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Table of Contents
Dean’s Message .................................................................................................................................. 2 Advisory Council .................................................................................................................................. 3 Vision and Overview ........................................................................................................................... 4 Regional Studies .................................................................................................................................. 5 Working with ADB Headquarters and Other Knowledge Partners ................................................. 8 Research ............................................................................................................................................ 12 Capacity Building and Training ....................................................................................................... 22 Outreach ............................................................................................................................................ 28
Appendix 1: Organization Chart ..................................................................................................... 34 Appendix 2: Deans and Advisory Council Members: Past and Present ...................................... 35 Appendix 3: Research Events .......................................................................................................... 36 Appendix 4: Capacity Building and Training Events ...................................................................... 41 Appendix 5: Selected ADBI Publications ........................................................................................ 43 Appendix 6: Top 30 Downloads of 2011 .......................................................................................... 54
List of Abbreviations
ABAC ADB ADBI AEC AFDC APEC ASEAN BBL CAREC CASS CBT CEPII DAJA ESCAP ERD EU FTA G20 GDP ILO IMF IWRM MDG NEAR OECD OREI PRC RePEc RSDD SME SSRN UNDP VIIES WTO US “$” = US dollar APEC Business Advisory Council Asian Development Bank Asian Development Bank Institute ASEAN Economic Community Asia Pacific Finance and Development Centre Asia-Pacific Economic Cooperation Association of Southeast Asian Nations brown bag lunch Central Asia Regional Economic Cooperation Chinese Academy of Social Sciences capacity building and training Centre d’Etudes Prospectives et d’Informations Internationales Developing Asia Journalism Awards Economic and Social Commission for Asia and the Pacific Economics and Research Department, ADB European Union free trade agreement Group of Twenty gross domestic product International Labour Organization International Monetary Fund Integrated Water and Resources Management Millennium Development Goal North East Asia Research Foundation Organisation for Economic Co-operation and Development Office of Regional Economic Integration, ADB People’s Republic of China Research Papers in Economics Regional and Sustainable Development Department, ADB small and medium-sized enterprise Social Science Research Network United Nations Development Programme Vienna Institute of International Economic Studies World Trade Organization United States
he year under review was a landmark year for ADBI, whose activities had to be adjusted because of the Great East Japan Earthquake on 11 March. Several major events planned in Tokyo during March–June had to be cancelled, relocated to other parts of Asia, or postponed until later in the year. ADBI returned to its normal operations soon after the disasters. In July, the ADB Independent Evaluation Department (IED) published a special evaluation study on ADBI, the first such evaluation of an ADB knowledge unit. The study was favorable and ADBI has drafted action plans to respond to its recommendations. In a decision that will shape the strategic directions of ADBI for years to come, we have begun to develop a “results framework.” ADBI has always tracked the results of its activities, but a formal framework will allow us to identify and monitor measurable indicators to track our performance over time in a more structured way. During 2011, considerable progress was made on the ADBI flagship project, Climate Change and Green Asia. The study has created a network of institutions that can draw on each other’s expertise in promoting green economies. Its findings will be directly relevant to policymaking and investment communities. This study is being implemented jointly with departments at ADB headquarters and 25 Asian think tanks. In 2011, ADBI also moved forward on several major projects in support of one of its priority themes, regional cooperation and integration (pp. 5 –7). Six meetings were held to advance the ASEAN, the PRC, and India: The Great Transformation? project, covering three economic blocs that are expected to comprise 40% of the world’s economy by 2030. This project is being carried out with ADB headquarters and the three economies’ think tanks and will be finalized in 2012. The ASEAN 2030: Toward a Borderless Economic Community project, which is being implemented with ADB departments and the ASEAN Secretariat, in collaboration with major think tanks in ASEAN member countries, takes projections beyond a narrow focus on per-capita GDP to a broader range of indicators that can be used to assess improvements in the quality of
life for ASEAN citizens in the period to 2030. During the year the groundwork was laid for an associated study that will focus on the needs of the ASEAN transitional economies — Cambodia, the Lao People’s Democratic Republic, Myanmar, and Viet Nam. In light of the global financial crisis and the eurozone crisis, four events were held in 2011 for the International Monetary and Financial System — Asian Perspective project, which focused on reform of the international monetary and financial system. Despite a certain amount of disruption caused by the 11 March disasters, ADBI still managed to organize more capacity building events in 2011 than in the previous year, training more than 2,000 people in its capacity building and training courses and workshops. In the outreach area, previous work to establish a presence in social media paid off as ADBI’s followers and downloads of ADBI materials from document depositaries rose steadily throughout the year. ADBI activities were extensively reported in the international and regional news media (p. 29). In 2011, ADBI laid the foundations for a new blog, Asia Pathways, which was launched at the beginning of 2012. In 2011, the Government of Australia made a second generous contribution to the Special Fund for the Asian Development Bank Institute. We will continue to seek other financial partners and to broaden our funding sources in future. I would like to conclude by returning to the impact that disasters can have on development. In 2011, ADBI launched a new Disaster Risk Management project to identify a comprehensive set of strategies for all aspects of disaster management. This important initiative, and our other projects, will be continued into 2012.
Masahiro Kawai, Dean Asian Development Bank Institute
he functions of the Advisory Council are set out in Article IV of the Statute of the Asian Development Bank Institute. The Council has seven members, one of whom is a senior official from ADB headquarters. The other members of the Advisory Council are distinguished practitioners or scholars in the field of development or management selected from among ADB’s members on a broad geographical basis. Members of the Advisory Council are appointed for 2 years by the ADB President and may be reappointed. They meet twice a year. The Advisory Council selects its own chair.
Cinnamon Dornsife Acting Co-Director of the International Development Program, The Paul H. Nitze School of Advanced International Studies, Johns Hopkins University Masahisa Fujita President and Chief Research Officer, Research Institute of Economy, Trade and Industry Eric Girardin Professor of Economics, Aix-Marseille School of Economics, Aix-Marseille University Stephen Howes Director, Crawford School of Economics and Government, Australian National University Li Yong Vice Minister, Ministry of Finance, People’s Republic of China Sanjiv Misra Former Minister of State, Government of India Changyong Rhee Chief Economist
In accordance with the Statute, the Advisory Council provides advice and recommendations on the strategic directions of ADBI and reviews the ADBI work program. In the governance structure of ADBI, the Advisory Council plays a crucial role in guiding ADBI’s activities and ensuring that its work products and chosen projects are of the highest standards and relevance. The Advisory Council met in Hong Kong, China on 22 April 2011 and Manila on 6 October 2011, where it considered ADBI’s work program for 2012 –2014.
United States Japan France Australia People’s Republic of China India ADB
ADB Chief Economist Changyong Rhee
Advisory Council members for the term 2010 – 2012 met in Manila in October 2011. Standing (from left): Masahiro Kawai (ADBI Dean), Stephen Howes, Sanjiv Misra, Masahisa Fujita, Eric Girardin Seated (from left): Li Yong, Haruhiko Kuroda (ADB President), and Cinnamon Dornsife 3
Vision and Overview
DB Institute is recognized as the leader in the creation and sharing of knowledge on economic development in the Asia and Pacific region. ADBI conducts research and capacity building and training activities that contribute to ADB’s overall objective of poverty reduction. ADBI focuses on medium- to long-term development issues of strategic importance to senior policymakers. The objectives of ADBI, as set forth in its Statute, are to identify effective development strategies and to improve the capacity of agencies and organizations in developing member countries.
