Japan has experienced a decade-long economic stagnation with a distressed banking sector in the 1990s. The absence of a credit culture to rigorously assess and price credit risks of borrowers, aggravated by weak prudential and supervisory frameworks, in the 1980s, the collapse of the asset price...

This is a substantially revised version of the paper presented to the Symposium on Asian Economic Integration organized by Nanyang Technology University in Singapore, 4–5 September 2008. The author is grateful to Teresa Carpenter for providing comments on an earlier version and to Pradumna B....

This Letter du CEPII draws on the meeting of the fifth Asia-Europe Economic Forum held in Tokyo on 25 March 2010. The forum brought together a broad range of participants including policymakers, academic experts and private sector specialists. This year, the agenda focused on reforms, national...

A key lesson of the 2007-2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a "macroprudential" approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain financial stability. By...

Intro -- CONTENTS -- Foreword -- Acknowledgements -- List of abbreviations -- The Contributors -- 1. Introductory Overview -- I. The Trans-Pacific Partnership (TPP) Agreement -- 2. The Origins and Evolution of TPP Trade Negotiations -- 3. The Political Economy of Joining TPP: The Case of...

A Brookings Institution Press and Asian Development Bank Institute publication Meet the next global currency: the Chinese renminbi, or the "redback." Following the global financial crisis of 2008, China's major monetary policy objective is the internationalization of the renminbi, that is, to...

There is a deepening debate in East Asia about the prospects for common exchange rate arrangements, even including the formation of a common currency in the longer term. This raises a complex set of issues and this volume provides a detailed yet comprehensive examination of key issues in the...