Asian Development Bank Institute

Displaying 1-40 of 68 results

  • White Papers // Jun 2011

    The Global Financial Crisis: Countercyclical Fiscal Policy Issues and Challenges In Malaysia, Indonesia, The Philippines, And Singapore

    Several countries have employed countercyclical fiscal policy to ameliorate the impact of the global financial crisis. This paper identifies some of the issues and policy implications associated with this policy response in developing countries. Included are case studies of four developing countries in the Asian region - Malaysia, Indonesia, the...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2011

    The Global Financial Crisis: Decoupling Of East Asia "Myth Or Reality

    The "Decoupling" of East Asia from its economic interactions - both in trade and finance - with the rest of the world refers to the phenomenon of a weakening of the impact of demand and supply shocks emanating from the advanced countries on the region's economic performance since the early...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2011

    Understanding Foreign Direct Investment In East Asia

    The authors recount East Asia's experience with Foreign Direct Investment (FDI). They document that, contrary to the Rybczynski theorem, capital flows in the region cause the host country's labor-intensive industry to expand and its capital-intensive industry to decline. They also present narrative evidence that sheds light on how FDI is...

    Provided By Asian Development Bank Institute

  • White Papers // May 2011

    The Status Of East Asian Free Trade Agreements

    Free Trade Agreements (FTAs) have become a prominent feature of the multilateral trading system and an important instrument of trade policy for members of the World Trade Organization (WTO). The proliferation of FTAs is the result of a number of factors, from the economic to the political. East Asia is...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2011

    Exchange Rates And Global Rebalancing

    This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the response of imbalances and real exchange rates...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2011

    Foreign Direct Investment In Cross-Border Infrastructure Projects

    In this paper, the authors critically review the relevant information and literature that can enhance the feasibility and the successful implementation of cross-border infrastructure projects. They provide detailed information concerning foreign direct investment in the major emerging regions: East Asia and the Pacific, Latin America, and Eastern Europe. They also...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2011

    Processing Trade, Exchange Rates, And The People's Republic Of China's Bilateral Trade Balances

    This paper analyzes the role of processing trade in the People's Republic of China (PRC)'s bilateral trade balances and the impact of the yuan's appreciation on processing trade. The analysis is based on panel data covering the PRC's 51 trading partners from 1993 - 2008. The empirical analysis shows that:...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2011

    Trade In Services And Human Development: A First Look At The Links

    Some services directly produce outputs that are important for human development, such as basic human services. Many other services are important inputs into the production and distribution of goods that are necessary for human development purposes. A more efficient services sector should mean that such goods and services can be...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2011

    Examination Of The Singapore Shift In Japan's Foreign Direct Investment In Services In ASEAN

    Asia is fast becoming the largest recipient of Japan's Foreign Direct Investment (FDI). Within the Asian region, the Association of SouthEast Asian Nations (ASEAN) has been the major investment destination of Japan. In the manufacturing sectors, however, the investment flows from Japan to ASEAN - with Thailand being the largest...

    Provided By Asian Development Bank Institute

  • White Papers // Feb 2011

    The Role Of Macroeconomic Policy In Rebalancing Growth

    The aftermath of the global financial crisis of 2007 - 2009 has called the export-led growth model of Asian economies into question. This paper describes the contribution that macroeconomic policy can make to promote a rebalancing of growth away from dependence on exports to developed economies to a more sustainable...

    Provided By Asian Development Bank Institute

  • White Papers // Dec 2010

    Financial Development: A Broader Perspective

    This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical policy lessons can be...

    Provided By Asian Development Bank Institute

  • White Papers // Dec 2010

    Financial Inclusion And Financial Stability: Current Policy Issues

    The recent financial crisis has shown that financial innovation can have devastating systemic impacts. International standard setters' and national regulators' response has been a global concerted effort to overhaul and tighten financial regulations. However, at a time of designing stricter regulations, it is crucial to avoid a backlash against financial...