ADBI strives to be demand-driven and to respond to important challenges affecting many stakeholders in the region in a timely, operationally relevant, and policy-oriented fashion. ADBI increases the impact of its activities by working closely with leading think tanks to shape the debate on key emerging issues and to develop sound and practical recommendations regarding policy reforms. ADBI ensures the quality of its research and capacity building and training programs by pursuing excellence and originality in areas where it has an unmatched strategic advantage, such as the analysis of emerging policy issues from a regional perspective. To further strengthen its reputation as a trusted knowledge institution, ADBI is introducing a results framework for its programs and activities. It also seeks to enhance its visibility, impact and accessibility through the use of new media and refined knowledge products. ADBI has been pursuing a work program with three strategic priority themes, which form a coherent basis for all its activities: • Inclusive and sustainable growth • Regional cooperation and integration • Governance for policies and institutions Private sector issues, as drivers of economic development, cut across all the strategic themes. Particular attention is also given to projects with an interdisciplinary nature and inter-regional scope. ADBI’s financial statements can be found in the ADB Annual Report 2011, Vol. 2.
iven the vast size of the Asia and Pacific region, most major studies done by ADBI focus on a group of countries that, for geographical or other reasons, share certain characteristics or interests in common. In 2011, four studies of this type were carried out by ADBI: • ASEAN, the People’s Republic of China, and India: The Great Transformation? • ASEAN 2030: Toward a Borderless Economic Community • Pacific 2030 • Supporting Equitable Economic Development in ASEAN: A Project Focused on Cambodia, Lao PDR, Myanmar, and Viet Nam (CLMV) ASEAN, the PRC, and India: The Great Transformation? is a major study of the development prospects and economic challenges facing ASEAN, the PRC, and India (ACI). The findings will be published
in 2012 and will provide the research and policy community in these economies with medium- to long-term policy and strategy frameworks to achieve a balanced, sustainable, and resilient Asia. The study will aim to maximize the potential of these key emerging economies while minimizing negative externalities by fostering integration and cooperation. The study is being implemented jointly with departments at ADB headquarters. These three economies are major economic drivers of Asia and the world given their roles in trade, investment, and capital flows. As they continue to expand, they need to ensure that their growth is consistent with environmental management and improvements to the quality of life. ASEAN, the PRC, and India will also need to strengthen ties among themselves, with the other countries in the region, and with the rest of the world to foster peaceful, harmonious, and equitable relationships.
Policymakers, scholars, private sector experts, and ADBI/ADB staff met in New Delhi, India, to discuss the ADBI/ADB study on ASEAN, the People’s Republic of China, and India: The Great Transformation? 5
Year in Review 2011
Two conferences were held in 2011: • Japan and the Rise of ASEAN, the People’s Republic of China, and India, was held at ADBI, Tokyo, on 30 November, to discuss with policymakers of the ACI economies the strategies that can best achieve a harmonious and peaceful Asia • Implications of the Rise of ASEAN, the People’s Republic of China, and India for the World Economy was held in collaboration with the Peterson Institute for International Economics (PIIE), in Washington, DC, on 25–26 October, to discuss the joint ADBI/PIIE study on how the rise of the ACI economies will affect the global economy Two new study projects with crosscutting themes were begun in 2011: ASEAN 2030: Toward a Borderless Economic Community, and Pacific 2030, which will explore the choices for the future for small Pacific Island countries. ASEAN 2030: Toward a Borderless Economic Community aims to define the vision of a “RICH” Association of Southeast Asian Nations (ASEAN) that is resilient, inclusive, competitive, and harmonious. In line with this vision, the study will offer an informative, technical, and detailed view of the challenges ASEAN economies are likely to face as they strive to reach fullydeveloped status by 2030. With the gradual shift of the center of the global economy toward Asia, ASEAN economies must adjust themselves to changing realities. ASEAN not only needs to adjust to opportunities and threats raised by the emergence of its two large neighbors, the PRC and India, it must also develop its comparative advantages to remain globally competitive. This study was begun in November 2010 by ADBI in collaboration with the ASEAN Secretariat and ADB’s Southeast Asia Department. It is part of a wider study on the “great transformation” brought about by the emergence of ASEAN, the PRC, and India as major global economic players. Its goal is to articulate
ASEAN’s aspirations, challenges, and policy options for the next two decades of the region’s economic development. ASEAN 2030 consultations were held in January 2011 in Jakarta with the management of the ASEAN Secretariat. An inception workshop followed at ADBI in Tokyo. Seminars were then conducted at the ASEAN Studies Centers in Jakarta, Indonesia and Washington, DC. The study organized consultation missions in each ASEAN member between February and June 2011 and engaged with local stakeholders in all ASEAN member nations. Workshops were held with experts, scholars, think tanks and the civil society, and meetings were organized with various ASEAN bodies and agencies. Two major ASEAN 2030 workshops were held in 2011, the Report Drafting Workshop in Tokyo in September, and the Report Finalization Workshop in Manila in December. ADB resident missions were involved in organizing meetings and providing inputs. The objective of the Pacific 2030 study is to provide strategic directions to Pacific island economies, their governments, civil society, and business communities on approaches to development by promoting inclusive and environmentally sustainable policies. The study will offer policy proposals on spurring growth by increasing regional integration and cooperation in the Pacific. Typically heterogeneous, isolated, and small, Pacific islands exhibit conditions of fragility and vulnerability that contribute to shaping a complex environment to support economic and social development. Markets in the Pacific are scattered and efficiency is difficult to achieve, while scarcity of land and natural resources make it difficult to reach a consensus on ways to create public goods. This study aims to offer an informative and technical analysis of the main challenges Pacific economies will likely face over the next two decades, the policy reforms and institutional developments required at national and regional level, and the means to bringing Pacific economies to enjoy higher income levels and
Capacity Building and Training
Infrastructure projects are key to strengthening regional co-operation as noted in the ADB and ADBI flagship study Infrastructure for a Seamless Asia.
better quality of life of their citizens by the year 2030. A website, blog, and discussion forums will gather research inputs and disseminate the results of the study to a wide Pacific audience. Pacific 2030 is being coordinated with the ADB Pacific Department, AusAID, Australian National University, New Zealand Aid, and the World Bank. Two major Pacific 2030 project events were held in 2011. The first, a Pacific 2030 Brainstorming Meeting, was held in Canberra, Australia, on 9 March. A second brainstorming meeting was held in Suva, Fiji, on 14 –15 November. Supporting Equitable Economic Development in ASEAN: A Project Focused on Cambodia, Lao PDR, Myanmar, and Viet Nam will aim to narrow the development gap between the transitional economies of Cambodia, Lao PDR, Myanmar, and Viet Nam and the rest of ASEAN. The project will be conducted in close collaboration with the ASEAN Secretariat and ADB, and will involve experts and institutions. While research issues are expected to be relevant for all ASEAN members, capacity building programs will be designed for government officials and representatives of private sector institutions from Cambodia, Lao PDR, Myanmar, and Viet Nam.
The project’s thematic areas and key components were discussed at a brainstorming workshop in Manila on 4 November 2011. Participants suggested focusing the project in the following four areas, with each of the four countries leading in one area: (i) macroeconomic policy framework and financial deepening; (ii) agricultural productivity and natural resources management; (iii) manufacturing productivity, tradeinvestment nexus, and production networks; and (iv) service sector productivity and service trade.
How to ensure a harmonious partnership between Japan and the ACI economies was discussed by participants at the symposium on Japan and the Rise of ASEAN, the People’s Republic of China, and India. 7
Working with ADB Headquarters and Other Knowledge Partners
Working with ADB Headquarters
ADBI has strengthened its bonds with its parent institution, ADB, immeasurably in recent years. Collaboration takes place at the level of strategic planning, joint ownership of major studies, and individual activities. Strategic planning. All ADBI medium- and longterm planning is carried out in close consultation with the ADB Board and management and with the knowledge departments and, where relevant, operations departments at ADB headquarters. Before launching a major initiative, ADBI consults extensively with relevant departments at ADB headquarters to ensure that the strengths of the two institutions can be used to maximum advantage. In addition, ADBI conducts an annual consultation exercise with ADB headquarters to ensure that any variations in the work program are communicated. Also, ADBI provides input when ADB departments launch work programs. All ADBI projects in the three-year rolling work program are reviewed and commented on by ADB departments before the work program is submitted to the Board. The ADB chief economist is a member of the ADBI Advisory Council and gives advice and recommendations on the strategic directions and work programs of ADBI and on potential synergy with ADB. Major studies. The ADBI flagship project, Climate Change and Green Asia, is a joint project with ADB, with the Regional and Sustainable Development Department taking the lead. Other major ADBI projects being carried out with ADB include: ASEAN, the PRC, India: The Great Transformation? (with numerous departments); ASEAN 2030 and Supporting Equitable Economic Development in ASEAN: A Project Focused on Cambodia, Lao PDR, Myanmar, and Viet Nam (both primarily with the Southeast Asia Department); and Pacific 2030 (mainly with the Pacific Department) — see pp. 5 – 7 and pp. 12 –21. Individual activities. ADBI continued to work closely on research and capacity building activities and knowledge products with various departments at ADB headquarters during 2011. During the year, ADBI collaborated with the Economics and Research Department, the Office of Regional Economic Integration, Private Sector Operations Department, the Regional and Sustainable Development Department, the Strategy and Policy Department, and the regional departments.
