This paper examines the question of how to design an optimal and sustainable exchange rate regime in a world economy of two interdependent countries. It develops a Barro-Gordon type two-country model and compares noncooperative equilibria under different assumptions of monetary policy...

'Capital Market Refom in Asia' contains a selection of papers that capture the essence of capital market reform in the Asian region, including important lessons from the global financial crisis of 2007-2009

The Asian model of export-led growth served it well in the post-war period, but prolonged sluggish growth of the developed economies following the global financial crisis, together with growing inequality and rising environmental problems, point to the need for a new growth model. The purpose of...

Ch 1 Reform of the International Monetary System: Introduction and Overview (Masahiro Kawai, Peter J. Morgan) Part I International Monetary System Reforms Ch 2 International Monetary Reform: A Critical Appraisal of Some Proposals (Yung Chul Park, Charles Wyplosz) Part II Managing International...

Asia has witnessed a proliferation of free trade agreements (FTAs) since the turn of the millennium. The first regional agreement — the ASEAN FTA — was transformed into the ASEAN Economic Community at the end of 2015. In the meantime, ASEAN forged five ASEAN+1 FTAs and began to negotiate a...

The IMF is governed by a 24-member Executive Board, which represents 184 countries. Although often prized as a small and efficient decision-making body, the Board represents some countries more effectively than others. This is due to the institutional structure and incentives within which the...

The World Bank is, from a financial standpoint, organised like a corporation. Using its top credit rating (AAA), it raises funds in the international capital markets like any other financial institution for on-lending to its borrowing clients. As of June 2006, almost half (US$ 100 billion) of...