Regional integration has become commonplace in the world economy. Moreover, there is clear evidence of a ‘trade first’ approach to regionalism. What is the logic behind this approach? Is it that trade integration prepares the ground for monetary integration by helping to fulfil optimum...

Two features of East Asia?s recovery from the financial turmoil of 1997-98 appear to be rather paradoxical. First, the regional economies (except Hong Kong, China and Malaysia) have allowed a relatively greater albeit modest degree of variability of their currencies according to market...