    Provided By Asian Development Bank Institute

  • White Papers // Nov 2010

    Asia's Post-Global Financial Crisis Adjustment: A Model-Based Dynamic Scenario Analysis

    Using a dynamic global general equilibrium model, the paper assesses the short- and medium-term impacts of the global financial crisis on Asian economies and the implications of post-crisis adjustment in Emerging East Asia (EEA) for the world economy. The analysis suggests that EEA is unlikely to be severely damaged permanently...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2010

    Asset Market Structures And Monetary Policy In A Small Open Economy

    This paper sets up a canonical new Keynesian small open economy model with nominal price rigidities to explore the impact of habit persistence and exchange rate pass-through on the welfare ranking of alternative monetary policy rules. It identifies three factors that can affect the welfare ranking: the degree of habit...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2010

    The Impact Of Free Trade Agreements On Business Activity: A Survey Of Firms In The People's Republic Of China

    The People's Republic of China (PRC) has emerged as a major player in the global economy and considers Free Trade Agreements (FTAs) an important part of its global trading strategy. The PRC's export industries are embedded in existing regional and global production networks and are reliant on foreign direct investment...

    Provided By Asian Development Bank Institute

  • White Papers // Sep 2010

    Fiscal Policy Issues For India After The Global Financial Crisis (2008 - 2010)

    The need for fiscal consolidation and sustainability is one of the key macroeconomic issues confronting Indian economy. This paper attempts to understand India's current fiscal situation, its likely future development, and its impact on the economy in the context of a weak global recovery from the current crisis. The impact...

    Provided By Asian Development Bank Institute

  • White Papers // Sep 2010

    Trends In National And Regional Investors Financing Crossborder Infrastructure Projects In Asia

    This paper examines a range of crossborder infrastructure development issues related to the Asian countries. Despite active pursuit of private investment in infrastructure by most developing countries in Asia and a growing number of success stories, the pace of such investment remains slow. Participation by the private sector in infrastructure...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    Impacts Of Current Global Economic Crisis On Asia's Labor Market

    The paper investigates the labor market and social impacts of the global financial and economic crisis in Asia and the Pacific as well as national policy responses to the crisis. It draws on recent macroeconomic, trade, production, investment, and remittances data to assess the employment and social consequences of the...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    Risk-Return Efficiency, Financial Distress Risk, And Bank Financial Strength Ratings

    This paper investigates whether there is any consistency between banks' financial strength ratings (bank rating) and their risk-return profiles. It is expected that banks with high ratings tend to earn high expected returns for the risks they assume and thereby have a low probability of experiencing financial distress. Bank ratings,...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    Asia's Role In The Global Economic Architecture

    The global economic and financial landscape has been transformed over the past decade by the growing economic size and financial power of emerging economies. The new G20 summit process, which includes the largest emerging economies, has established high-level international policy cooperation in this new setting. This paper argues that effective...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    The Role Of The State In Managing And Forestalling Systemic Financial Crises: Some Issues And Perspectives

    This paper reviews recent state interventions in financial crises and draws lessons for crisis management. A number of areas are identified where crisis management could be strengthened, including with regard to the tools and instruments used to involve the private sector in crisis resolution (with a view to reducing the...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    Solicited And Unsolicited Credit Ratings: A Global Perspective

    The authors conducted a global study of the long-term issuer ratings of nonfinancial firms from Standard and Poor's Ratings Services (S&P) for the period 1998 - 2003. Specifically, they focused on the solicited versus unsolicited ratings and sample-selection bias in the analysis. Unlike the literature, they adopted an improved method...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    Trade Logistics And Regional Integration In Latin America And The Caribbean

    During the past few decades, the landscape of the world economy has changed. New trade patterns reflect the globalization of the supply chain and intra-industry trade, and increasing flows between neighboring countries and trading blocs with similar factor endowments. Similarly, the approach to production, trade, and transportation has evolved incorporating...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    The Internationalization Of Small And Medium Enterprises In Regional And Global Value Chains

    Production networks and the regional division of labor have been established in East Asia resulting in massive vertical intra-industry trade in parts and components within the region. This phenomenon is known as cross-border production sharing or the fragmentation of production processes into many stages across different countries. New development strategies...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Developing Asia's Competitive Advantage In Green Products: Learning From The Japanese Experience

