Rising economic integration in Asia and periodic volatility in global and national financial markets raise the issue of the optimal degree and form of monetary cooperation among Asian economies. There is a large literature on the benefits and costs of monetary cooperation, however, less can be...

This paper analyzes the patterns and determinants of financial integration in East Asia by using the data set of cross-border holdings of financial assets such as equity portfolio, long-term and short-term debt securities, and bank claims. Empirical analysis based on the gravity model of...

Remittances to Asia plunged during the 1997 Asian financial crisis, but the drop was temporary as the flows were increasing once again after just 1 year. The current crisis, however, is fundamentally different in that even the countries that send remittances have been adversely affected. The...

A key legacy of the Asian financial crisis of 1997-1998 is a sustained drop-off in the investment rates of East Asian countries that were hardest hit by the crisis. We first review the stylized facts of investment in those countries, and then explore and evaluate the various possible...

This paper examines patterns and determinants of exports in nine East and Southeast Asian economies, with an emphasis on the increasing important role of parts and components in total exports. To see whether exports in parts and components are "special" and to allow comparisons, export equations...

Much of East Asia continues to grow rapidly, driven to a considerable extent by China. Urbanization is proceeding at pace. Demand for infrastructure services is increasing massively, particularly in cities. Much of the demand comes from the newly urbanized poor. Infrastructure has to meet their...