Most of the existing literature has used single reserve adequacy measures to evaluate the volume of excess reserves. In this paper, we employ empirical methods to generate a comprehensive reserve adequacy measure, incorporating the various objectives of holding reserves, and compare the actual...

In this paper a fiscal consolidation program for India has been presented based on a policy simulation model that enables us to examine the macroeconomic implications of alternative fiscal strategies, given certain assumptions about other macro policy choices and relevant exogenous factors. The...

In this paper, we take another approach to accounting for the sources of Singapores economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international R&D spillovers. Taking into account the channels through which technology...

As a country progressively engages in international trade, its factors of production will enter increasingly into the export sector, where their return is higher, compared to the import competing sector. At the regional level too those states, which can attune their production structure to...

During the post-1990 period, services sector inmost of the Asian economies witnessed growth fuelled by substantial changes in the financial sector of these economies. The insurance industry, in most of the Asian economies, ASEAN and SAARC economies in particular, was publicly owned and remained...

A dynamic factor model is applied to a large panel dataset of Singapores macroeconomic variables and global economic indicators with the initial objective of analyzing business cycles in a small open economy. The empirical results suggest that four common factors are present in the quarterly...

This paper investigates the impact of global crisis shocks on Indias trade and industry. The estimated results show that changes in trade composition are positively associated with changes in manufacturing composition in India, controlling for other variables. While analysing its dynamic...

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...

Drawing upon the recent work conducted at RIS and other thinktanks, this paper finds a compelling case for broader regional economic integration in Asia. It finds a case for formation of a broader economic community in East Asia coalescing the emerging web of FTAs linking Japan, ASEAN, China,...

This paper studies the role of nontraded goods and transaction costs in accounting for the puzzling behavior of the real exchange rate. In particular, we develop a simple general equilibrium model and evaluate the quantitative performance of the model in replicating the dynamic properties of the...