This article applies the panel data unit root tests provided by Im, Pesaran and Shin (Discussion paper, 1997) to examine the interest rate convergence of small-open Asian countries with major financial centres. With monthly data from 1988:1 to 1997:6, it was found that the nominal interest rates...

High-performing Asian economies are quite distinctive with efficient, flexible and responsive labour markets. Comparing the persistence of unemployment in East Asian economies to that in Western countries is difficult due to the data's short time spans and possible structural breaks. This...