Feature Archive

Book Launch and Policy Dialogue Seminar

The global financial crisis brought to the surface the acute shortcomings of the international financial system. Financial system reform and the strengthening of financial regulations are crucial for economic growth globally. As a part of its contribution to financial regulation debates, ADBI held a policy dialogue seminar at the launch of the new book, Implications of Global Financial Crisis for Financial Sector Reform and Regulation in Asia, which took place at ADBI in Tokyo on 26 April.

ADBI projects highlighted at ADB Annual Meeting^*

Three key ADBI and ADB projects were presented at the 45th Annual Meeting^* of the ADB Board of Governors in Manila, 2–5 May. The ADBI flagship project, Climate Change and Green Asia^*, was presented at a seminar on 3 May. A highlights book for the ASEAN, the PRC, and India: The Great Transformation?^* project was launched at a seminar on 2 May. On 5 May, a seminar on Asia-Latin America: Forging a Long-Term Partnership^* was attended by ADB President Haruhiko Kuroda and Inter-American Development Bank President Luis Alberto Moreno, who launched the ADB, ADBI, IDB joint report, Shaping the Future of the Asia–Latin America and the Caribbean Relationship.

New Asia Pathways post examines the "noodle bowl" of Asia's free trade agreements^*

The surge in free trade agreements (FTAs) across Asia in the wake of the stalled World Trade Organization Doha Round is analyzed by ADBI Dean Masahiro Kawai and Director of Research Ganeshan Wignaraja in a new post^* on Asia Pathways^*, the ADBI blog. The number of signed and implemented FTAs in the region has increased from three in 2000 to more than 60 in 2012, raising concerns about overlapping requirements and threats to the multilateral liberalisation process. The same two authors published a book in 2011 on the business response to this dramatic increase. Their post is the 20th to be published on Asia Pathways since its launch in January. Read more^*.

ADBI events showcased at ADB Annual Meeting^*

Three important ADBI and ADB projects will be presented at the 45th Annual Meeting^* of the ADB Board of Governors in Manila, 2–5 May 2012. The ADBI flagship project, Climate Change and Green Asia^*, will be presented at a seminar on 3 May, when a highlights booklet will be presented. A highlights book for the ASEAN, the PRC, and India: The Great Transformation?^* project will be launched at a seminar on 2 May. On 5 May, a seminar on Asia-Latin America: Forging a Long-Term Partnership^* will be attended by the Presidents of ADB and the Inter-American Development Bank (IDB) who will launch the ADB, ADBI, IDB joint report, Shaping the Future of the Asia–Latin America and the Caribbean Relationship.

Exchange rate coordination in Asia

A new ADBI working paper evaluates the extent of exchange rate coordination among Asian economies using a hypothetical Asian Currency Unit. Rising interdependence among Asian economies makes it vital for these economies to have a certain degree of exchange rate stability. However, the empirical evidence suggests a widening deviation in exchange rate movements of Asian currencies, driven by the adoption of different exchange rate regimes by the participating countries, indicating diverse policy objectives. Read more.

Asian Development Outlook 2012 launched at ADBI

ADBI and ADB hosted a seminar to launch the ADB flagship economic publication, Asian Development Outlook 2012^*, at ADBI on 16 April. Changyong Rhee, ADB Chief Economist and a member of the ADBI Advisory Council, discussed key findings and policy messages of the publication, which includes comprehensive economic analysis of more than 40 economies in developing Asia and the Pacific, including the People's Republic of China and India. This year's special theme is "Confronting Rising Inequality in Asia." Read more.

Providing security for an ageing society

Rapid population ageing and economic transformation in Asia make it essential for governments to put in place measures to ensure income security in old age. A new ADBI working paper explores the role of social pensions, other noncontributory schemes, and alternative forms of providing income security in old age. In particular, it also examines the welfare effects of adopting alternative social pension designs, especially (i) the comparative advantages of social assistance and social pensions, and (ii) the integration of noncontributory transfers within advanced contributory pension schemes. Read more.

Invitation to comment on ASEAN 2030 study

ADBI is seeking the help of scholars, experts, and other stakeholders in finalizing the study ASEAN 2030: Toward a Borderless Economic Community by ADBI in collaboration with the ASEAN Secretariat and ADB. At the top of the sidebar to the right of this home page the link "ASEAN 2030 Invitation to Comment" will take you to the draft versions of the study's synopsis, executive summary, and highlights. Please take the time to read these materials and to send us your suggestions to improve them. The documents are open for comment during April 2012.

