This paper analyzes the impact that terms of trade (TOT) are likely to have on the growth of the People’s Republic of China’s (PRC) neighboring countries. Two scenarios employing a dynamic computable general equilibrium framework are considered: (i) a convergence scenario, where historical...

The future creation of a region-wide economic agreement in Asia has become the hot issue among trade policymakers in the region. The APEC 2010 Summit Statement clearly states that the members should pursue a Free Trade Area of the Asia-Pacific (FTAAP), building on various ongoing regional...

Why is Asia lagging behind other regions in creating regional judicial institutions? What lessons from the operation of such institutions elsewhere could be valuable to Asian regional economic integration? I show that Asian states are not unusually averse to refer inter-state disputes over...

This paper investigates the effectiveness of fiscal policy in five Association of Southeast Asian Nations (ASEAN) of Indonesia, Malaysia, the Philippines, Singapore and Thailand. Through a structural vector autoregression (VAR) model, government spending is found to have weak and largely...

The 10-member Association of Southeast Asian Nations, ASEAN, is arguably the most durable and successful regional grouping in the developing world. Established in 1967, it has contributed greatly to regional harmony and prosperity. ASEAN is characterized by great internal diversity, generally...

The paper aims to examine economic interdependence and balancing power politics, and their mixed implications for regional institution building in East Asia based on the concept of common security. By pointing out the gap between the violent conflict prediction and the stability and prosperity...

Evaluating the economic impact of an FTA is an important part of the monitoring and surveying process that should follow the establishment of an FTA. This paper presents methods for evaluating the trade and welfare effects of an FTA. These methods show how to (i) compute indicators for the...

Developing Asia remains at the core of global payment imbalances. While the geographical concentration of current account imbalances is rather significant, with the People’s Republic of China accounting for the lion’s share of the region’s current account surplus, how Asia contributes to...

The objective of global regulatory reform is to build a resilient global financial system that can withstand shocks and dampen, rather than amplify, their effects on the real economy. Lessons drawn from the recent crisis have led to specific reform proposals with concrete implementation plans at...

The many small sovereign states and multiple shades of sovereignty that exist across the present-day Pacific Island region are largely the product of the region‘s colonial history. Yet, the story of regionalism among the Pacific Islands began in pre-colonial times. This history, in turn, has...