By providing a comprehensive overview of policy proposals for the international monetary system from an Asian perspective, this book aims to identify what innovations are needed to reform the international monetary and financial system to promote financial stability and sustainable economic growth for emerging economies. The book is organized into four parts. Part 1 discusses major theoretical and empirical issues related to reform of the international monetary system. Part 2 includes two chapters that present the recent developments and challenges for managing capital flows. Part 3 presents...

The global financial crisis of 2007-2009 exposed flaws and shortcomings in the global economic architecture, and has sparked an international debate about possible remedies for them. The postwar global architecture was essentially guided by the major developed economies, and was centered around the IMF, the GATT - the predecessor of the WTO - and the World Bank. Today, however, the balance of economic and financial power is shifting toward the emerging economies, especially those in Asia, and both global governance and economic policy thinking are beginning to reflect this shift. This book...

This book analyses how closer regional connectivity and economic integration between South Asia and Southeast Asia can benefit both regions, with a focus on the role played by infrastructure and public policies in facilitating this process. Country studies of national connectivity issues and policies cover Bangladesh, India, Myanmar, Nepal, Sri Lanka and Thailand, examining major developments in South Asia-Southeast Asia trade and investment, economic cooperation, the role of economic corridors, and regional cooperation initiatives. Thematic chapters explore investment in land and sea...

Financial inclusion and financial education are becoming increasingly recognized as key requirements for sustainable and inclusive growth, and have been recognized as such by international fora such the Group of Twenty (G20) and the OECD. However, countries in Central Asia and the South Caucasus region have generally lagged in this area. Aside from Kazakhstan, the levels of financial inclusion are substantially below the average level of developing economies. Moreover, there has been little study of the determinants of and barriers to the development of financial inclusion and financial...

Sustainable and inclusive growth in emerging Asian economies requires high levels of public investment in areas such as infrastructure, education, health, and social services. The increasing complexity and regional diversity of these investment needs, together with the trend of democratization, has led to fiscal decentralization being implemented in many Asian economies. This book takes stock of some major issues regarding fiscal decentralization, including expenditure and revenue assignments, transfer programs, and sustainability of local government finances, and develops important findings...