This paper is an integration of the studies commissioned under the DFA-PIDS memorandum of agreement to explore the priority areas during the Philippines' APEC hosting in 2015 under the theme: "Building Inclusive Economies, Building a Better World". The four priority areas in the APEC 2015 agenda...

This paper asks how Asia should prepare for the disorderly correction of global imbalances. It recommends tightening monetary policy and allowing Asian currencies to appreciate as a way of achieving a better balance between internal and external demand. Leaving the overall level of demand...