Bilateral and regional cooperation initiatives in Asia have been growing in importance over the last five years.These accords span the real and financial sectors; rather than following the more typical pattern of "trade first,money later", recent policy initiatives involve the simultaneous...

In this paper, we investigate the degree of real economic interdependence between emerging Asia and major industrial countries to shed light on the heated debate over the "decoupling" of emerging Asia. We first document the evolution of macroeconomic interdependence for emerging Asian economies...

Except for the history of colonialism, the European Union (EU) and the Association of Southeast Asian Nations (ASEAN) have similar roots and they share initial targets to foster economic growth and competitiveness. However, the EU and ASEAN have diverging economic integration paths. The ASEAN...

Most FDI takes place between the developed countries, which suggests that the market-seeking motive is important for understanding FDI. However, given the stylized fact that trade barriers (e.g. transportation costs and financial barriers) have declined over the past 20 years, models that aim to...

Purpose - A major lesson of the EMU crisis is that serious disequilibria result from regional monetary arrangements not designed to be robust to a variety of shocks. The purpose of this paper is to assess these disequilibria within the CEMAC, UEMOA and CFA zones. Design/methodology/approach - In...

East Asia is a region of great global significance, currently accounting for around 30% of the global economy by most measures, e.g. production, trade, investment and finance. It has also become increasingly integrated in various ways. Integration at the micro-level has steadily progressed since...

The issue of decoupling is controversial. On the back of Asia's sustained high growth, the hypothesis that the region's business cycles would become increasingly independent of the global trend gained considerable attention. Asia was nonetheless hit hard by the global financial crisis and...

Thailand's increasing importance as a regional co-production base and as an intra-regional trade and border trade hub is due mainly to recent changes in its economic structure, namely, the lack of operational workers, rises in wages, and increases in outward foreign direct investment (FDI),...

This paper examines capital controls in two ways. First, it assesses whether capital controls have an economic justification within the context of an economyâ  s and, in particular, its financial sectorâ  s stage of development. It concludes that capital controls can be justified...

In this research project, we attempt to examine the behavior of business cycles in Asia in order to deepen our understanding of and expand research on this topic. Given the importance of the People’s Republic of China, Japan, and the United States in the region economy, we use these three...