This paper examines some competing views on currency regime choice by applying the dynamic multi-state Markov (MSM) model to the regime transitions of 166 countries from 1980 to 1999. The findings suggest that the bipolar view is valid only in the long run and for a reason quite different from...

This book considers the leadership of the South Asian Association for Regional Cooperation (SAARC) and the interaction with civil society in the process of South Asian regional cooperation and integration, and discusses how the emerging urgency in the provision of regional public goods provides...

This paper investigates the currency regime choices of six Southeast Asian (SEA) countries, namely Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand, for the period 1973-99 from the perspectives of optimum currency area (OCA), macroeconomic stabilization and currency crisis. Regime...

This paper investigates the currency regime choices of six Southeast Asian (SEA) countries, namely Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand, for the period 1973-99 from the perspectives of optimum currency area (OCA), macroeconomic stabilization and currency crisis. Regime...

This study analyzes capital flows to least developed countries (LDCs) to understand their determinants and persistence. The study finds that macroeconomic stability, trade openness and financial sector development are the key determinants of capital flows (both official and private) to LDCs....

This paper suggests that the weaknesses of corporate governance are enough to explain the Japanese banking crisis in the 1990s. Bank size and lack of operating and management efficiency contributes to low return, thereby lead to the failure of the banks. Emergence and burst of the bubble in the...

This article provides a model framework to characterize the process of stochastic learning during the period of divergence from a de jure currency regime. The model outcome shows that divergence from a de jure regime is a process of slow learning in small steps, which indicates that the learning...