Asia Regional Integration Center

In this paper Hsiao Chink Tang argues that recent inflationary pressures were not caused by temporary supply problems alone: monetary policy has a key role to play even when the causes are multifaceted. The reluctance and/or tardiness of emerging East Asian central banks to raise interest rates amid rising inflation and inflation expectations were clearly a cause of concern that eroded the little credibility the central banks have. Without much credibility, inflation expectations cannot be well-anchored. Great efforts must therefore be made to ensure credibility is developed and enhanced. Read more.

With the global economy facing a major downturn, developing Asia's immediate growth prospect has been hurt. For emerging East Asia, 2009 will also be a difficult year but it will be manageable if countries respond decisively and collectively, says the latest issue of Asia Economic Monitor. This major report includes growth forecasts and emerging policy issues for emerging East Asia. Read the news release. Watch OREI Head Jong-Wha Lee's discussion on AEM. Download the report.      

Patrick Low of the World Trade Organization will review trade developments in light of the financial crisis and discuss developments in the Doha Round, prospects for early completion, and the implications of the Doha outcome for world trade. Confirm participation with Ms. Liza Cruz at mlscruz@adb.org, please state the organization you represent. Seats are limited.

Emerging East Asia's local currency bond markets have shown resilience to the global credit turmoil, according to the latest Asia Bond Monitor. This twice yearly report examines local currency bond market developments in the ASEAN member countries, plus PRC; Hong Kong, China; and Republic of Korea. Read the news release and full report.

OREI Head Jong-Wha Lee will lead the launch of the latest issue of the Asia Bond Monitor (ABM) at a conference jointly organized with the Financial Services Commission of Korea and Korea Securities Research Institute. Read more.

Barry Bosworth of Brookings Institution will discuss factors affecting the observed low level of US exports toChina, accounting for export composition, presence of multinationals, and distance. Confirm participation with Ms. Liza Cruz at mlscruz@adb.org, please state the organization you represent. Seats are limited.

Marcus Noland of Peterson Institute will discuss issues related to North Korea including the current food problems, the implications of its deepening international trade integration, and how this might play out conditional on progress in external relations. Confirm participation with Ms. Liza Cruz at mlscruz@adb.org, please state the organization you represent. Seats are limited.

In this paper, Jong-Wha Lee and Kwanho Shin investigate the impact of technology spillover from foreign direct investment inflows on financial integration. They find welfare gains can be had through greater financial integration in emerging Asian economies, such as the People's Republic of China and the four largest Association of Southeast Asian Nations. Read more.