    Right now, governments around the world are spending record amounts of money to kick start their economies in response to the financial crisis. Fortunately, a great opportunity exists for this fiscal stimulus to be directed towards "Green" economic growth, which can not only provide the new markets and jobs needed...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Fiscal Policy Coordination In Asia: East Asian Infrastructure Investment Fund

    East Asian countries were seriously affected by the 2008 global crisis through a steep fall in exports. This experience exposed the vulnerability of the East Asian growth model and emphasized the importance of generating regional growth by expanding domestic demand and enlarging intra-regional trade. A key factor to achieving higher...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Impact Of Global Recession On Sustainable Development And Poverty Linkages

    The global financial crisis and the resulting economic slowdown may be assumed to have at least the benefit of also reducing environmental degradation in the individual countries. This paper discusses the consequences of the crisis for energy use, pollution prevention, and land use in Asia and the associated emissions of...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Rebalancing Growth In The Republic Of Korea

    The current account surplus of the Republic of Korea (henceforth Korea) increased significantly in the immediate recovery period after the 1997-1998 Asian financial crisis. Since then the surplus has gradually diminished, and from 2006 to 2008, the current account was close to being balanced. Econometric analysis reveals that the effect...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Financing Asia's Infrastructure: Modes Of Development And Integration Of Asian Financial Markets

    Asia faces very large infrastructure funding demands, estimated at around US$750 billion per year for energy, transport, telecommunications, water, and sanitation during 2010 - 2020 (ADB/ADBI 2009). Asia has large savings, significant international reserves, and rapid accumulations of funds that could be utilized for meeting these infrastructure investment needs, but...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Fiscal Policy Issues In Korea After The Current Crisis

    This paper examines fiscal policy issues in the Republic of Korea (hereafter Korea) after the 2009 global financial crisis, including the timing of fiscal policy responses, the effectiveness of expansionary measures, and the long-term implications for government debt. In order to evaluate more accurately Korea's fiscal response since late 2008,...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2010

    How Would An Appreciation Of The Yuan Affect The People's Republic Of China's Surplus In Processing Trade?

    Enormous trade surpluses are problematic for the People's Republic of China (PRC) and the rest of the world. They primarily stem from processing trade. This paper investigates how exchange rate changes would affect the PRC's imports for processing and processed exports. The results indicate that an appreciation throughout East Asian...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2010

    Financial Turmoil In The Banking Sector And The Asian Lamfalussy Process: The Case Of Four Economies

    This paper investigates the prevailing financial regulatory structures and impact of the current financial turmoil on banking performance in four Asian economies: the People's Republic of China (PRC); Hong Kong, China; Singapore; and Taipei, China. Both the PRC and Hong Kong, China operate under a fragmented financial regulatory structure, while...

    Provided By Asian Development Bank Institute

  • White Papers // May 2010

    Can Social Security Boost Domestic Consumption In The People's Republic Of China?

    This paper reviews the development of the social security system and trends in the urban labor market in the People's Republic of China (PRC). Despite its remarkable economic achievement, the PRC faces a difficult path before it can reform and improve its social security system and provide basic support for...

    Provided By Asian Development Bank Institute

  • White Papers // May 2010

    The Yuan's Exchange Rates And Pass-Through Effects On The Prices Of Japanese And US Imports

    This paper estimated the pass-through effects of yuan's exchange rates on prices of the US and Japanese imports from the People's Republic of China (PRC). Empirical results show that, a 1% nominal appreciation of the yuan would result in a 0.23% increase in prices of the US imports in the...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2010

    Trade And Investment Policies And Regional Economic Integration In East Asia

    The global economic crisis has affected the East Asian economies via trade and investment. The export-led model which had been responsible for the "East Asian Miracle" now must redirect the basis of growth from exports sent to the US and Europe to regional and domestic demand. Regional trade integration has...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2010

    The Financial Crisis, Rethinking Of The Global Financial Architecture, And The Trilemma

    This paper extends the previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. The authors examine the channels through which the trilemma policy configurations affect output volatility. They investigate how trilemma policy configurations affect the output performance of the economies under severe crisis situations. They...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2010

    Green Services And Emergence And Recovery From The Global Economic Slowdown In Developing Asian Economies