Conference helps firm up findings of Climate Change and Green Asia study

The key findings and policy messages of Climate Change and Green Asia, the ADB-ADBI flagship study, were reviewed by members of the policymaking communities at a conference in Seoul on 30–31 March. The meeting scrutinized the recommendations of the study, which seeks to help countries in Asia and the Pacific reduce greenhouse gas emissions without adversely affecting economic growth. The Seoul conference was a significant milestone in the collaborative process of producing the study, including through discussion forums on this website. The next stage in the Climate Change and Green Asia review process will be at a seminar at the ADB Annual Meeting^* in Manila on 3 May, where highlights of the study will be released. Read more.

Implications of the Global Financial Crisis for Financial Reform and Regulation in Asia

The 1997–1998 Asian financial crisis highlighted shortcomings in Asian financial markets, notably the underdevelopment of domestic bond markets and deficiencies in corporate governance, transparency and financial regulation. Since then, Asian financial markets have made considerable progress. The book provides policy recommendations to deal with preventing financial crises; responding to financial crises if they do occur; managing international capital flows; and deepening and integrating financial markets to provide an alternative source of funding to foreign capital flows. Read more.

Book launch for Monetary and Currency Policy Management in Asia

The new ADBI book Monetary and Currency Policy Management in Asia was launched in Singapore on 27 March. A panel discussion highlighted the book's policy recommendations to minimize the impacts of an economic and financial downturn. The launch was held in conjunction with the ADBI and S. Rajaratnam School of International Studies conference on The Evolving Global Architecture: From a Centralized to a Decentralized System on 26–27 March. See book highlights. See press release.

Policy measures to ensure financial stability

The global financial crisis of 2007-2009 and its aftermath, including the eurozone sovereign debt and banking crisis, have highlighted the need for policy measures to ensure macroeconomic and financial stability. ADBI and the Japan Ministry of Finance Policy Research Institute held a conference on Achieving Financial Stability - Lessons from the Eurozone Crisis for Macroeconomic and Financial Stability on 14 March 2012 in Tokyo. Scholars and officials from Asia discussed: improving the capacity of central banks to preserve financial stability; identifying effective ways to manage capital flows; developing regional financial safety nets; and ensuring financial and fiscal stability. ADBI Dean and CEO Masahiro Kawai and PRI President Mitsutaka Inagaki gave welcoming remarks.

Japan's lessons for the Republic of Korea

Japan and the Republic of Korea face many similar challenges, reflecting comparable economic structures, social traditions, demographic trends and geographical closeness. ADBI and the NEAR Foundation of Republic of Korea held a conference on Lessons from Japan: Is Japan Korea's Future? on 12 March 2011 in Seoul, Republic of Korea. Scholars and officials discussed: improving productivity to support sustainable growth in Republic of Korea and Japan; policies to deal with aging societies; disaster risk management; and recent regime transition in the Democratic People's Republic of Korea. ADBI Dean and CEO Masahiro Kawai and NEAR Foundation Chairman Duck-koo Chung gave welcoming remarks.

Message from ADBI Dean on the first anniversary of the Great East Japan Earthquake

A year has passed since Friday, 11 March 2011, when a triple disaster consisting of an earthquake, a tsunami, and a nuclear accident struck the Tohoku part of Japan. In his message to commemorate the anniversary, ADBI Dean Masahiro Kawai points out that, enormous though the human and economic losses in Japan were, this was only one of several major natural disasters to have hit the Asia and Pacific region in recent years. These included the Indian Ocean Tsunami in December 2004, which killed 220,000 people, with the total economic damage estimated at US$10 billion. As part of its response to these disasters, ADBI has launched a major project on disaster risk management, a brainstorming meeting for which was held on 8-9 March. Read the full message.

The severe environmental problems that threaten Asia

The developing economies of Asia are confronted by serious environmental problems that threaten to undermine future growth, food security, and regional stability. A new ADBI working paper considers four major environmental challenges that policymakers across developing Asia will need to address towards 2030: water management, air pollution, deforestation and land degradation, and climate change. The authors argue that there will be no easy or universal solutions to these problems, but suggest seven general principles which may be useful across the board. This paper is part of the ADBI project Climate Change and Green Asia.

