Search results for ""author masahiro kawai""

The spread of Asia's free trade agreements (FTAs) has sparked an important debate on the impact of such agreements on business activity. This pioneering study uses new evidence from surveys of East Asian exporters - including Japan, the People's Republic of China, the Republic of Korea and three ASEAN economies of the Philippines, Singapore and Thailand - to shed light on the FTA debate. Critics are concerned that FTAs erode the multilateral trading process and foster an alarming `noodle bowl' of overlapping regulations and rules of origin requirements - which may be costly to business. Asia's Free Trade Agreements makes key recommendations for improving business use of FTA preferences, reducing costs of FTAs and creating a region-wide FTA. This well-researched and documented book will appeal to undergraduate and postgraduate students in international business, international economics, economic development, public administration and public policy. Academics, researchers and members of think-tanks around the world will also benefit from this book as will trade negotiators and trade policy officials from developed and developing countries.

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Managing Capital Flows provides analyses designed to help policymakers develop a framework for managing capital flows that is consistent with prudent macroeconomic and financial sector stability.While capital inflows can provide emerging market economies with significant benefits in pursuing economic development and growth, they can also pose serious policy challenges for macroeconomic management and financial sector supervision. The expert contributors cover a wide range of issues related to managing capital flows and analyze the experience of emerging Asian economies in dealing with surges in capital inflows. They also discuss possible policy measures to manage capital flows while remaining consistent with the goals of macroeconomic and financial sector stability. Building on this analysis, the book presents options for workable national policies and regional policy cooperation, particularly in exchange rate management.Containing chapters that bring in international experiences relevant to Asia and other emerging market economies, this insightful book will appeal to policymakers in governments and financial institutions as well as public and private finance experts. It will also be of great interest to advanced students and academic researchers in finance.

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The traumatic experiences of the first half of the twentieth century helped shape the postwar global architecture, which saw the creation of the IMF, the GATT, and the World Bank. Today, this economic architecture is ill-fitted to the global economy. The balance of financial power has moved towards the emerging economies, especially those in Asia, a shift which is not sufficiently reflected in the governance of these institutions.New Global Economic Architecture addresses how a regional architecture, particularly in Asia, can induce a supply of regional public goods that strengthens the global public goods supplied through the global architecture, to promote sustainable economic development. The global network is moving towards a decentralized system with global, regional, and national institutions, and the book presents a comparison of the pace of reforms in various institutions and the identification of the reform agenda from an Asian perspective. It provides suggestions for strengthening regional institutions in Asia so they may better provide regional public goods. The evolution of institutions and policies that comprise the international monetary, financial, trade and development architecture is considered since their establishment after the Bretton Woods conference of 1944.Policymakers, academics, think tanks and practitioners will benefit from the international perspective of the book, particularly those interested in the influential Asian architecture. This book is also a useful reference tool for students of macroeconomics, development economics, international trade, and finance at both undergraduate and graduate levels.Contributors: A. Chabchitrchaidol, A.F. Cooper, H. Hill, M. Kawai, J. Menon, P.J. Morgan, V. Nehru, M.G. Plummer, F. Prada, P.B. Rana, R. Siregar, G. Wignaraja

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In light of the experience of the global financial crisis, this book develops concrete recommendations for financial sector reform and regulation in Asian economies aimed at preventing the recurrence of systemic financial crises, improving the ability to manage and resolve crises, managing capital flows and promoting the development of Asian bond markets. The focus of the book is on longer-term structural measures. It explores areas such as the scope for regional monitoring and cooperation; deepening and integration of Asian bond and money markets; liberalization/regulation of capital flows; and issues related to macroprudential oversight, regulatory structure and cooperation as well as the role of state intervention in crisis resolution in the financial sector. The need for and impacts of regulations on innovative financial products and specific investor groups such as hedge funds, ways to reduce systemic risk of pro-cyclicality of regulation and ways to improve the infrastructure and regulatory environment for local currency bond markets are also examined in depth. The book will appeal to public and private finance experts, policy makers and decision makers in governments and banks, think-tanks and students in graduate courses related to financial and economic development. Contributors: C. Adams, J.A. Batten, Y.J. Cho, S.F. de Lis, M. Fujii, A. Garcia-Herrero, W.P. Hogan, M. Kapur, M. Kawai, D.G. Mayes, R. Mohan, P.J. Morgan, M.G. Plummer, M. Pomerleano, M.M. Spiegel, P.G. Szilagyi, L.D. Wall, A. Winkler

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This unique compilation of essays addresses a core political economy question: how do market forces and trade regulation interact? Its fresh Asian perspective offers a much-needed contribution to our understanding of how treaty-based regional and bilateral economic integration is driven by the Factory Asia phenomenon. The authors also compellingly show where the World Trade Organization could fit in. An informative read for scholars and experts alike.'- Manfred Elsig, University of Bern, SwitzerlandThe global financial crisis exposed great shortcomings in the global economic architecture, generating extensive international debate about possible remedies for these deficiencies. The postwar global architecture was guided by major developed economies, centered around the IMF, the GATT, and the World Bank. Today, the balance of economic power is shifting toward emerging economies. Global governance and economic policy must reflect this shift. With contributions from prominent Asian and international trade experts, this book critically examines key changes occurring in the world trading system and explores policy implications for Asia.The world trading system, led by the World Trade Organization (WTO), is under pressure to evolve and address 21st-century trade issues. Meanwhile, economically salient Asia has built deep supply chains over decades, whilst experimenting with mega-regional trade agreements and economic policies to sustain growth amid a fragile economy. The Asian-led Regional Comprehensive Economic Partnership (RCEP) and the United States-led Trans-Pacific Strategic Economic Partnership (TPP) are competing to set standards for Asia's trade and supply chains. Lessons from the Asian experience offer new approaches and economic policies to sustain growth, presenting the WTO as a forum for action to improve global and regional trade governance in the 21st century.Policy makers will benefit from the expert knowledge and policy lessons presented in this book, and development economists and researchers will profit from its critical examination of the world trading system. Undergraduate and postgraduate students interested in development, development economics, international development, and related fields will find this essential supplementary reading.Contributors: R. Baldwin, S.Y. Chia, B. Dhar, S.J. Evenett, S. Inomata, M. Kawai, P. Low, M. Nakatomi, R. Pomfret, V. Pontines, J. Tijaja, S. Urata, R. Wang, G. Wignaraja, Y. Zhang

