"Until recently, not much attention had been paid to the need to promote regional monetary and financial cooperation. This is surprising as cooperation in finance provides more opportunities for "win-win" situations. However, the pace of monetary and financial cooperation has picked up in the...

This paper examines whether increasing trade intensity among East Asian countries has led to a synchronization of business cycles. It extends the work of Shin and Wang (2004) in two ways: by (i) improving the specification of their business cycle correlation equation, and (ii) extending the...

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...