    The global economic slowdown has again highlighted the vulnerability of export-led development models and economies to downturns in export markets. Economic deepening or "Rebalancing" with an emphasis on service-sector development should be - and is becoming - one long-term response to the crisis by Asia's emerging economies. In the long...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2010

    Education Impact Study: The Global Recession And The Capacity Of Colleges And Universities To Serve Vulnerable Populations In Asia

    This paper reviews the capacity of colleges and universities to serve poor and vulnerable populations during past and present economic shocks. The main argument is that the environment of the global recession - an Asia far more economically integrated than during past economic shocks, with more unified aspirations to be...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2010

    Securitized Products, Financial Regulation, And Systemic Risk

    It is widely believed that the practice of securitization is one of the causes that led to the 2007 - 08 financial crisis. In this paper, the author show that securitized products such as Collateralized Debt Obligations (CDO) are particularly vulnerable to systematic risk and tend to show higher tail...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2010

    Investigating The Effect Of Exchange Rate Changes On The People's Republic Of China's Processed Exports

    Many argue that the yuan needs to appreciate to rebalance the People's Republic of China's trade. However, empirical evidence on the effects of a CNY appreciation on the People's Republic of China's exports has been mixed for the largest category of exports, processed exports. Since much of the value-added of...

    Provided By Asian Development Bank Institute

  • White Papers // Dec 2009

    Knowledge Spillovers From FDI In The People's Republic Of China: The Role Of Educated Labor In Multinational Enterprises

    This paper employs a firm-level panel data set for a high-tech cluster in the People's Republic of China to examine knowledge spillovers from multinational enterprises (MNEs) to domestic firms, focusing on the role of MNEs' employment of educated workers. The authors found that knowledge within MNEs spills over to domestic...

    Provided By Asian Development Bank Institute

  • White Papers // Nov 2009

    Assessing Foreign Direct Investment Relationships Between Japan, The People's Republic Of China, And The United States

    The People's Republic of China (PRC) has received enormous inflows of foreign direct investment (FDI) in recent years, including significant flows from Japan and the United States (US). The authors examine these investment flows in detail to gain perspectives on their relative importance for the three countries involved. They also...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2010

    Financing Asia's Infrastructure: Modes Of Development And Integration Of Asian Financial Markets

    Asia faces very large infrastructure funding demands, estimated at around US$750 billion per year for energy, transport, telecommunications, water, and sanitation during 2010 - 2020 (ADB/ADBI 2009). Asia has large savings, significant international reserves, and rapid accumulations of funds that could be utilized for meeting these infrastructure investment needs, but...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2010

    Financial Turmoil In The Banking Sector And The Asian Lamfalussy Process: The Case Of Four Economies

    This paper investigates the prevailing financial regulatory structures and impact of the current financial turmoil on banking performance in four Asian economies: the People's Republic of China (PRC); Hong Kong, China; Singapore; and Taipei, China. Both the PRC and Hong Kong, China operate under a fragmented financial regulatory structure, while...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2010

    The Financial Crisis, Rethinking Of The Global Financial Architecture, And The Trilemma

    This paper extends the previous paper (Aizenman, Chinn, and Ito 2008) and explores some of the unexplored questions. The authors examine the channels through which the trilemma policy configurations affect output volatility. They investigate how trilemma policy configurations affect the output performance of the economies under severe crisis situations. They...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2010

    Securitized Products, Financial Regulation, And Systemic Risk

    It is widely believed that the practice of securitization is one of the causes that led to the 2007 - 08 financial crisis. In this paper, the author show that securitized products such as Collateralized Debt Obligations (CDO) are particularly vulnerable to systematic risk and tend to show higher tail...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2010

    Investigating The Effect Of Exchange Rate Changes On The People's Republic Of China's Processed Exports

    Many argue that the yuan needs to appreciate to rebalance the People's Republic of China's trade. However, empirical evidence on the effects of a CNY appreciation on the People's Republic of China's exports has been mixed for the largest category of exports, processed exports. Since much of the value-added of...

    Provided By Asian Development Bank Institute

  • White Papers // Feb 2010

    Regional Monitoring Of Capital Flows And Coordination Of Financial Regulation: Stakes And Options For Asia

    The ongoing global economic crisis has punished Asian economies severely, despite the fact that its origins derive from outside the region. The global economic crisis was transmitted through real and financial channels, underscoring how vulnerable the region is to external shocks. This paper explores the microeconomic origins of the financial...