ADB Chief Economist Changyong Rhee; Director-General, International Bureau, Ministry of Finance, Japan, Takehiko Nakao; and ADBI Dean Masahiro Kawai discuss the challenges that developing Asia must resolve to eliminate poverty in the region at the ADB-ADBI Joint Seminar on the Asian Development Outlook 2011. 8
Working with ADB Headquarters and Other Knowledge Partners
Working with Other Knowledge Partners
In 2011, ADBI collaborated with global and regional organizations, government, public agencies, think tanks, universities, and other knowledge partners. This broadens ADBI’s understanding of development issues, raises the quality of its research and CBT activities, widens its outreach, and enhances the impact of its activities. Examples of activities ADBI conducted in 2011 with external partners include the following. • G-20: Completing the Agenda (January 2011) with Bruegel (independent European think tank), Chinese Academy of Social Sciences (CASS), PRC; Centre d’Etudes Prospectives et d’Informations Internationales (CEPII), France; Kiel University, Germany; Keio University, Japan; and Korea University, Republic of Korea • The Role of the Financial Sector in Promoting Economic Growth in Asia (February 2011) with Japan Financial Services Agency; and Keio University, Japan • Regional Policy Workshop on Asian Economic Integration (February 2011, a joint Research and CBT activity) with ADB South Asia Department (SARD); S. Rajaratnam School of International Studies at Nanyang Technological University and Ministry of Foreign Affairs, Singapore • Enhancing Financial Policy and Regulatory Cooperation — Response to Global Financial Crisis (March 2011) with Australian APEC Study Centre, RMIT University; and AusAID • Realizing the ASEAN Economic Community (April 2011) with Economic Research Institute for ASEAN and East Asia, Indonesia • International Conference on Selected Outstanding Issues in Services, Trade and Development (May 2011, a joint Research and CBT activity) with Asia-Pacific Research and Training Network on Trade (ARTNeT), United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP); and World Trade Organization • Moving Toward a Sustainable Future (May 2011, a joint Research and CBT activity) with Columbia University, US
• A S E A N Tr a i n i n g Wo r k s h o p o n L e g a l a n d Economic Framework for Merger Analysis (May 2011) with US Federal Trade Commission; Vietnam Competition Authority • ASEAN 2030: Growing Together for Shared Prosperity Workshop on National and Regional Development Issues (June 2011) with Institute of Strategic and International Studies, Malaysia • IWRM Executive Retreat on Leadership in River Basins and International Seminar on Corporate River Basin Organizations in Asia (June 2011) with ADB; Japan Water Agency; and Network of Asian River Basin Organizations • Re g i o n a l C a p a c i t y Bu i l d i n g Wo rk s h o p o n Establishment and Organizational Reforms of Competition Authorities — Case Studies from ASEAN for ASEAN (June 2011) with ASEAN Secretariat • Growth and Integration in Asia: Monetary, Financial, and Trade Issues and Challenges (July 2011) with University of South Australia; and George Mason University, US • ADBI-AFDC-ABAC International Seminar on Financial Inclusion for Central Asia, the Caucasus, and South Asia (July 2011) with Asia-Pacific Financial Development Center (AFDC), Shanghai; and APEC Business Advisory Council (ABAC) • Conference on Global Cooperation for Sustainable Growth and Development: Views from G-20 Countries (September 2011) with Chatham House, UK; Indian Council for Research on International Economic Relations (ICRIER); Ministry of Finance, India; International Monetary Fund; Konrad-Adenauer-Stiftung, Germany • The 6th East Asia Conference on Competition Law and Policy and the 7th East Asia Top Officials’ Meeting on Competition Policy (September 2011) with Japan Fair Trade Commission (JFTC); and Competition Commission of Singapore (CCS) • Capacity Building Workshop to Enhance Domestic and Foreign Investment Flows in the Asia Pacific Region (October 2011) with Australian APEC Study Centre RMIT University; and OECD • The 19th Tax Conference International Model Tax Treaties for Central and West Asia (October 2011) with ADB
Year in Review 2011
• Implications of the Rise of ASEAN, the People’s Republic of China, and India for the World Economy (October 2011) with Peterson Institute for International Economics, US • Microfinance Training of Trainers Distance Learning Course (December 2011) with the World Bank Tokyo Development Learning Center • Workshop on Climate Change and its Impact on Agriculture (December 2011) with the Asian Productivity Organization (APO); and the Korea Productivity Center (KPC)
(iv) Conference on New Thinking on Social Security in Asia, Tokyo, Japan, 17 November 2011. (v) Economic Opportunities from the Ageing Society: Policies and Challenges, Tokyo, Japan, 18 November 2011. The Outreach unit works with the Research, CBT, and Administration, Management, and Coordination depar tments to ensure that all ADBI events, publications, working papers, special programs, and partnerships are reflected on the ADBI website in an accurate and timely manner.
Collaboration within ADBI
ADBI’s Research and Capacity Building and Training (CBT) departments continued to act as a team and to share resources in undertaking their activities. Research fellows participated in selected CBT activities as resource speakers and as discussants, allowing them to supplement their theoretical work with insights from CBT participants engaged on a day-to-day basis with emerging issues in developing countries. Joint activities organized by the Research and CBT departments in 2011 included: (i) Workshop on Measuring Asia’s Progress in Tackling Climate Change and Promoting Green Growth, Beijing, People’s Republic of China, 13–14 June 2011. (ii) Working Together for a Green Asia, Hong Kong, China, 21 April 2011. (iii) Tackling Climate Change and Accelerating Green Growth: New Knowledge Towards Policy Solutions, New Delhi, India, 12 September 2011.
In 2011, ADBI continued to strengthen external knowledge partnerships and disseminate knowledge on development issues. Under the ADBI Visiting Researcher Program, nine researchers from the Asia and Pacific region each spent up to 6 months at ADBI. ADBI continued to communicate with former visiting fellows and researchers to inform them of ongoing ADBI activities and to inquire about the status of their ADBI working papers and the outreach activities that they conducted for their research papers. ADBI’s database of visiting fellows, researchers, and scholars is being used to strengthen its network of alumni and friends of ADBI. The expanding subscriber list of ADBI’s e-newsline service and the ADBI Facebook and Twitter accounts are also used to strengthen contacts with alumni of Research and CBT events by keeping them informed of ADBI activities.