Reforming services in Asia and the Pacific

The global economic crisis of 2008–2009 and the continuing weak economic performance of the major developed economies have hastened the need for the developing countries in the Asia and Pacific region to become more diversified and hence more stable and resilient, which means in part increasing the share and quality of services activities, both tradable and non-tradable. Although most Asian economies depended on a strong manufacturing sector in their export-led growth phase, ADBI has paid increasing attention to services in recent years because they are a crucial factor in reducing costs of production and services such as telecommunications, transportation, finance, insurance, accounting, and marketing, directly influence the competitiveness of domestic industries in local and international markets. This new ADBI book makes a number of practical recommendations for policymakers to strengthen the services sector in their countries. Read more.

Monetary and Currency Policy Management in Asia

How do global financial crises affect Asia? What monetary and currency policies should Asian economies adopt to promote macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows? A new ADBI book, Monetary and Currency Policy Management in Asia, draws lessons from crises and makes concrete macroeconomic policy recommendations aimed at minimizing the impacts of an economic and financial downturn, and setting the stage for an early return to sustainable growth. This is one of the first books since the global financial crisis to address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. It will be of great interest to finance experts and policymakers in the region as well as academics and researchers of financial and Asian economics. Read more.

PRC economy demystified

Before the 18th century, China was the largest and one of the most advanced economies in the world. By the late 19th century, it had declined into one of the world's poorest economies. This trend was not reversed until the PRC introduced market-oriented reforms in 1979 to become the most dynamic economy in the world. In a distinguished speaker seminar Demystifying the Chinese Economy on 29 February, Dr. Justin Lin (Chief Economist and Senior Vice President of the World Bank) will analyze the dramatic rise of the People's Republic of China and draw some lessons from the Chinese experience for other developing countries. The seminar is open to the public. Read more.

Forthcoming seminars on eurozone sovereign debt crisis and PRC economy

The historical background to two of the most important issues in the global economy will be reviewed in two forthcoming distinguished speaker seminars. In Eurozone Sovereign Debt Crisis: Current and Historical Perspectives on 24 February, Gianni Toniolo (Research Professor of Economics and History at Duke University of North Carolina and Professor of Economic History at the Libera Università delle Scienze Sociali, Rome) and Daniele Franco (Managing Director of Banca d'Italia) will provide a historical context, analyze policy responses to the eurozone crisis, and explain the lessons that can be applied to Asian economies. In Demystifying the Chinese Economy on 29 February, Dr Justin Lin (Chief Economist and Senior Vice President of the World Bank) analyzes the dramatic rise of the People's Republic of China and draws some lessons from the Chinese experience for other developing countries. Both seminars are open to the public. Read more.

Working paper on financial markets in ASEAN, the PRC, and India

A new working paper adds to the growing body of analysis of financial institutions and regulations published by ADBI (see for example the books Asian Perspectives on Financial Sector Reforms and Regulation and Financial Market Regulation and Reforms in Emerging Markets, both of which were copublished with Brookings Institution in 2011). The new working paper, Strengthening Financial Infrastructure by Senior Consultant for Research Peter J. Morgan and Director of Research Mario Lamberte, provides comparative perspectives on current and prospective financial market development in ASEAN, the PRC, and India, identifies key priorities for strengthening financial infrastructure to promote financial development and regional integration, and provides policy recommendations. Read more.

ADBI and OECD co-host capital markets meeting

A well-attended ADBI and OECD roundtable on Capital Market Reform in Asia was held on 7-8 February at ADBI. Lively discussions were held on regulatory reforms, capital flows and risk management in Asia, internationalization of the yuan, and progress in regional financial market integration. An international perspective was provided by representatives from Europe and the USA and from the OECD. The international media covered the keynote address^* by deputy governor of the Bank of Japan (pictured). ADBI Dean Kawai's opening remarks can be found here. Read more.

Asia-Latin America economic ties examined

ADBI, ADB, and the Inter-American Development Bank held the 7th Latin America/Caribbean and Asia/Pacific Economics and Business Association (LAEBA) conference on Asia-Latin America and the Caribbean Economic Relations at IDB, Washington DC, 31 January 2012. Scholars from Latin America and East Asia discussed evolving trade and investment patterns, the quality of free trade agreements involving Asian and Latin American and Caribbean countries, global value chains, and the Trans Pacific Partnership Agreement. Papers presented at the meeting will be published in a book on Asia-Latin America economic relations to be launched during the ADB and IDB Annual Meetings in 2012. Read more.