    Provided By Asian Development Bank Institute

  • White Papers // Feb 2010

    The Role Of State Intervention In The Financial Sector: Crisis Prevention, Containment, And Resolution

    This paper discusses the role of state intervention for prevention, containment, and resolution of financial crises based mainly on the Korean experience during the 1997 Asian financial crisis. Crises in emerging market and developing economies tend to be more complicated than those faced by advanced economies because they are twin...

    Provided By Asian Development Bank Institute

  • White Papers // Feb 2010

    Monetary Policy Strategies In The Asia And Pacific Region: What Way Forward?

    Monetary policy frameworks in the Asia and Pacific region have performed well in the past decade as judged by inflation outcomes. The authors argue that this is due to three principal factors: (i) central banks have focused on price stability as the primary objective of monetary policy, (ii) institutional setups...

    Provided By Asian Development Bank Institute

  • White Papers // Jan 2010

    The Financial Crisis And The Regulation Of Credit Rating Agencies: A European Banking Perspective

    Credit Rating Agencies (CRAs) bear some responsibility for the financial crisis that started in 2007 and remains ongoing. This is acknowledged by policymakers, market participants, and by the agencies themselves. It soon became clear that, given the depth of the crisis, CRAs would not be able to satisfy policymakers by...

    Provided By Asian Development Bank Institute

  • White Papers // Jan 2010

    Liberalization And Regulation Of Capital Flows: Lessons For Emerging Market Economies

    Capital flows to Emerging Market Economies (EMEs) have been characterized by high volatility since the 1980s. In recent years (especially since 2003), although gross as well as net capital flows to the EMEs have increased, they could not be absorbed domestically. Overall, savings have flowed uphill from EMEs to advanced...

    Provided By Asian Development Bank Institute

  • White Papers // Dec 2009

    Prudential Discipline For Financial Firms: Micro, Macro, And Market Structures

    The recent global financial crisis reflects numerous breakdowns in the prudential discipline of financial firms. This paper discusses ways to strengthen micro- and macroprudential supervision and restore credible market discipline. The paper argues that the primary responsibility for risk management must rest with firms, not with government supervisors. Unfortunately, systemic...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2011

    The Global Financial Crisis: Decoupling Of East Asia "Myth Or Reality

    The "Decoupling" of East Asia from its economic interactions - both in trade and finance - with the rest of the world refers to the phenomenon of a weakening of the impact of demand and supply shocks emanating from the advanced countries on the region's economic performance since the early...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2011

    The Global Financial Crisis: Countercyclical Fiscal Policy Issues and Challenges In Malaysia, Indonesia, The Philippines, And Singapore

    Several countries have employed countercyclical fiscal policy to ameliorate the impact of the global financial crisis. This paper identifies some of the issues and policy implications associated with this policy response in developing countries. Included are case studies of four developing countries in the Asian region - Malaysia, Indonesia, the...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2009

    What Is The Impact Of The Global Financial Crisis On The Banking System In East Asia?

    The author analyzes the risks in the banking systems in East Asia using the standard supervisory framework, which assesses Capital adequacy, Asset quality, Management, Earnings, and Liquidity (CAMEL), The author finds that banking systems in the region are sound, but that the short-term outlook is negative. Second, the author reviews...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2009

    Thailand's Growth Rebalancing

    This paper reviews Thailand's structural changes, the 1997 crisis experience, and recovery and lessons from the crisis. The paper then discusses the impacts of the subprime crisis on the Thai economy and the policy responses to date. The paper ends by discussing strategies to rebalance growth by reducing the dependence...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2010

    Trade Logistics And Regional Integration In Latin America And The Caribbean

    During the past few decades, the landscape of the world economy has changed. New trade patterns reflect the globalization of the supply chain and intra-industry trade, and increasing flows between neighboring countries and trading blocs with similar factor endowments. Similarly, the approach to production, trade, and transportation has evolved incorporating...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2010

    How Would An Appreciation Of The Yuan Affect The People's Republic Of China's Surplus In Processing Trade?