Working with ADB Headquarters and Other Knowledge Partners
Asian Development Bank Institute Partners in 2011
International organizations: International Monetary Fund (IMF); Organisation for Economic Co-operation and Development (OECD), including its Task Team on South–South Cooperation; United Nations Educational, Scientific and Cultural Organization (UNESCO); United Nations Secretary-General’s Advisory Board on Water and Sanitation; World Bank, including its Tokyo Development Learning Center; World Trade Organization (WTO). Regional organizations: Asia-Pacific Economic Cooperation (APEC), including its Business Advisory Council and its Secretariat; Asian Productivity Organization (APO); Association of Southeast Asian Nations (ASEAN), including its Secretariat; Network of Asian River Basin Organizations (NARBO); Pacific Economic Cooperation Council (PECC); United Nations, Economic and Social Commission for Asia and the Pacific (UNESCAP), including its Asia-Pacific Research and Training Network on Trade (ARTNeT). National government agencies: Australian Agency for International Development (AusAID); Bank of Italy, including its representative office in Tokyo; Competition Commission of Singapore; Ministry of Foreign Affairs and Presidential Agency for Social Action and International Cooperation, Colombia; Trade Ministry and National Development Planning Ministry, Indonesia; Japan Bank for International Cooperation; Japan Fair Trade Commission (JFTC); Financial Services Agency, Japan; Japan International Cooperation Agency; Japan Sewage Works Agency; Japan Water Agency; Ministry of Finance, India; Ministry of Finance, Japan; Ministry of Foreign Affairs, Singapore; Ministry of Transport, PRC; US National Bureau of Economic Research; US Federal Trade Commission; Vietnam Competition Authority. Think tanks, universities and other knowledge institutions: Asia-Pacific Finance and Development Center (AFDC), PRC; Asia-Europe Foundation, Singapore; Australian APEC Study Centre, RMIT University, Australia;a Australian National University; Brookings Institution; Bruegel, Brussels; George Mason University, including its Center for Emerging Market Policies at the School of Public Policy; Cambodia Development Resource Institute; Central Institute for Economic Management, Viet Nam; Centre d’Etudes Prospectives et d’Informations Internationales (CEPII); Chatham House, UK; China National ITS Center; Chinese Academy of Social Sciences (CASS); Chinese University of Hong Kong, Hong Kong, China; Columbia University; Dankook University, Republic of Korea; Economic Research Institute for ASEAN and East Asia, Indonesia; Energy Research Institute (ERI), PRC; EU-Japan Centre for Industrial Cooperation, Japan; Europe-Asia Policy Forum (EUforAsia), Belgium; Hitotsubashi University, including its HiStat Project, Japan; Hong Kong General Chamber of Commerce, Hong Kong, China; Indian Council for Research on International Economic Relations (ICRIER); Institute for International Monetary Affairs, Japan; Institute of Strategic and International Studies, Malaysia; Intelligent Transportation Systems (ITS), Japan; International Economic Association, PRC; Japan Sanitation Consortium; Keio University, Japan; Kiel University; Konrad-Adenauer-Stiftung,Germany; Korea Productivity Center; Korea University; National Bureau of Economic Research, US; North East Asia Research (NEAR) Foundation, Republic of Korea; New Asia Foundation, PRC; Peterson Institute for International Economics; Philippine Institute for Development Studies; Prospex, Belgium; Research Institute of Economy, Trade and Industry, Japan; S. Rajaratnam School of International Studies at Nanyang Technological University; Thailand Development Research Institute; Union of Myanmar Federation of Chambers of Commerce and Industry; University of South Australia; University of Ljubljana, Slovenia; University of Tokyo.
Source: Asian Development Bank Institute. a Program coordination note exchanged.
Projects with Crosscutting Themes
Climate Change and Green Asia This flagship project examines how emerging economies of Asia can respond to increasing demand for low-carbon development and proactive policies that would strengthen green growth practices in developing Asia. The study has helped to create a network of institutions that can draw on each other’s expertise in promoting green economies. Its findings will be directly relevant to policymaking a n d i n ve s t m e n t c o m m u n i t i e s a n d will make important contributions to regional policy cooperation for lowcarbon green growth. This study is being implemented jointly with the ADBI Capacity and Building and Training Department (CBT), departments at ADB headquarters, particularly the Regional and Sustainable Development Department, and 25 Asian think tanks. The project organized four events in 2011. ASEAN, the People’s Republic of China, and India: The Great Transformation? Within Asia, the emerging economies of the Association of Southeast Asian Nations (ASEAN), the People’s Republic of China (PRC) and India (ACI) are the main drivers of growth. Given that these economies are expected to comprise 40% of the world’s economy by purchasing power parity by 2030, an analysis of the quality of emerging Asia’s growth as well as its impact and implications for the region and global economy is warranted. To respond to this need, ADBI, in partnership with ADB headquarters, has embarked on a major
study: ASEAN, the People’s Republic of China, and India: The Great Transformation? The study aims to address the lack of currently available studies on the interlinking roles of ACI as potential drivers of Asia and the world. It endeavors to inform the research and policy communities of trends, drivers of growth, policy and reforms, major issues and challenges involved, as well as suggesting possible areas for cooperation and integration in ACI economies. The project conducted six major events in 2011. International Monetary and Financial System — Asian Perspective This project focuses on issues related to reforms of the international monetary and financial system that can support development of Asian economies, including institutional developments to promote greater regional monetary cooperation and exchange rate coordination; development of new international reserve instruments; and increasing the voice of Asian economies in international financial institutions. Some components of this project are being implemented jointly with think tanks. The project held four major events in 2011. ASEAN 2030: Toward a Borderless Economic Community In 2011, ADBI launched a new study, ASEAN 2030: Toward a Borderless Economic Community. The aim of the study is to define the vision of a “RICH” ASEAN ― a Resilient, Inclusive, Competitive, and Harmonious region — by 2030. In line with this vision, the study will offer an informative, technical, and detailed view of the main challenges ASEAN economies are likely to face over the next two decades and the kind of policy reforms and institutional developments required, at both the national and regional level, to bring them to higher income levels, with most ASEAN economies reaching fully-developed status by 2030. The study uses a holistic approach that defines aspirations and identifies challenges to economic development and growth of the ASEAN countries taken individually and as a group, moving toward achieving higher income levels and fully-developed economic status by 2030. This project is being implemented jointly with ADB and the ASEAN Secretariat. The project held six major events in 2011.
Pacific 2030 Another new research project began by ADBI in 2011: Pacific 2030. The study focuses on drivers of growth and a set of issues to achieve economic development by promoting inclusive and environmentally sustainable policies, governance of institutions, and regional cooperation and integration. The ultimate goal of the study is to provide strategic directions to Pacific island economies, their governments, civil society, and business communities on approaches to growth and development. The study will address economic development issues for individual Pacific island economies, as well as perspectives for strengthening regional integration and cooperation in the Pacific by implementing effective strategies and plans. This project is being implemented jointly with the ADB Pacific Department and the World Bank. The project organized two major events in 2011.
Year in Review 2011
Regional Cooperation and Integration
Twenty-one working papers were published under this theme in 2011, four of which are highlighted below. Impact of Ser vices Trade Liberalization on Employment and People Movement in South Asia examines how the growth of services output, trade and investment has affected service sector employment in South Asia and the extent to which countries in this region are undertaking skill development, training, and human resource management policies that are targeted at the service sector. The rest of the paper reveals that, notwithstanding the emergence of services as a growth driver over the past decade, South Asian countries have not really focused on the employment needs of this sector in any targeted manner, except perhaps in the case of information technology-business process outsourcing services. Although all the countries in South Asia have introduced capacity building and human resource development programs to increase the employability and productivity of their workforce, these programs tend to be general in nature and not specifically oriented toward services. Hence, there is an urgent need to prepare the region’s labor force for the emerging needs of the tertiary sector, meet professional and quality standards, and absorb surplus labor from agriculture which, at present, is a low-productivity subsistence sector in this region.
Prospects for Monetary Cooperation in East Asia reexamines the exchange rate policy of the Republic of Korea, and its role in promoting financial and monetary cooperation in East Asia in the wake of the 2008 global financial crisis. Republic of Korea has not actively participated in discussions on establishing a regional monetary and exchange rate arrangement and is expected to maintain a weakly managed floating regime. The PRC has been fostering the yuan as an international currency, which will lay the groundwork for forming a yuan area among the PRC; ASEAN; Hong Kong, China; and Taipei,China. Japan has shown less interest in assuming a greater role in East Asia’s economic integration due to deflation, a strong yen, slow growth, and political instability. These developments demand a new modality of monetary cooperation among the PRC, Japan, and Republic of Korea. Otherwise, ASEAN+3 will lose its rationale for steering regional economic integration in East Asia. Promoting Domestic Reforms through Regionalism argues there is a strong presumption among economists that domestic reforms are promoted by regionalism. Yet strong empirical evidence for this proposition is lacking. This paper examines both the theoretical arguments and empirical evidence on this issue, drawing on the relevant economic, political, and legal literature. The authors argue that, in general, the case for reciprocity in domestic reforms is weak. In the one case where a regional agreement appears to have promoted domestic reform—the European Union (EU)—the enforcement mechanisms used by the
European Court of Justice played a significant role. But those mechanisms are not unique. Instead, the authors argue that the EU’s success was because domestic constituents were empowered to take action against uncompetitive regulation. Thus, the EU promoted economic reform in sensitive, behind-the-border areas because it overcame the problem of loss of sovereignty by internalizing the political battle to domestic interests, and yet still provided a non-political frame of reference for the debate. Evaluating the Contributions of Regional Trade Agreements to Governance of Services Trade points out that, since the early 1990s, regional trade agreements (RTAs) covering trade in services have proliferated, with 95 RTAs on services notified to the World Trade Organization (WTO) under Article V of the General Agreement on Trade in Services (GATS), as of June 2011. This paper discusses how RTAs support or debilitate the GATS in its governance
function as the keeper of rules and liberalization commitments on services trade for WTO members. It addresses this question and its implications for governance by focusing on four different issues: architecture; compliance; ability to promote reforms; and actual impact of RTAs in fostering services trade. It recommends, among others, a more careful analysis of the economic effects of the RTAs and their provisions which at the first glance do not seem to be unfriendly to the GATS and have not impeded the growth of services trade on the part of the RTAs examined. However, this depends very much on the quality of the agreement concerned — the extent of its sectoral coverage and the depth of its disciplines. Many current RTAs may fail to meet the more stringent criteria for deep integration. When the commitments made under RTAs are subsequently applied on a most favored nation basis, this is the best possible outcome for combining the benefits of regionalism with the multilateral system.
