The global financial crisis showed the need for a large-scale and effective international financial safety net (IFSN). Although East Asia has had a regional financial arrangement (RFA) since 2000 (the Chiang Mai Initiative1), it was not tapped during the global financial crisis for a variety of reasons.
Dealing with the “Noodle Bowl” of Asia’s Free Trade Agreements
East Asia’s attitude toward free trade agreements (FTAs) has changed. Slow progress in global trade talks has led to a surge in FTAs across Asia. With the World Trade Organization (WTO) Doha Round trade talks stalled, Asian countries see FTAs as a way of liberalizing trade and investment and sustaining economic recovery.
Is Japanese aid ineffective?
Since 2003, the Center for Global Development (CGD), a Washington-based think tank, has been ranking the aid programs of the world’s richest countries using its commitment to development index (CDI). The CGD produces an index of donor performance, which measures “aid quantity and quality”.
Asia in the 21st century: the challenge of good governance
The concept of good governance has many aspects. I will focus on two here: corruption and the rule of law. All Asians aspire to live in a society in which they do not have to offer a bribe to anyone in order to obtain what they are entitled to under the law. They want to live in a society in which the policeman, prosecutor and judge are not corrupt. They want to live in a society in which licences and contracts are granted and policies are made in a transparent manner and based on merit and nothing else. Corruption is a cancer eating at the heart of Asia. It is one of the most shameful of Asia’s failings.
Moving the Trans-Pacific Partnership forward: what will it take?
The formation of a Free Trade Area of the Asia–Pacific (FTAAP) has been intensively discussed in recent years. However, it is anticipated that such an Asia-Pacific Economic Cooperation (APEC)-wide FTA would take many years to negotiate and involve numerous studies among all the APEC members, currently 21 in number.
East Asia can learn from Europe’s mistakes
The current European crisis has highlighted the policy mistakes that were made in the process of European financial and monetary integration. It has exposed major deficits in the eurozone’s institutional framework, including insufficient macroeconomic policy coordination and the lack of a crisis response mechanism (which then had to be negotiated in the midst of crisis).
Does the Eurasian Union have a future?
On 3 October 2011, Russian Prime Minister Vladimir Putin proposed the establishment of a Eurasian Union in an article published in the Russian broadsheet Izvestia. The article was entitled “New integration project for Eurasia – making the future today.”
His idea is groundbreaking.
How the Philippines benefits from Australia’s booming links with the PRC
East Asia’s substantially market-led economic integration is a very complex process and is leading to some surprising effects. One example is that of Australia’s booming trade and investment with the People’s Republic of China (PRC), which is pushing up the value of the Australian dollar, and consequently enticing Australian companies to outsource business processing services to the Philippines.
Asia in the 21st century: the challenge of equality
Eighteen years ago, the World Bank published a landmark book, The East Asian Miracle. The report praised eight Asian economies for their rapid and sustained economic progress and highlighted the fact that they seemed to have evolved a model which combined growth with equity.
Reforming Asia’s Trade in Services will Help Human Development
The services sector is becoming increasingly important in modern economies. In many of the most developed economies, it can represent two–thirds or even three–quarters of all economic activity. Even in developing economies, the services sector often accounts for a significant share of economic output and employment.
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