This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...

Theories of regional integration typically analyze the regional integration process from the perspective of a single discipline, usually economics. However, such one-dimensional analytical frameworks cannot fully capture the richness and complexity of the inherently multi-dimensional regional...