ADBI Dean Kawai and ADB President Kuroda (center) join a panel of prominent economists at the ADBI Annual Conference on Reform of the International Monetary System held in Tokyo on 2 December 2011. 15
Year in Review 2011
Inclusive and Sustainable Growth
Twenty-five working papers were published under this theme in 2011, four of which are highlighted below. Bond Market Development in Asia: An Empirical Analysis of Major Determinants points out that one of the reasons behind the financial crisis in 1997–1998 was the excessive dependence of Asian economies on commercial banks for domestic financing. Banks were the major source of corporate financing because the other major source, bond markets, was underdeveloped and small. On the other hand, the 2008 global financial crisis led to constraints in acquiring local currency and foreign currency liquidity in the corporate sector, as foreign banks withdrew investments from Asia. Furthermore, Asia needs large quantities of capital ($750 billion per year for 2010–2020) to develop infrastructure connectivity within and across its economies. Local and regional capital can be channeled for long-term infrastructure projects and other productive investment through bond markets. At this juncture, to enhance bond financing, it is important to examine factors that promote effective development of bond markets. This study attempts to identity the major determinants of bond market development in Asian economies, through examining its relationship with selected key financial and economic factors, and to provide policy recommendations for further developing Asian bond markets. It found that major determinants for bond market development in Asia include the size of an economy, the stage of economic development, the openness of an economy, the size of the banking sector, and the interest rate spread. Evaluating Asian Swap Arrangements evaluates Asian swap arrangements and their association with the build-up of foreign reserves before the 2008–2009 global financial crisis. The evidence suggests that there is limited scope for swaps to substitute for reserves. Furthermore, the selectivity of the swap lines indicates that only countries with significant trade and financial linkages can expect access to such ad hoc arrangements, on a case by case basis. Moral hazard concerns suggest that the applicability of these arrangements will remain
limited. However, deepening swap agreements and regional reserve pooling arrangements may weaken the precautionary motive for reserve accumulation. Processing Trade, Exchange Rates, and the People’s Republic of China’s Bilateral Trade Balances analyzes the role of processing trade in the PRC’s bilateral trade balances and the impact of the yuan’s appreciation on processing trade. The analysis is based on panel data covering the PRC’s 51 trading partners from 1993 to 2008. The empirical analysis shows that: (i) processing trade accounts for 100% of the PRC's overall trade surplus and can explain most of its bilateral trade balances; (ii) the PRC’s processing trade shows a significant regional bias — its processing exports to East Asian economies are three times those to other regions while its processing imports from East Asian economies are eleven times those from other regions; (iii) the PRC is one of the major sources of its own processing imports, accounting for 16.8% of its total processing imports from all 51 trading partners; and (iv) the appreciation of the yuan would affect both processing imports and exports in the same direction—specifically, a 10% real appreciation of the yuan would reduce not only the PRC’s processing exports by 9.6% but also its processing imports by 3.9%. Therefore, a moderate appreciation of the yuan would have a very limited impact on the PRC’s trade balance. Trade in Services and Human Development: A First Look at the Links shows that some services directly produce outputs that are important for human development, such as basic human services. Many other services are important inputs into the production and distribution of goods that are necessary for human development purposes. A more efficient services sector should mean that such goods and services can be made available to poor people more cost effectively and more broadly. In line with this reasoning, the study finds in the data that less restrictive services trade policies are associated with better human development outcomes across a range of sectors. Appropriate services trade liberalization can therefore promote human development directly through improved outcomes, in addition to indirect effects through the income channel.
Governance for Policies and Institutions
The conference, Global Cooperation for Sustainable Growth and Development: Views from G-20 Countries, underscored the value of having a platform for facilitating policy discussions and interactions among policymakers, academics, and experts of the G-20 economies, including all the major Asian economies. One of the conference working papers is highlighted below. Implications of Global Financial Sector Regulatory Reforms on Emerging Economies analyzes the implications of Basel III on the modernization of the financial systems of emerging economies, particularly in East and Southeast Asia, and their movement toward a market-based system. The paper argues that Basel III fails to address the needs of emerging economies that increasingly occupy a prominent role in global finance. Basel III mainly focuses on regulating capital, liquidity, transparency and integrity of financial institutions in mature financial markets, including bond and capital markets as well as those for sophisticated derivatives and complex securitizations.
Brown Bag Lunch Seminars
The brown bag lunch seminars series provides a platform for presenting preliminary research ideas and findings in order to solicit comments from ADBI staff. In 2011, seven brown bag lunch seminars were held (see Appendix 3 for a list of brown bag lunch seminars).
Visiting Researcher Program
The ADBI Visiting Researcher Program is run competitively for researchers from ADB DMCs. In addition, ADBI engages a small number of outstanding scholars from all ADB member countries as visiting fellows to participate in ADBI’s research activities. A visiting researcher usually works on a topic of interest that falls under one of the three priority themes. ADBI recruits visiting researchers and fellows who can contribute to forthcoming or ongoing major research projects and it evaluates their research proposals accordingly to ensure that visiting researchers and fellows produce high-quality outputs that can form part of a larger ADBI research project. ADBI hosts 2–4 visiting researchers or fellows per year. Altogether, nine visiting researchers, scholars, and fellows came to the institute and worked on research projects in 2011.
Year in Review 2011
Distinguished Speaker Seminars
ADBI’s Distinguished Speaker Seminar Series brings eminent persons to ADBI to encourage debate among policymakers, researchers, academics, think tanks and other audiences interested in economic development challenges in Asia and the Pacific. In 2011, eleven prominent scholars delivered seminars on various subjects. Sources of Growth after the People’s Republic of China runs out of Demographic Dividend Cai Fang, director of the Institute of Population and Labor Economics and of the Human Resources Research Center at the Chinese Academy of Social Sciences, and vice chairman of the China Committee of I n t e r n a t i o n a l Hu m a n Dimensions Programme on Global Environmental Change, said that the People’s Republic of China (PRC) faces the problem of an aging population due to a declining fertility rate over the past 30 years. He pointed out that the working-age population will reach a plateau by 2015, and then decline. As a result, the PRC’s demographic dividend will run out. The demographic transition of the PRC has happened much sooner than in other countries at similar stages of development, a phenomenon he called “aging before affluence.” He recommended several policy strategies to sustain growth: • Establishing a sound policy climate for creative destruction; • Exploiting the advantage of backwardness in technology and innovation; • Strengthening labor market institutions, such as collective bargaining regime for wages; and • Relaxing family planning to balance the nation’s age structure.
