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Endnotes

1This refers to the nine country studies. Unless otherwise specified, emerging Asian economies refers to People’s Republic of China, India, Indonesia, Republic of Korea, Malaysia, Philippines, Singapore, Thailand, and Viet Nam.

2Net private capital inflows to emerging Asia, which at the mid-1990s peak were the largest (relative to GDP) of any region, have recently been well below those to emerging Europe (Schadler, 2008).

3The countries include India; Indonesia; Korea; Philippines; Taipei,China; and Thailand.

4Some estimates for the period 2000–2007 suggest that sterilization has become increasingly costly as capital inflows are sustained for a long period.

5ASEAN+3 consists of the 10 members of the Association of Southeast Asian Nations (ASEAN) plus the PRC, Japan, and Korea.

The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.



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