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This paper quantifies the effects of external risks for Peru, with particular attention to two major external risks, China’s investment slowdown and the U.S. monetary policy tightening. In particular, a macroeconomic model for a small open and partially dollarized economy is developed and...
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The establishment of the ASEAN Economic Community (AEC) at end-2015 has brought into sharp focus the issue of financial and economic integration in the region. This paper takes stock of ASEAN’s financial integration and prospects. ASEAN integration could accelerate in the years ahead; it...
Persistent link: https://www.econbiz.de/10011242386
This paper examines the role of Japan against that of China in the exchange rate regime in East Asia in light of … growing interest in forming a currency union in the region. The analysis suggests that currency unions with China tend to … if China's relative presence continues to rise in the regional trade. …
Persistent link: https://www.econbiz.de/10005826046
Since the 1997 Asian currency crisis, new interest has emerged in the formation of a common currency area in East Asia. This paper provides estimates of trade and welfare effects of East Asian currency unions, using a micro-founded gravity model. Counter-factual experiments to assess the effects...
Persistent link: https://www.econbiz.de/10005769256
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The “middle-income trap” is the phenomenon of hitherto rapidly growing economies stagnating at middle-income levels and failing to graduate into the ranks of high-income countries. In this study we examine the middle-income trap as a special case of growth slowdowns, which are identified as...
Persistent link: https://www.econbiz.de/10010790409