India, People’s Republic of China and Japan: Giving shape to the New Asian Economy Suman K. Bery, a member of the Economic Advisory Council to the Prime Minister of India, spoke on the role of the PRC, India, and Japan in shaping the Asian economy. The post-WWII economic architecture o f t h e Ma r s h a l l P l a n , GATT, IMF, and the World Bank, was successful in promoting reconstruction. Economic development had a shared global objective, stimulated by the Cold War, and developing Asia was a major beneficiary of international global public goods. Over the last 40 years, Japan and the United States (US) have shaped Asia’s security and economic architecture. After the 1997–1998 Asian financial crisis, the ASEAN+3 framework was created to bring in the PRC and Republic of Korea. Since then, the world economy has changed, with Asia increasingly becoming the center of economic activity. For ASEAN, the PRC, and India to further pursue economic development, they must understand the art of shaping the agenda and defining a discourse that will suit their interests. Price Stability and Financial Stability in the UK and Europe Sir John Gieve, senior advisor at the Man Group, UK, and a former deputy governor of the Bank of England, compared the preglobal crisis and the post-global crisis policy f r a m e w o r k s . T h e p re crisis policy framework
was characterized by policy segmentation with loose coordination among the authorities: the central bank was solely responsible for monetary policy whose aim is to maintain macroeconomic stabilization; the treasury department focused on traditional fiscal policy to promote equity and raise productivity through fiscal measures; and the financial service authority regulated the financial services sector to achieve a fair and resilient financial system. The post-crisis policy framework, on the other hand, recognizes the interdependence of and overlapping objectives of the authorities and therefore puts emphasis on stronger formal cooperation among them. D a m p i n g t h e c yc l e b y v a r y i n g c a p i t a l a n d liquidity requirements, provisioning against procyclicality, setting asset control limits, among others, is within the scope of macroprudential policy. Sir John stressed that the objective of macroprudential policy is to protect the banks against the economy and to protect the economy against the banks. A tradeoff with economic growth must be recognized and managed properly. Stricter regulation of the financial sector would restrict credit growth and banking competition, which in turn could limit financial and economic growth. The Yen’s Fetters: A Comparative Study of the Macroeconomic Performance of Japan in Asia Koichi Hamada, Tuntex professor of economics at Yale University and professor emeritus at the University of Tokyo, argued that Japan did not suffer much directly from the Lehman shock that started in the United States and then spread to Europe. Central banks in these countries expanded the money supply or their balance sheets while the Bank of Japan did
not. Japan accordingly suffered from a drastic appreciation of real as well nominal yen exchange rates. Japan’s international investment position declined more sharply than the countries near the epicenter of the Lehman shock. Professor Hamada compared Japan’s policy reactions and economic downturn with other Asian countries. Japan appeared as an outlier, which he regarded as the consequence of inappropriate monetary a n d e xc h a n g e p o l i c i e s . He h i g h l i g h t e d t h e macroeconomic performance of the People’s Republic of China because it is threatened by inflation rather than by deflation. Global Cooperation for Global Challenges Jong-Wha Lee, a professor in the economics department of Korea University, and a former chief economist of ADB and former h e a d o f A D B ’s Of f i c e of Regional Economic In t e g r a t i o n , s p o k e o n global cooperation to cope with global challenges, using his insights as senior advisor for International Economy to the President of the Republic of Korea and G-20 Sherpa. He cited the following reasons for global cooperation: preventing and managing global crises, reducing systemic instability in global financial markets, reducing macroeconomic and external imbalances, maintaining open trade and investment regimes, reducing development gaps, and building a better global governance system. In this regard, the G-20, which was effective in averting a global recession in 2008, must lead in restoring confidence and building strong, sustainable, and balanced global growth and prosperity. The G-20 Summit in Seoul was the first summit in Asia and in a non-G-7 country. It provided a platform that raised Asia’s voice in the global arena.
Year in Review 2011
ASEAN Economic Integration Issues and Challenges Surin Pitsuwan, Secretary-General of ASEAN and a member o f t h e Pa r l i a m e n t o f Thailand, argued that, while the foundation of the European Union was initiated by three major European economies— France, Germany, and Italy—ASEAN was founded when five small and medium-sized Southeast Asian countries joined together as a group to participate in the global economy. ASEAN is seeking to establish an ASEAN Economic Community (AEC) by 2015. The implementation of the AEC is an important strategy to strengthen ASEAN economies, individually and as a group. Yet, some doubt that the AEC will be achieved by 2015. While the abatement of tariff barriers may be an achievable target, the introduction of a common regulatory structure to govern the single market and production base may require more time because various pressure groups and national interests may clash over the harmonization of rules or the definition of new ASEAN standards. Issues such as investment liberalization and service trade, as well as the elimination of non-tariff barriers and the introduction of a dispute-settlement mechanism, may take longer than the few remaining years before the 2015 deadline. Development with a Human Face Emil Salim, a member of the Advisory Council to the President of Indonesia, and a former minister of state for population and the environment, said that Asia has been growing faster than other regions of the world. But it faces several challenges, such
as imbalances in economic development among Asian countries, imbalances in development between rural and urban areas within a country, imbalances between GDP-centered development and the environment, and imbalances between the financial and real sectors. As a result, Asia’s development can be considered as one with a business face. To sustain growth in the long-term, Salim argued that Asia must pursue an alternative path—development with a human face—which is free from the imbalances mentioned above. Asia can address these discrepancies by correcting market failures, actively involving governments to correct disparities, emphasizing the connectivity between economic and social development, and giving substance to sustainable development. Internationalization of the Renminbi Yu Yongding, professor at the Chinese Academy of Social Sciences, president of the China Society of Wo r l d E c o n o m y, a n d editor in chief of China a n d Wo r l d E c o n o m y, spoke on the issues and policy challenges related to the renminbi’s internationalization. Because many economists foresee that the renminbi will become one of three global settlement currencies alongside the dollar and euro, its internationalization will be a crucial issue. Yu argued that, while internationalization of the renminbi is necessary (and inevitable), the process should be guided by market principles and pursued cautiously. The proper sequence of policy adjustment is essential. In any case, the renminbi’s path to becoming an international currency promises to be a rough one. He pointed out that the most important success of the renminbi’s internationalization is the dramatic increase in the renminbi deposits in Hong Kong, China, which in his analysis is based not on fundamentals but on expectation of significant renminbi appreciation in the near-term.
He emphasized that the PRC cannot avoid exchange rate adjustments, either nominal or real, and should commit to the reform of domestic financial markets, including interest rate liberalization. Europe Sovereign Debt Crisis. Lessons and Application to Asian Countries Stefan C. Collignon, Professor of Political Economy at Sant’Anna School of Advanced Studies, Pisa, Italy; Eric Girardin, Professor of Economics, Université de la Méditerranée Aix-Marseille, France; and Charles Wyplosz, Professor of International Economics at the Graduate Institute, Geneva, Switzerland, shared their views on the eurozone’s future and the EU’s response to the debt crisis. Professor Collignon said Europe must deepen its political integration, including introducing eurobonds and more stringent policy coordination
mechanisms, or otherwise it would disappear as a global player and sink into irrelevance. Whether it did that or not would be a matter of political will. Professor Girardin said the Greeks had borrowed too much, but the incentive was there for the banks to lend too much, and the European Central Bank refinancing arrangements were wrong, and the ratings agencies were overly optimistic. He argued that the tremendous economic benefits the eurozone had brought to Europe should not be forgotten, despite the eurozone’s current problems. Professor Wyplosz said the €110 billion bailout of Greece in May 2010 was the “mother of all mistakes” because it violated the no-bailout clause of the European treaty. Imposing a tough austerity program on a country in the middle of a recession to improve its budget cannot work.
Eric Girardin, Charles Wyplosz, Stefan Collignon, and ADBI Dean Masahiro Kawai
Capacity Building and Training
DBI’s capacity building and training (CBT) programs seek to promote effective development planning and management in ADB developing member countries. CBT objectives include enhancing government officials’ awareness and understanding of key development policy issues, introducing appropriate policy proposals or measures to address these issues, sharing good practices and country experiences in implementing these policies and measures, and providing a venue for dialogue and communication among government officials. CBT programs have three main formats: policy dialogue, course-based training, and e-learning. Policy dialogues examine the implications and potential impacts of contemporary policy issues on Asian developing economies and seek to expand
understanding of possible responses among policymakers and other important stakeholders. Course-based training provides systematic practical knowledge and skills aimed to improve the capacity of policymakers in policy selection, design, execution, and assessment. E-learning uses the internet as a learning tool to maximize the participation of government officials and practitioners in capacity development initiatives. In 2011, more than 2,100 participants attended 29 CBT courses and workshops conducted under ADBI’s three priority themes: inclusive and sustainable growth, regional cooperation and integration, and governance for policies and institutions. Special attention was paid to discussions of Asia’s response to global climate change and climate adaptation. Selected events are briefly described below.
