"Until recently, not much attention had been paid to the need to promote regional monetary and financial cooperation. This is surprising as cooperation in finance provides more opportunities for "win-win" situations. However, the pace of monetary and financial cooperation has picked up in the...

This paper examines whether increasing trade intensity among East Asian countries has led to a synchronization of business cycles. It extends the work of Shin and Wang (2004) in two ways: by (i) improving the specification of their business cycle correlation equation, and (ii) extending the...

A recent study by the Asian Development Bank notes that by 2050, Asia's per capita income would rise six-fold to reach Europe's levels today, one of many indications of Asia's "re-emergence". By then, Asia's share of global GDP would have doubled and it would have regained the dominant economic...