New report examines the future of services trade in the 21st century

Exports of goods from members of Asia-Pacific Cooperation (APEC) are still five times larger than exports of services. The task force that prepared the report makes two specific proposals to increase trade in services. First, governments should establish regulatory principles for services, taking into account the distinctive character of the sector. Second, governments should consider whether services negotiations should be pursued on a stand-alone basis, i.e., independently of negotiations on agricultural and manufactured goods. The report arises from a conference held in Hong Kong, China, in June 2011, jointly organized by ADBI and the Pacific Economic Cooperation Council. Read more.

New working paper examines effectiveness of development aid

A new ADBI working paper by ADBI Director of Administration, Management and Coordination, Takashi Kihara, examines several indicators of effective development aid, focusing on major bilateral donors. It finds that Japanese aid has been as selective as that from some countries well-known for selective aid delivery. Japan provided more aid for countries with better policy and governance, and higher grant aid for low-income countries. Official development assistance provided by Japan since 1990 has been more closely correlated with the growth of GDP per capita of recipient countries than that of other donors. Read more.

ADBI ranked 10th best government-affiliated think tank^*

The annual Global Go To Think Tanks Report^* published by the University of Pennsylvania has rated ADBI the 10th best government-affiliated think tank in the world. The US Congressional Research Service was in first position, followed by the German Institute for International and Security Affairs (Stiftung Wissenschaft und Politik SWP) and the World Bank Institute. The report surveyed 6,545 think tanks. Commenting on the report, ADBI Dean Masahiro Kawai said: "We are very pleased with ADBI's showing in this global ranking. Considering our relatively small resource base, ADBI has done well to be ranked above other much more generously financed and staffed research institutes. One of our goals is to try to improve on this position in future reports."

Asian migration analyzed at ADBI–OECD roundtable

Migration from and within Asia has grown in importance in recent decades. In 2009, 37% of all migration to the OECD area came from the Asia and Pacific region. A well-attended ADBI–OECD roundtable at ADBI on 18–20 January cast light on the economic and social implications of this huge movement of people from sending to receiving countries, including "irregular" labor migration, regulation of recruitment agencies, social protection for migrants, migration statistics, and the demographic causes and consequences of migration. A video of the opening remarks can be found here^*. This roundtable built on the foundation established at the first such meeting in January 2011. Read more.

Asia Pathways blog launched^*

ADBI has launched Asia Pathways^*, a blog covering economic and development issues in Asia and the Pacific. The opening posts include an introduction by ADBI Dean Masahiro Kawai, a proposal to restructure Japan's electric power industry by ADBI Visiting Fellow Masahiko Aoki, and a recommendation that the PRC should redirect money away from increasing external reserves toward social spending by former ADBI Senior Research Fellow Willem Thorbecke. Future posts will cover the impact of the eurozone crisis on Asia's medium- to long-term growth, the succession issue in North Korea, and social security and labor migration in ASEAN, among others. Guidelines for authors can be found here^*.

ADBI and the OECD team up

ADBI and the Organisation for Economic Co-operation and Development (OECD) will co-host two conferences in January. Trade in audiovisual services, higher education, and financial services will be addressed at a meeting in Delhi, 18–19 January, which will discuss the regulatory environment in which service providers operate and the trade barriers that confront them in Asian markets. A second ADBI–OECD roundtable on labor migration in Asia will be held at ADBI, 18–20 January. A wide range of migration issues will be covered, including reducing migration costs and the costs of remittances, enhancing integration measures through effective social protection and social inclusion policies, and demographic causes and consequences of Asian migration.

Historical background to today's development issues in the PRC, Japan, and the Republic of Korea

A new ADBI working paper by ADBI visiting fellow Masahiko Aoki takes a historical approach to the development issues facing the PRC, Japan, and the Republic of Korea. After identifying five phases of economic development that are common to the three economies, the paper explains some of the marked differences in the onset, duration, and institutional forms of these phases across these economies. Finally, it highlights the relevance of these developmental discussions to the contemporary institutional agendas faced by the PRC and Japan, including the "middle income trap" and population aging. Read more.