Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Development Asia—Can Asia Unite to Weather the Storm?: April 2009
    Development Asia—Can Asia Unite to Weather the Storm?: April 2009
    Development Asia—Can Asia Unite to Weather the Storm?: April 2009
    Ebook147 pages1 hour

    Development Asia—Can Asia Unite to Weather the Storm?: April 2009

    By Asian Development Bank

    5/5

    ()

    Read preview

    About this ebook

    The global economic crisis has swept across Asia and brought into sharp focus attempts by nations to cooperate and to integrate their economies. In many ways, the financial crisis of the late 1990s led to the formation of regional cooperation mechanisms to stabilize markets and currencies in times of turmoil. Now these initiatives are being tested. In the third edition of Development Asia, William Branigin, a Washington Post staff writer and the newspaper's former Southeast Asia bureau chief for more than a decade, explores the impact of the global economic crisis on Asian economic cooperation. The insights are compelling. In addition, this edition looks at one of the unsung success stories of regional cooperation in Asia: the victory over piracy in the Malacca Strait. What was once one of the world's most dangerous shipping lanes is now patrolled by coordinated forces from the three nations surrounding the Strait—Singapore, Malaysia, and Indonesia. As a result, only two attempts to plunder booty were reported last year, and both were unsuccessful. The examination of the issues associated with Asian regional cooperation also includes an analysis of the evolution of the Association of Southeast Asian Nations as a regional grouping, and what Asia can learn from the economic and political integration of the European Union. Jenny Forster, a longtime journalist in Asia, and a new contributor to Development Asia, takes readers on a walk through an Indian slum. Triggered by the huge success of the movie Slumdog Millionaire, slum tourism has been booming. Jenny talks to people on both sides of the contentious issue. This edition also looks at the innovative use of bonds to finance vaccination campaigns in developing countries. This financing method gives investors a good return on their money, while children throughout Asia, Africa, and elsewhere benefit from lifesaving vaccines. Other feature stories include an examination of the impact on development of heart disease and other noncommunicable diseases. From Bangkok, we bring you the story of an unconventional Catholic priest who has transformed a one-room schoolhouse into one of Thailand's most dynamic development organizations.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateApr 1, 2009
    ISBN9789292574222
    Development Asia—Can Asia Unite to Weather the Storm?: April 2009

    Read more from Asian Development Bank

    Related to Development Asia—Can Asia Unite to Weather the Storm?

    Related ebooks

    Finance & Money Management For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      Keeping Up With Change

      Mar 24, 2022

      Some 40 foreign diplomats attended a launch ceremony for China and the World in a Changing Context: Perspectives From Ambassadors to China, hosted by the Center for China and Globalization (CCG) in Beijing on March 15. The book brings together observ

      4 min read

    • Article

      For A Shared Future

      Apr 15, 2021

      This year marks the 20th anniversary of the Boao Forum for Asia (BFA). This is a moment of significance, with much to look back on and much more to look forward to; much to celebrate and much more to envision; much to take pride in and much more to t

      6 min read

    • Article

      Voices Of Influence

      Apr 4, 2024

      Voices Of Influence
      6 min read

    • Article

      Should The West Stop Giving Aid To Africa?

      Nov 1, 2018

      FIROZE: Since its inception, the logic of international aid from the West has been to integrate African economies into a global capitalist system, which relies on Africa’s resources for its own growth. The way aid is given has never fundamentally cha

      5 min read

    • Article

      ‘Liberate The Energies Of Our Communities’

      Jun 1, 2020

      AS THE SEVENTH PRESIDENT OF THE African Development Bank (AfDB) serving two terms until 2015, Dr Donald Kaberuka led the development and economic integration of the continent. As the African Union High Representative for the Peace Fund, and on the bo

      5 min read

    • Article

      Ndongo Samba Sylla

      Jun 12, 2022

      Ndongo Samba Sylla
      5 min read

    • Article

      Where Is ‘Security?’

      Feb 29, 2024

      ‘Why are governments around the world increasingly concerned about relative gains and losses? How can world leaders promote an open and rules-based international order that better delivers on its promised mutual benefits—and thus grows the proverbial

      4 min read

    • Article

      Understanding China’s Development Model

      Dec 1, 2022

      The path of China’s economic progress has for years been under discussion as an alternative for use by other developing countries to expedite development and pull millions out of poverty. Before going into its merits, it is first important to underst

      2 min read

    • Article

      What Then, Is The Post-Corona World?

      Jul 30, 2020

      IT WAS NOT JUST THE fragility of human life that the coronavirus revealed; it was the precarious position of Africa’s healthcare systems, the inability to handle the rapid urbanization and population growth and the fundamental disconnect between stat

      3 min read

    • Article

      Test By Fire

      Jan 21, 2021

      Test By Fire
      4 min read

    • Article

      A Forward-Facing Forum

      Mar 21, 2024

      A Forward-Facing Forum
      5 min read

    • Article

      Benefits Of Sharing

      Jul 30, 2020

      The author is president of the Center for China and Globalization As the novel coronavirus disease (COVID-19) pandemic continues to spread globally, experts have pointed out that a second, and even a third wave of the disease are highly possible befo

      3 min read

    • Article

      South Africa Deserves Better

      Jun 21, 2020

      Mondli Makhanya’s attack on the Institute of Race Relations (IRR) in his column, titled “Don’t sabotage SA” (City Press, June 14 2020), as seeking to “sabotage” South Africa’s prospects of accessing funding from the International Monetary Fund (IMF),