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This book addresses the prospects and challenges concerning both soft and hard infrastructure development in Asia and provides a framework for achieving Asian connectivity through regional infrastructure cooperation towards a seamless Asia. Key topics included are: - demand estimates of national and regional infrastructure in transport, electricity, information and communication technology, and water and sanitation; - empirical results on the costs and benefits of regional infrastructure for economies and households; - the impact of infrastructure development on the environment and climate; - sources and instruments of infrastructure financing; - best practices and lessons learned from the experiences of the Asian region and other regions; and - experiences of public-private partnership projects. This insightful book will serve as a definitive knowledge product for policymakers, academics, private sector experts and infrastructure practitioners interested in the regional and national infrastructure demand, investment and benefits in the region. Concerned officials from private and public sectors, and other experts involved in environmental and natural resources studies will also find this compendium invaluable. Contributors: R. Adhikari, N. Banik, B.N. Bhattacharyay, H. Dick, M. Fujimura, K.-C. Fung, A. Garcia-Herrero, J. Gilbert, T. Hertel, M. Kawai, R.M. Nag, F. Ng, J. Nunez-Ferrer, P.J. Rimmer, S. Stone, A. Strutt, W. van der Geest, F. Zhai, Z. Zhang

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Asian economies strengthened their monetary and currency management after the Asian financial crisis of 1997-1998, and came through the global financial crisis of 2007-2009 relatively well. Nevertheless, the recent global crisis has presented new challenges. This book develops recommendations for monetary and currency policy in Asian economies aimed at promoting macroeconomic and financial stability in an environment of global economic shocks and volatile capital flows. 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. The focus is on short-term measures related to the cycle. The three main areas addressed are: monetary policy measures, both conventional and unconventional, to achieve both macroeconomic and financial stability; exchange rate policy and foreign exchange reserve management, including the potential for regional cooperation to stabilize currency movements; and ways to ease the constraints on policy resulting from the so-called 'impossible trinity' of fixed exchange rates, open capital accounts and independent monetary policy. This is one of the first books since the global financial crisis to specifically and comprehensively address the implications of the crisis for monetary and currency policy in emerging market economies, especially in Asia. Presenting a broad menu of policy options for financial reform and regulation, the book will be of great interest to finance experts and policy makers in the region as well as academics and researchers of financial and Asian economics and also economic development. Contributors: J. Aizenman, M.D. Chinn, A. Filardo, S.-i. Fukuda, H. Genberg, H. Ito, M. Kawai, S. Kim, Y. Kon, P.J. Morgan, I. Patnaik, A. Shah, S. Takagi, D.Y. Yang, F. ZhaiA Joint Publication of the Asian Development Bank Institute and Edward Elgar Publishing

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The structure and policy architecture of the world economy, as it emerges from the historic challenges now underway, will be affected by the dramatic rise of Asian economies and deepening connections among them. This important book examines the rapid transformation of the Asian economy, the challenges it faces, emerging regional solutions, and how Asia can play a more constructive role in the global economy.Asia is becoming not just the world?s factory, but also its leading creditor, and one of its key sources of dynamism and stability. Key questions are identified and addressed in three areas: Asia?s growth and productivity, financial stability, and regional economic integration. In each of these areas, the contributing authors evaluate current trends and the forces shaping the future. They consider whether the region?s progress is sustainable and what it will take to make it so. How is Asia reshaping its economy in response to the changing global landscape? More urgently, how can Asia weather the severe financial and economic storm originating from the global credit crisis? How will it extend its gains to people left behind? And how can it contribute to better governance and greater prosperity in the world economy? This book covers new ground by connecting theory, assembling detailed evidence on trends and challenges, and offering forward-looking policy prescriptions.This timely book will appeal to Asian economic policy-makers as well as postgraduate students interested in Asian economies, international economics and regional integration. Staff of international and regional organizations interested in Asian economies will also find this book invaluable.

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This book addresses the prospects and challenges concerning both soft and hard infrastructure development in Asia and provides a framework for achieving Asian connectivity through regional infrastructure cooperation towards a seamless Asia. Key topics included are: - demand estimates of national and regional infrastructure in transport, electricity, information and communication technology, and water and sanitation; - empirical results on the costs and benefits of regional infrastructure for economies and households; - the impact of infrastructure development on the environment and climate; - sources and instruments of infrastructure financing; - best practices and lessons learned from the experiences of the Asian region and other regions; and - experiences of public-private partnership projects. This insightful book will serve as a definitive knowledge product for policymakers, academics, private sector experts and infrastructure practitioners interested in the regional and national infrastructure demand, investment and benefits in the region. Concerned officials from private and public sectors, and other experts involved in environmental and natural resources studies will also find this compendium invaluable. Contributors: R. Adhikari, N. Banik, B.N. Bhattacharyay, H. Dick, M. Fujimura, K.-C. Fung, A. Garcia-Herrero, J. Gilbert, T. Hertel, M. Kawai, R.M. Nag, F. Ng, J. Nunez-Ferrer, P.J. Rimmer, S. Stone, A. Strutt, W. van der Geest, F. Zhai, Z. Zhang

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