This report identifies a set of policy lessons for China today drawn from the experience of financial deregulation, financial crisis, and recovery in Scandinavia during the period 1985–2000. Although there are considerable differences between the huge Chinese economy and the small Nordic...

This report identifies a set of policy lessons for China today drawn from the experience of financial deregulation, financial crisis and recovery in Scandinavia during the period 1985-2000. Although there are considerable differences between the huge Chinese economy and the small Nordic...

The Asia--Pacific Economic Cooperation (APEC) has the potential to become the world"s largest free trade area, encompassing both developed and developing countries. At the same time environmental standards vary substantially in the region. A multilateral computable general equilibrium (CGE)...

We document Hong Kong SAR's evolving role as an international financial center in the Asia region, the importance of the growing special link with China as well as supply-side advantages, and outline the scope for future financial services growth. Hong Kong SAR has a long established track...

Private sector investment has been a key source of growth in Malaysia over the last three decades, but after an unprecedented decline in the wake of the Asian crisis it has remained sluggish in recent years. Using aggregate and firm-level data, this paper aims to explain these trends and their...

This paper aims to address the role of exchange rate under inflation targeting as a practical challenge to modern monetary policy facing a central bank in a small open economy – with a particular focus on Thailand. Monetary theory and empirical evidence have provided conflicting policy...