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ADBI News
www.a dbi .o rg
2014
The
Volume 8
Number 3
CONFERENCE
In this issue
Managing Financial Integration and Inclusion
in ASEAN
The Great Potential of AsiaLatin America Trade
and Investment
ASEAN Economic Community Post-2015 Agenda
Global Food Prices and Business Cycle Dynamics
in an Emerging Market Economy
21st Century Challenges for Southeast Asia
What Prevents Inter-industry Labor Reallocation?
The Livelihood Effects of Industrialization on
Displaced Households Evidence from West
Bengal, India
Patents and Catch-Up
Building Effective Climate Agreements toward
Sustainable Growth
ADBI Launches Two Books on Asias Evolving
Economies
ADBI and Springer Launch Series on Development
Economics
Recent Publications
Selected Upcoming Events
Recent Working Papers
SMEs and Trade-Driven Productivity Outlook
in Asia
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PANEL DISCUSSION
I n s t i t u t e
POLICY DIALOGUE
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SEMINAR
SEMINAR
SEMINAR
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DISTINGUISHED SPEAKER
SEMINAR
TRAINING COURSE
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BOOK LAUNCH
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View all Asia Pathways posts at www.asiapathways-adbi.org/.
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Recent Publications
ASEAN 2030: Toward a Borderless Economic Community
This book investigates long-term development issues for ASEAN members and finds that
by 2030, ASEAN has the potential to reach the average quality of life enjoyed today in
advanced economies. Q
To download a copy of this report, please visit:
www.adbi.org/book/2014/07/18/6357.asean.2030.borderless.economic.community/.
A s i a n
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1011
November
11
November
5
December
Distinguished Speaker Seminar: Masahiko AokiA Revisionist View of Comparative PRCJapan Economic
Histories: Based on a Game Model (Tokyo)
In this seminar, Masahiko Aoki will discuss comparatively the transitions in the Peoples Republic of China and Japan
from a pre-modern state to a modern state through the Xinhai Revolution and the Meiji Restoration, respectively.
ADBI Annual Conference on Outlook and Financing Requirements for Asian Growth (Tokyo)
This conference aims to take stock of recent developments in the financing of Asian growth, with a focus on SME
finance and trade issues, infrastructure investment and finance in Asia, and macroeconomic and financial policy.
This paper studies how East Asias trade composition and orientation have
changed over the past decade and analyzes the implications for the region and
beyond. Over the last two decades there has been an emergence of regional
and global supply chains, in which production is divided into production
stages or tasks across the most competitive locations. East Asia has been the
most successful region in the world in building up or joining regional and
global supply chains, having been described as Factory Asia. Introducing a
new and simple analytical tool, this paper shows that over the past decade East
Asia has successfully consolidated its role as the Global Factory.
This paper estimates the response of Asian stock market prices to exogenous
monetary policy shocks using a vector error correction model. In this paper,
monetary policy transmits to stock market price through three routes: money
by itself, exchange rate, and inflation. The results point to the fact that stock
prices increase persistently in response to an exogenous easing monetary
policy. Variance decomposition results show that the forecast error variance
of the Tehran Stock Exchange Price Index can be explained by exogenous
shocks to the US dollarIranian rial exchange rate, while this ratio for
exogenous shocks to Iranian real gross domestic product was much lower.
The authors argue that such evidence can be accounted for by an
endogenous response of the stock prices to the monetary policy shocks.
South Asian and Southeast Asian economic integration via increased trade
flows has been rising significantly over the past two decades, but the level of
trade continues to be relatively low. This underperformance has been due to
both policy-related variablesrelatively high tariff and non-tariff barriers
and high trade costs due to inefficient hard and soft infrastructure (costly
transport links and problems related to trade facilitation). The goal of this paper
is to estimate the potential gains from South AsianSoutheast Asian economic
integration using an advanced computable general equilibrium (CGE) model.
They are estimated to be large, particularly for South Asia, assuming that the
policy- and infrastructure-related variables that increase trade costs are reduced
via economic cooperation and investment in connectivity.
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