ERD Working Paper No. 80
Malcolm Dowling is Visiting Professor at the Singapore Management University; Ganeshan Wignaraja is Senior TradeEconomist in the Office of Regional Economic Integration, Asian Development Bank. The authors thank Carmela Espina,Bernadette Agustin, and Mary Jane David for efficient research assistance; Christina delos Santos and Emmalou Guillarte for secretarial help; and Yolanda Fernandez for preparing the Mongolia appendix. The study benefited from suggestions from many individuals within and outside ADB as well as from seminar participants at ADB and the first CAREC RegionalBusiness Roundtable in Bishkek. The views expressed in this paper reflect those of the authors and not of their affiliated institutions.