Capacity Building and Training
Inclusive and Sustainable Growth
Eighteen activities were conducted under the theme of inclusive and sustainable growth. They addressed capacity building needs related to labor migration in Asia and the Pacific, managing climate change issues and promoting sustainable economic development, financial inclusion, intelligent transport systems, river basin management, trade policy, microfinance, skills development, sanitation, and foreign investment flows. As a labor exporting region, developing Asia is sensitive to changes in the global economic landscape, and many migrants have been hit hard by the global economic crisis. More than 60 policymakers and international experts concerned with migration policy from developing Asia, Organisation for Economic Cooperation and Development (OECD) countries, the International Organization for Migration, and the International Labor Organization joined a roundtable on Labor Migration in Asia: Recent Trends and Prospects in the Post-crisis Context organized by ADBI and the OECD. The roundtable reviewed recent trends in labor migration and examined approaches to migration policy issues including how to optimize the benefits of remittances for economic and social development, implications for Asian economies of growing migration of highly skilled workers and the globalization of higher education, and international mobility of health workers. The policy dialogue, Working Together for a Green Asia, gathered senior officials and technical experts from Asian emerging economies to discuss current actions and knowledge gaps related to managing climate change and accelerating green growth. The discussions provided inputs to the ongoing ADBI and ADB flagship study Climate Change and Green Asia, which will examine how Asian emerging economies can cope with changing demands for low-carbon development and what pro-active policies would strengthen green growth practices in developing Asia (see p. 27). Measuring Asia’s Progress Towards Accelerating Green Growth, a workshop organized with ADB and
Harsha Vardhana Singh, Deputy Director General, WTO, addresses the challenges facing global trade at the workshop, New Issues in Trade Policy: Challenges and Responses from Asia.
the Energy Research Institute, examined a broad range of sectoral-level actions in energy supply, transport, agriculture, and waste management, and the supportive policy environment required to improve carbon efficiency. The meeting also highlighted the need for more win–win solutions in technology transfer and financing for new climate initiatives. Mo re t h a n 6 0 p a r t i c i p a n t s a s s e m b l e d f o r a n international seminar on Financial Inclusion for Central Asia, the Caucasus and South Asia. ADBI organized the event with the Asia-Pacific Finance and Development Center, and the Asia-Pacific Economic Cooperation (APEC) Business Advisory Council. The seminar facilitated a policy dialogue among government officials, microfinance practitioners, researchers, and representatives of relevant business and civil sectors on the challenges of improving financial inclusion in these regions. It reviewed the state of financial inclusion in developing Asia, rural finance in the People’s Republic of China (PRC), key regulatory
Year in Review 2011
issues in promoting financial inclusion, the evolution of microfinance institutions toward self-sustainability through innovation and service diversification, and Islamic microfinance. The Asia-Pacific Financial Inclusion Forum brought together more than 100 participants. It created a venue for policy dialogue on expanding new channels to serve the financial needs of the unbanked, and how Asia and the Pacific can harness regional public– private cooperation to promote the sustainability and expansion of these new channels. It also provided a platform for capacity building to help policymakers and regulators in the region address two key issues for expanding credit to micro, small, and medium-sized enterprises: credit information and legal frameworks for secured lending. ADBI partnered with the Ministry of Transport,
PRC; Intelligent Transport Systems (ITS), Japan; and National ITS Center, PRC, on a Regional Workshop on Intelligent Transportation Systems (ITS). The workshop gathered more than 60 representatives from government, the private sector, and academia, from Asia, the Americas, Europe, and Oceania to focus on the role and use of ITS in establishing effective traffic management and human safety in cities. More than 70 Network of Asian River Basin Organizations (NARBO) officials attended the 1st NARBO Integrated Water Resources Management (IWRM) Executive Retreat on Leadership in River Basins, jointly organized with the Regional and Sustainable Development Department of ADB, Perum Jasa Tirta I Public Cooperation (PJT1), and Japan Water Agency (JWA). The retreat was followed by an International Seminar on Corporate River Basin Organizations in Asia. The retreat aimed
Addressing the needs of people living in poverty in the Asia-Pacific region through improved access to finance was discussed by participants at the Asia-Pacific Financial Inclusion Forum: Expanding Financial Access through Regional Public-Private Cooperation. 24
Capacity Building and Training
to share experience among IWRM executives and explore the keys for successful river basin management. The seminar explored the benefits of corporate-type river basin organizations (RBOs) and the necessary conditions for such RBOs to function. Two billion people lack access to improved sanitation in Asia and the Pacific. To help diminish regional water disparities, contribute to sustainable water management, and support developing countries to attain the Millennium Development Goal target on sanitation, ADBI, Japan Sanitation Consortium, and Japan Sewage Works Agency held a Regional Workshop on Sanitation (Wastewater and Sludge Management) in the Asia-Pacific. The workshop focused on policies for wastewater and sludge management (including regulatory and institutional structure and financing), and explored best practices for wastewater and sludge recycling and reuse.
of the Task Team on South–South Cooperation, ADBI contributed to a series of workshops to support the task team’s efforts to identify good practices in South– South and triangular cooperation and to develop policy recommendations for scaling up these forms of cooperation as inputs to the 4th High-Level Forum on Aid Effectiveness. Policymakers, practitioners, and experts discussed the potential and challenges of triangular cooperation as a form of horizontal partnership at the workshop Triangular Cooperation: Towards Horizontal Partnerships, But How? In a follow-on seminar, Asian academics preparing case studies on SouthSouth cooperation initiatives reviewed early findings and finalized their shared approach to the case studies. Asian case writers later gathered with colleagues from other regions at the South–South Knowledge Exchange: Global Workshop—Towards Good Practices for Busan to discuss findings and begin to identify good practices in South-South cooperation based on experience. The workshop issued the “Bangkok Call,” confirming the participants’ pledge to promote South–South knowledge exchange and encourage Southern academics from around the world to join the task team’s efforts. The workshop, Learning from South–South and Triangular Cooperation: Sharing Knowledge for Development, finalized the task team’s report to the 4th High-Level Forum, which endorsed the report and started a new Building Block on South-South and Triangular Cooperation. More than 50 mid-level and senior trade officials from 29 countries across Asia and the Pacific attended the workshop New Issues in Trade Policy: Challenges and Responses from Asia delivered with ADB’s Office of Regional Economic Integration. The workshop was the first capacity development activity of the new Asian International Economists Network, developed by ADB and ADBI to initiate research, capacity development, and focused interaction on trade policy issues among trade officials, experts, and academia. The workshop presented participants with a critical overview of key trade policy issues facing the region, and an opportunity to examine their implications with peers and experts from across the region. Topics examined
Regional Cooperation and Integration
As a follow-up to the 2010 ADBI-OECD roundtable on Asia’s Policy Framework for Investment: Investing in a Stronger, Cleaner, Fairer Asian Economy, ADBI, OECD, and the Australian APEC Study Centre jointly organized two events concerned with improving the investment environment in Asia and the Pacific: (i) a regional symposium, Policies and Environment Conducive to Investment; and (ii) a roundtable, International Investment Policies in Asia-Pacific. The events focused on minimizing investor risk in an uncertain global economic climate, investment policies and recovery from the global financial crisis, implications of the G-20 Seoul Development Consensus for Shared Growth, and investment in the mining and mineral sectors. They brought together more than 90 policymakers from investment promotion and economic planning agencies. Key findings from the events were incorporated in the Capacity Building Workshop to Enhance Domestic and Foreign Investment Flows in the Asia-Pacific Region. In its role as the Regional Platform for the Asia-Pacific
Year in Review 2011
included the dynamics of trade and production networks; recent developments in the Doha Round and at the World Trade Organization; and new issues in trade policy (government procurement, intellectual property rights, labor, and the environment), with a focus on implications for Asia and the Pacific; and approaches to a region-wide free-trade agreement in Asia.
modeling techniques as a means of strengthening risk management; and continuing financial system development including ongoing Basel implementation. Competition law and policy are components of a sound national economic management package. They promote competition and can help attract investment. The 6th East Asia Conference on Competition Law and Policy and the 7th East Asia Top Officials’ Meeting on Competition Policy were organized with the Competition Commission of Singapore and the Japan Fair Trade Commission to promote sharing of views and experiences on issues related to competition policy and advocacy, and to enhance coordination among technical assistance providers and recipients to improve effectiveness. While capacity development needs vary among ASEAN countries, three areas were highlighted for attention: (i) how to formulate laws, including interaction with relevant stakeholders; (ii) approaches to institutional strengthening, including organizational structure of a competition authority, staff recruitment and development, and operational procedures; and (iii) issues related to implementation of legislation and related policies at the national level.