    Enormous trade surpluses are problematic for the People's Republic of China (PRC) and the rest of the world. They primarily stem from processing trade. This paper investigates how exchange rate changes would affect the PRC's imports for processing and processed exports. The results indicate that an appreciation throughout East Asian...

    Provided By Asian Development Bank Institute

  • White Papers // May 2010

    The Yuan's Exchange Rates And Pass-Through Effects On The Prices Of Japanese And US Imports

    This paper estimated the pass-through effects of yuan's exchange rates on prices of the US and Japanese imports from the People's Republic of China (PRC). Empirical results show that, a 1% nominal appreciation of the yuan would result in a 0.23% increase in prices of the US imports in the...

    Provided By Asian Development Bank Institute

  • White Papers // Jun 2011

    Understanding Foreign Direct Investment In East Asia

    The authors recount East Asia's experience with Foreign Direct Investment (FDI). They document that, contrary to the Rybczynski theorem, capital flows in the region cause the host country's labor-intensive industry to expand and its capital-intensive industry to decline. They also present narrative evidence that sheds light on how FDI is...

    Provided By Asian Development Bank Institute

  • White Papers // Dec 2009

    Intra-Regional Trade In East Asia: The Decoupling Fallacy, Crisis, And Policy Challenges

    This paper examines the export experience of East Asian economies in the aftermaths of the crisis against the backdrop of a systematic analysis of precrisis trade patterns. The "Decoupling" thesis, the notion that the East Asian region has become a self-contained economic entity with potential to maintain its own growth...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2009

    The Impact Of Free Trade Agreements (FTAs) On Business In The Republic Of Korea

    The Republic of Korea (hereafter Korea) continues to promote an open-trade system via the conclusion of Free Trade Agreements (FTAs), arguing that Korean enterprises will obtain considerable business opportunities under the FTAs the government has implemented. However, the FTAs that are currently being implemented in Korea are said to be...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2009

    Asia In Global Governance: A Case For Decentralized Institutions

    The global economic crisis refocused attention on the governance of International Economic Institutions (IEIs). This paper uses the analytical framework of club theory to highlight structural obstacles to reform in international macroeconomic management, development finance, trade, and financial stability. The authors argue that reforms currently being discussed - for example,...

    Provided By Asian Development Bank Institute

  • White Papers // Feb 2011

    The Role Of Macroeconomic Policy In Rebalancing Growth

    The aftermath of the global financial crisis of 2007 - 2009 has called the export-led growth model of Asian economies into question. This paper describes the contribution that macroeconomic policy can make to promote a rebalancing of growth away from dependence on exports to developed economies to a more sustainable...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2010

    The Impact Of Free Trade Agreements On Business Activity: A Survey Of Firms In The People's Republic Of China

    The People's Republic of China (PRC) has emerged as a major player in the global economy and considers Free Trade Agreements (FTAs) an important part of its global trading strategy. The PRC's export industries are embedded in existing regional and global production networks and are reliant on foreign direct investment...

    Provided By Asian Development Bank Institute

  • White Papers // May 2011

    The Status Of East Asian Free Trade Agreements

    Free Trade Agreements (FTAs) have become a prominent feature of the multilateral trading system and an important instrument of trade policy for members of the World Trade Organization (WTO). The proliferation of FTAs is the result of a number of factors, from the economic to the political. East Asia is...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2011

    Foreign Direct Investment In Cross-Border Infrastructure Projects

    In this paper, the authors critically review the relevant information and literature that can enhance the feasibility and the successful implementation of cross-border infrastructure projects. They provide detailed information concerning foreign direct investment in the major emerging regions: East Asia and the Pacific, Latin America, and Eastern Europe. They also...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2011

    Processing Trade, Exchange Rates, And The People's Republic Of China's Bilateral Trade Balances

    This paper analyzes the role of processing trade in the People's Republic of China (PRC)'s bilateral trade balances and the impact of the yuan's appreciation on processing trade. The analysis is based on panel data covering the PRC's 51 trading partners from 1993 - 2008. The empirical analysis shows that:...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2011

    Trade In Services And Human Development: A First Look At The Links

    Some services directly produce outputs that are important for human development, such as basic human services. Many other services are important inputs into the production and distribution of goods that are necessary for human development purposes. A more efficient services sector should mean that such goods and services can be...