      2 min read

    • Article

      ‘Desperate Times Need Desperate Measures Or Then Let's Accept Our Fate’

      Dec 2, 2022

      IT WAS WONDERFUL TO SEE THE revival of the Forbes Global CEO conference that was held post Covid in Singapore in October this year. It was great to reconnect with global leaders as well as meet Forbes’ extended family from different parts of the worl

      5 min read

    • Article

      A Fresh Approach

      Jan 21, 2021

      Based on its long-term experience in foreign assistance and South-South cooperation, China is transforming its international development cooperation. On January 10, the State Council Information Office issued a white paper to indicate the change and

      3 min read

    • Article

      BRICS SUMMIT Economy To Dominate Agenda In Shaping A New World Order

      Aug 19, 2023

      BRICS and its “promise” enjoys significant attention today for the extent to which discourse on the global financial architecture and on changes in the global order has captured the imagination. Chinese President Xi Jinping is said to have exclaimed

      5 min read

    • Article

      BRICS SUMMIT Economy To Dominate Agenda In Shaping A New World Order

      Aug 19, 2023

      BRICS and its “promise” enjoys significant attention today for the extent to which discourse on the global financial architecture and on changes in the global order has captured the imagination. Chinese President Xi Jinping is said to have exclaimed

      5 min read

    • Article

      Why Africa Must Successfully Trade To Develop Economically

      Apr 1, 2022

      IN EARLY 2021, ANDREW Dawes wrote a poignant piece for The Africa Report that has stuck with me. As he put it: “The roaring twenties gave the US the world’s first skyscrapers, power plants that nearly quadrupled electricity production and gleaming ro

      3 min read

    • Article

      For Better Global Governance

      May 21, 2020

      On May 7, the Academy of Contemporary China and World Studies affiliated to publishing conglomerate China International Publishing Group and The Bridge Tank, a French think tank, hosted a webinar on China-France cooperation and how the two countries

      5 min read

    • Article

      Rich Young Asians Urged To Build Culture Of Giving 'Boldly' To Tackle Climate Change, Inequality

      Jun 22, 2023

      Asia's super-rich are being urged into philanthropy to help tackle the overlapping crises facing the region, from climate change to poor access to education and healthcare, as mountains of family money are transferred to a younger, more socially cons

      3 min read

    • Article

      President Xi Jinping’s Boao Insights

      Apr 14, 2022

      In this age of economic globalization, openness and integration is an unstoppable historical trend. Attempts to “erect walls” or “decouple” run counter to the law of economics and market principles. They would hurt others’ interests without benefitin

      2 min read

    • Article

      Stronger Partnerships

      Dec 3, 2020

      Stronger Partnerships
      3 min read

    Related categories

    Reviews for Development Asia—Can Asia Unite to Weather the Storm?

    5/5

    1 rating0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Development Asia—Can Asia Unite to Weather the Storm? - Asian Development Bank

      COVER STORY • Regional Cooperation and Integration

      As the global economic crisis takes a mounting toll, Asian economies are building up mechanisms to boost regional cooperation—and even revisiting the idea of creating an Asian Monetary Fund—but analysts say there is no clear sign yet of consensus on a structure for Asian regionalism.

      The crisis, which has triggered a global liquidity shortage and sharply cut back Asia’s economic growth, may provide fresh impetus for regional cooperation as countries realize the benefit of collective action. So far, however, practical steps toward that end have been minimal. Asian economies have shown little inclination to coordinate fiscal stimulus or exchange rate policies, for example. Some experts also question whether a regional response can have much impact anyway in the face of such a worldwide problem.

      Nor is it clear whether Asian countries have an answer to a looming implosion of Asian trade, as exports plunge in tandem with diminished demand from the United States (US) and Europe amid the worst economic downturn since the Great Depression.

      The result is that the region might enter what some analysts describe as a period of deglobalization marked by plunging exports, retreating labor migration, financial retrenchment, and rising protectionist pressures, with no end yet in sight.

      Underestimating the Crisis

      Faced with these strains, Asian leaders are fortifying regional mechanisms such as the Chiang Mai Initiative (CMI), which dates from May 2000 when finance ministers of the 10-member Association of Southeast Asian Nations (ASEAN) plus the People’s Republic of China (PRC), Japan, and Republic of Korea—a group known as ASEAN+3—set up a network of bilateral swap arrangements designed to provide short-term liquidity when needs arise.

      The impetus for the initiative was the 1997-1998 Asian financial crisis, during which the currencies of Thailand, Indonesia, and the Republic of Korea in particular came under speculative attack. The participating nations last year multilateralized the initiative, creating a regional reserve pool of $80 billion, of which 80% would be contributed by the plus-three countries.

      Meeting in Phuket, Thailand, in late February, the group agreed to raise CMI funding to $120 billion and set up a robust and independent regional surveillance mechanism to conduct objective economic monitoring. But the members stopped short of clarifying eligibility criteria or implementation mechanisms for drawing from the pool, and critics said the funding may still be inadequate to deal with a major financial crisis.

      When the Republic of Korea’s currency recently came under pressure, for example, Seoul bypassed the CMI and struck bilateral swap deals with the US, Japan, and PRC for about $30 billion each. The PRC’s central bank has also signed bilateral currency swap agreements in recent months with Malaysia; Singapore; Indonesia; and Hong Kong,

      Enjoying the preview?
      Page 1 of 1