The case for taxing financial transactions merely to raise more revenues from the financial sector is not particularly strong. Better alternatives to tax the financial sector are likely to be available. However, a tax on financial transactions could be justified in order to limit socially...

This paper relates on the impact of global crisis on China from a systemic point of view. In what ways external and internal adaptation pressures influenced the transformation of the party-state system in China? Did reactions have an impact on the transformation of political or economic system?...

This paper takes stock of the state of financial integration in East Asia. It contrasts the international integration of equity markets, the regional integration of the markets for bonds and syndicated loans denominated in US dollars, and the insularity of most local currency bond markets. In...

Thanks to reforms and international integration, Viet Nam has recorded impressive economic development achievements. Deepening integration and accession to the WTO has brought about both new opportunities and challenges to a country on its way to accelerating reform and development. The recent...

The ASEAN+3 finance ministers' group has developed its economic review and policy dialogue (ERPD) process as part of regional financial cooperation efforts. Recently the group has decided to integrate the ERPD process with the regional liquidity support facility, called the Chiang Mai Initiative...

The Republic of Korea has recently experienced: (i) large capital inflows, in particular a surge in portfolio inflows, and (ii) an appreciation of asset prices, including stock prices, land prices, and nominal and real exchange rates. We first document the recent trend in capital inflows and...