    Provided By Asian Development Bank Institute

  • White Papers // Mar 2011

    Examination Of The Singapore Shift In Japan's Foreign Direct Investment In Services In ASEAN

    Asia is fast becoming the largest recipient of Japan's Foreign Direct Investment (FDI). Within the Asian region, the Association of SouthEast Asian Nations (ASEAN) has been the major investment destination of Japan. In the manufacturing sectors, however, the investment flows from Japan to ASEAN - with Thailand being the largest...

    Provided By Asian Development Bank Institute

  • White Papers // Feb 2010

    Regional Trade Policy Cooperation And Architecture In East Asia

    The global financial and economic crisis has affected East Asia mainly through the trade channel. The region remains heavily dependent on export markets in Europe and North America through both direct exports to these destinations and indirect exports via the export of parts and components to other East Asian countries,...

    Provided By Asian Development Bank Institute

  • White Papers // Jan 2010

    FTAs And Philippine Business: Evidence From Transport, Food, And Electronics Firms

    Within East Asia, the outward-oriented Philippine economy is a latecomer to using Free Trade Agreements (FTAs) as a trade policy instrument and has relied heavily on the Association of SouthEast Asian Nations (ASEAN) for regional liberalization. While negotiating FTAs has consumed scarce time and other resources, limited attention has been...

    Provided By Asian Development Bank Institute

  • White Papers // Sep 2010

    Fiscal Policy Issues For India After The Global Financial Crisis (2008 - 2010)

    The need for fiscal consolidation and sustainability is one of the key macroeconomic issues confronting Indian economy. This paper attempts to understand India's current fiscal situation, its likely future development, and its impact on the economy in the context of a weak global recovery from the current crisis. The impact...

    Provided By Asian Development Bank Institute

  • White Papers // Dec 2009

    Impacts Of The Global Financial Crisis On Small And Medium Enterprises In The People's Republic Of China

    This paper conducts an in-depth analysis of the impacts of the global financial crisis on the People's Republic of China's (PRC's) Small and Medium Enterprises (SMEs). It also provides relevant policy suggestions at the end. First, this paper reviews the impacts of the 1997 Asian financial crisis on the PRC's...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2009

    Why Was Japan Hit So Hard By The Global Financial Crisis?

    Japan was hit hard by the global financial crisis even though its relatively resilient financial system initially limited the direct impact. The severe collapse of industrial production that followed was no doubt attributable to a confluence of factors, but the paper highlights the impact that came from the contractionary effect...

    Provided By Asian Development Bank Institute

  • White Papers // Jul 2009

    America's Financial Crisis: The End Of An Era

    This paper reviews research on the origins of the financial crisis of 2008-2009, highlights the key events that triggered a financial panic in September 2008, and summarizes the extraordinary policy actions the United States (US) has taken to ameliorate the crisis. The authors discuss the proximate causes of the crisis,...

    Provided By Asian Development Bank Institute

  • White Papers // Aug 2009

    The Republic Of Korea's Economy In The Swirl Of Global Crisis

    This paper argues that the Republic of Korea (hereafter Korea) is not immune to global crises, but that a more than proportional response of gross domestic product to global crises does not seem to be the general case either. Along this line of reasoning, Korea's extreme response to the current...

    Provided By Asian Development Bank Institute

  • White Papers // Oct 2009

    Thailand~s Growth Rebalancing

    This paper reviews Thailand's structural changes, the 1997 crisis experience, and recovery and lessons from the crisis. The paper then discusses the impacts of the subprime crisis on the Thai economy and the policy responses to date. The paper ends by discussing strategies to rebalance growth by reducing the dependence...

    Provided By Asian Development Bank Institute

  • White Papers // Apr 2011

    Exchange Rates And Global Rebalancing

    This paper considers the general equilibrium relationship between exchange rates and global imbalances. It emphasizes that the exchange rate is not a primitive but an equilibrium price determined by the policy mix. It uses extensions of the two-country Obstfeld-Rogoff model to analyze the response of imbalances and real exchange rates...

    Provided By Asian Development Bank Institute