email from me that will show how to create an account with HBP. Once you create an HBPaccount, you will have access to the articles that are required for this course. Each article costs about $4.


Other lecture notes and copies of journals and newspaper/magazine articles are occasionally distributed in class or posted on this website.


The HBP articles are available from here.


The course syllabus is available here.


The information about the presentation/term paper assignment is available here.





Lecture Notes

       East Asian Characteristics

       Japan’s experience 1: The Japan Model

       Japan’s Experience 2: Bubble and Heisei Recession

       Challenges Japan is facing

       Korea and Taiwan

       East Asian Miracle

       China’s Economic Development

       China’s Economic Development 2

       China’s Economic Development 3

       Asia Crisis of 1997-98

       Changes in Industrial Structure


Important dates

October 27 (Thur.)                 First take-home exam due

November 22 (Tues.)             Second take-home exam due

November 24 (Thurs.)           Thanksgiving

November 29 (Tues.)             Class cancelled

December 8 (Tues.)               Term paper due (12pm)


Class schedule and reading assignments

(“RP” means the articles/papers can be found in the reading packet. “HBR” means articles from Harvard Business Review)

Week 1

Introduction: Why are we interested in East Asia?


Japan’s experience


Flath, p.71 – 93 (RP)



Week 2

Japan’s experience, continued


Ito Ch.3 (RP), Mosk, Ch.11 & 12 (RP), Krugman, “Japan’s Trap” (to be distributed)




Vietor, “Japan: Deficits, Demography, and Deflation” (HBP)



Week 3

Japan’s experience, continued

Korea, Taiwan, and the East Asian model




Lau, p. 17 – 126 (RP).


The Economist’s survey on Korea (10/26/2013)

Alfaro and Kim, “Transforming Korea Inc.: Financial Crisis and Institutional Reform” (HBP)

The first take-home exam will become available on the course website



Week 4

Chinese Economic Development


Chow, p. 9 – 67 (RP)



Week 5

Chinese economic development


Chow, p. 9 – 86, p.281 – 319. Spar and Oi (2006) “China: Building ‘Capitalism with Socialist Characteristics’” (HBP)


The Economist: Special report on the Chinese economy, April 19, 2014

The first take-home exam will be due on October 29 (Thur.)

Week 6

Chinese economic development, continued


Vietor, “China Unbalanced” (HBP)

First half (before the empirical analysis) of Ito (2008)

Week 7

East Asia and the Financial Crisis


Pill, et al., “Financial Crisis in Asia: 1997-98” (HBP)

Krugman, “Asia’s Crash” (to be distributed)



Week 8

Student presentations


November 19

Hugo Agusto


Michael Burger





Week 9

Student Presentations



The Second take-home exam will be due on November 25 (Tues.)


November 24

Handara Daniswara


Gregory Glesener



Week 10

Student Presentations


December 1

Jeffrey Irvin


Alan Webb




Term Paper Due at 2 pm on December 1 (Tuesday)



Updated on September 29, 2016