The COVID-19 pandemic is imposing economic and broader development challenges as never before. Policy lessons from Asia and the Pacific's past experience in dealing with shocks show that focusing on economic growth alone is not enough. Rising inequality and environmental challenges increased the...

Currency crises that have been observed in recent years are not a new phenomenon, but the main features of the crises in Latin America in the 1970s and early 1980s are quite different from the crisis in Europe in 1992. Theoretical literature has evolved over time to account for the changing...

Crises that have been observed in recent years are not a new phenomenon, but the main features of the crises in Latin America in the 1970s and early 1980s are quite different from the crisis in Europe in 1992. Theoretical literature has evolved over time to account for the changing nature of...

This paper investigates the extent to which output has recovered from the Asian crisis. A regime-switching approach that introduces two state variables is used to decompose recessions in a set of six Asian countries into permanent and transitory components. While growth recovered fairly quickly...

This paper is a pioneering attempt to include India with east and Southeast Asia to study the existence of the economic criteria for a common currency. The analysis in this paper shows that significant complementarities in trade exist among these countries, most of them experience similar shocks...