This paper distills some policy lessons from the financial services integration program in the European Union for East Asia. Focusing on the improved cross-border facilitation of financial flows rather than on general macroeconomic factors related to optimal currency area formation, the paper...

The growth rebalancing model, which places the nontradable services sector on center stage, is important to spur on faster growth in this sector and tap its potential to become another engine of growth for ASEAN economies. While ASEAN countries have allocated the bulk of their fiscal stimulus...

The paper provides a background for services trade negotiations with Japan. It summarizes various discussions on international trade in services, the challenge of further services trade liberalization, and the rise of regional trade agreements. It discusses the different modalities of services...

This paper attempts to examine the performances of Asian AMCs. Our analysis reveals that the AMCs vary significantly in their design and performances. We claim that AMCs can trigger moral hazard-inspired bank lending, especially when the mode of NPL transfer from banks to AMC entails little cost...

In a democratic country, economic policies succeed or fail depending on its political support. Open trade policies that were initiated and accepted years ago, in particular, can be reversed, within the limits of the country's international commitments, depending on the government's conviction as...

The paper discusses the ASEAN + 3 integration in the context of the literature on hub-and-spoke regionalism. It argues that, provided proper rules of origin are incorporated, the different bilateral arrangements between ASEAN countries and each of the three East Asian economies are building...

This paper focuses on the legal environment, particularly the insolvency system, that would influence the success of Philippine Special Purpose Vehicles (SPVs), also known as asset management companies (AMCs) in other countries. Since SPVs will have to operate under a given insolvency regime...

The paper analyzes the impact of major policy changes on banking structure, performance and competition, using bank-specific data from 1990-2002. We find that the entry of more market players is correlated with drops in interest spread and profits which, partly, bespeaks of possible dissipation...

The paper describes the current decisionmaking structure for trade policy formulation in the Philippines and compares it with the systems in selected countries. It cites difficulties in the current set-up, such as: 1) turf mentality among government agencies that tend to paralyze interagency...

The paper is an industry study of the audiovisual services sector, specially the film and television industry in the Philippines. It discusses the importance of the sector in the economy and employment, its strengths and weaknesses, regulations that affect it, and the competitive forces that...