This paper seeks to add to the current debate about financial development and growth in the emerging world by looking at how different financial systems evolve: how and why financial structures change during various stages of development, how best to measure them, and seeing what practical...

This paper shows that regional trade integration shifts the burden of the exchange rate adjustment towards the less integrated trading partners. Thus, they bear the cost of trade balance expansion, while competitive exchange rate moves vis-a-vis RTA trading partners result in no expansion or...

This study is the first attempt to investigate the patterns of imports and exports between the Russian Federation and East Asian economies, namely, the People's Republic of China; Hong Kong, China; Macau, China; Japan; the Republic of Korea; and Mongolia. To this end, a panel-gravity trade model with...

The global economic and financial landscape has been transformed over the past decade by the growing economic size and financial power of emerging economies. The new G20 summit process, which includes the largest emerging economies, has established high-level international policy cooperation in...

Until now, the value of inter-country trade within South Asian nations has been low. While similarities in the exports profiles can be seen as a reason for this low value of trade, it might not be a valid one, especially given the presence of growing South Asian income. The intraindustry trade...

This paper describes the international flow of funds associated with calm and volatile global equity markets. During calm periods, portfolio investment by real money and leveraged investors in advanced countries flows into emerging markets. When central banks in the receiving countries resist...

This paper argues that calls for a New Bretton Woods system in the aftermath of the global economic crisis - similar to the remarkable 1944 Bretton Woods conference that led to the establishment of various international economic institutions - are unlikely to be answered. The likely scenario is...

Asia's economic significance has risen substantially over the past several decades. Further economic development in ASEAN, with its massive population, requires very efficient utilization of resources and cross-border cooperation. While ASEAN has much to gain from economic cooperation and...

Trade can and should play an important role in making progress to achieve the Sustainable Development Goals. This includes trade and investment in services, as realizing many of the goals is conditional on improved performance of services sectors in developing countries. The global environment...

Galvanized by the devastation of the Second World War, European countries achieved a historically unprecedented and unparalleled level of regional economic integration in the postwar period. Intensive cooperation between the two biggest powers of continental Western Europe, France, and Germany,...