The purpose of this study is twofold. The first is to develop a new composite index of globalization based on data on 158 economies over the period 2006−2014. The second intention is to use the new index to evaluate empirically the possible effects of globalization on economic growth and...

We develop an index to measure the degree of regional integration in Asia and the Pacific (48 economies in six subregions). The index comprises 26 indicators in six dimensions of regional integration, i.e., trade and investment, money and finance, regional value chains, infrastructure and...

How the price of food is determined has become a critical issue, given the drastic surges in prices in recent years and the prevailing expectation of further increases. Along this line, this paper examines the sources of food price fluctuations in 11 developing Asian countries. The working model...

Debate continues over whether a monetary or currency union will be a viable alternative to the current exchange arrangements in East Asia. This paper adds to the literature by assessing the level of business cycle synchronization among 10 major East Asian economies which is considered a key...

Financial integration is a multidimensional process through which allocation of financial assets becomes increasingly borderless. This paper assesses the progress achieved thus far in capital market integration in Asia, and compares regional capital market integration with global financial...

Local currency bond markets in emerging Asian economies have expanded dramatically since governments took steps to end the currency and maturity mismatches that savaged borrowers in the region's financial crisis nearly 20 years ago. Encouraged in part by regional cooperation programs such as the...

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...

Postcrisis policy responses tilted in favor of strengthening the global regulatory system and financial stability have limited the attention paid to the role of finance in supporting sustained economic growth and development. This has special implications for Asia which, despite being the new...

The expected slowdown in the economy of the United States (US) has ignited increasing concerns over the short-term growth prospect of East Asia. Historically, a US slowdown has often been associated with a global slowdown. East Asia has been particularly vulnerable to slowing US growth, given...