Governance for Policies and Institutions
A regional workshop on Implementing Macro Prudential Supervision and Regulatory Change Leading to Greater Financial Stability in the Region gathered 25 mid-level and senior officials from central banks and regulatory agencies from Asia and the Pacific to improve their understanding of the broad range of financial sector reforms implemented and proposed in the wake of the global financial crisis and their impact on national, regional, and global finance. The workshop, delivered with the Australian AsiaPacific Economic Cooperation Study Centre, focused on approaches to defining and implementing macroprudential supervision frameworks, surveillance, and crisis monitoring or management; stress testing and
Capacity Building and Training
Is Asia Doing Enough to Limit Global Warming?
ADBI Dean Masahiro Kawai (right) opens the workshop for the ADBI and ADB flagship study on Climate Change and Green Asia, held in Beijing on 13–14 June, with ADB Vice President Bindu N. Lohani (far left), and Director of the Earth Institute at Columbia University, Professor Jeffrey Sachs (center).
Asia’s emerging economies are not responsible for most of the world’s greenhouse gas emissions. But their rising output accounts for the largest share of the projected global increase. Governments in the region have reached a consensus on the need for deep cuts in emissions over the coming decades and are working toward an international agreement to achieve this objective. As part of the ADBI and ADB flagship study Climate Change and Green Asia, a technical workshop was held in Beijing on 13–14 June to assess Asia’s progress in tackling climate change and promoting green growth. Leading think tank experts and policymakers from the region considered a number of background reports detailing a range of development challenges facing emerging Asia, and examples of dynamic, pro-active lowcarbon green approaches that will pay dividends. Setting national or sector-level targets, expressed as levels per unit of economic output, is one way of encouraging emerging economies to reduce emissions without undermining growth, which was the key message of Professor Jeffrey Sachs, Director of the Earth Institute at Columbia University, who made a special presentation on the subject. He recommended that a technology road map be developed for each country and sector to augment the effectiveness of public and private funding aimed at cutting emissions.
DBI continued to augment its outreach efforts to reach its target audiences of academics, policymakers, think tanks, and the private sector. Its efforts to raise its international profile were recognized i n t h e Gl o b a l Go To T h i n k Ta n k s Report 2011, published annually by the University of Pennsylvania, which rated ADBI the 10th best governmentaffiliated think tank. The institute made use of the media in Japan and globally to highlight ADBI’s role and activities (See box on p. 29). Participating in external events is another effective way to promote ADBI’s work in the region and internationally. By the end of the year, the Dean had spoken by invitation at 31 external events, and ADBI staff had been invited
to speak at many other conferences and seminars. For example, 10 ADBI experts (from the Research, CBT, and Administration, Management and Coordination Departments) delivered lectures in a course titled Asian Economic Development and Integration at the National Graduate Institute for Policy Studies (April–July 2011), and at the Graduate School of Public Policy, University of Tokyo (October 2011–January 2012).
ADBI’s website is the key dissemination tool for ADBI’s knowledge products and underpins ADBI’s communication strategy. Website traffic continues to grow as the website is regularly updated with new research publications, event announcements, and CBT workshop
Media Coverage of ADBI
During 2011, ADBI activities were extensively reported in the global media, including the Financial Times, The Wall Street Journal, The New York Times, Time, The Washington Post, and Foreign Policy. Taking advantage of its location in central Tokyo, ADBI ensured that its work was covered in the Japanese media, including Asahi Shimbun, The Japan Times, The Nikkei, and Nikkei Business Online. As ADBI’s chief spokesperson, the Dean gave interviews to many international media including Animo Television (Ireland); BusinessWorld (the Philippines); Channel News Asia (Singapore); China Business News and Shanghai Daily (PRC); De Tijd (Belgium); India Times (India); Japan Spotlight, The Nikkei, Nikkei Business Online, Weekly Economist (Japan); Reuters; and The Washington Post (US), on topics such as economic integration, the global financial crisis, and international capital flows. The 2010 paper How the iPhone Widens the United States Trade Deficit with the People’s Republic of China by Yuqing Xing and Neal Detert was covered in more than 30 newspapers, websites, and other media in 2011, including the Financial Times, Reuters, TIME, The China Post, The New York Times, The Washington Post, and ZDF TV of Germany. The ADBI and ADB Book Asia’s Free Trade Agreements: How is Business Responding? (Edward Elgar, 2011) edited by Dean Masahiro Kawai and Ganeshan Wignaraja as well as associated working papers and journal articles on Asia’s free trade agreements by the same authors received wide coverage in international broadcast, print and web media. TV interviews were conducted by BBC News, Bloomberg TV, CNBC, Al Jazeera and NHK World. The research was also covered in major international print media including The Economist, The Wall Street Journal, The New York Times, Time, USA Today, The Japan Times, China Daily, and Business Times. The World Trade Organization’s flagship World Trade Report devoted most of a chapter to the results of the firm surveys of the business impact of free trade agreements. The Jakarta Post and The Nation (Thailand) picked up ADBI research assistant Fithra Faisal Hastiadi’s article on the seminar, Europe Sovereign Debt Crisis. Lessons and Application to Asian Countries that was held in Tokyo on 1 December 2011. Senior Research Fellow Willem Thorbecke’s What Rebalancing? article on trade imbalances between China and the West was picked up by Project Syndicate, Gazeta (Poland) The New Times, and The Jordan Times, among others.
papers and presentations. Authors are informed when their papers and books are posted online and encouraged to share this information with their colleagues and networks. As of the end of 2011, web hits averaged 2.95 million per month, an increase of 20% over the average in 2010.
Other Electronic Media
In 2011, ADBI significantly increased its presence on various social media sites, attracting significant audiences to the ADBI accounts at Twitter, Facebook, and YouTube. Presentations at distinguished speaker
Year in Review 2011
ADBI Engagement with Social Media and Research Databases in 2011
Twitter Start date: 16 February 2010 URL: twitter.com/ADBInstitute Number of followers as of 31 December 2011: 982 RePEc Start date: 20 February 2010 URL: http://edirc.repec.org/data/adbinjp.html Number of working paper downloads in 2011: 3,358 SSRN Start date: 24 March 2010 URL:http://papers.ssrn.com/sol3/JELJOUR_Results.cfm?form_name=journalbrowse&journal_id=1559935 Number of downloads in 2011: 5,545 Scribd Start date: 14 May 2010 URL: www.scribd.com/ADBInstitute Number of reads in 2011: 32,894 Facebook Start date: 1 October 2010 Facebook likes in 2011: 744 URL: www.facebook.com/pages/Asian-Development-Bank-Institute/122064391180645 RePEc = Research Papers in Economics, SSRN = Social Science Research Network.
seminars are videotaped and posted on the ADBI YouTube channel. It is important that ADBI materials are available to electronic networks of analysts and scholars. ADBI has accounts at Research Papers in Economics (RePEc), the Social Science Research Network (SSRN), and Scribd. Newly published materials are automatically deposited in these databases, thereby raising the profile of ADBI’s work in communities of economists and other researchers and providing an incentive to work with ADBI. The table above lists ADBI’s initiatives in social media and research databases during 2011. ADBI’s daily e-newsletter of development news (e-newsline) reached 4,580 subscribers as of the end of 2011, an increase of about 13% in 12 months. The ADBI e-notification service regularly provides subscribers with electronic updates on new ADBI materials and opportunities. By the end of 2011, the service had 10,015 subscribers, an increase of about 50% in 12 months.
During 2011, ADBI laid the groundwork for a new blog, Asia Pathways, which was launched at the start of 2012. This new vehicle will offer ADBI staff and ADBI’s extensive family of contacts an opportunity to put fresh ideas into the public realm quickly and easily. For the many visitors to ADBI’s online materials, Asia Pathways will offer original thinking, presented in a readable and attractive way. It will support ADBI to achieve its vision of becoming the leading economic think tank in Asia.
A landmark was passed when ADBI published its 300th working paper (new series) in July 2011. ADBI published 80 working papers in 2011 under its working paper series, maintaining the momentum established the previous year. PDF files of ADBI working papers are available for free on the ADBI website, adding to the value of the series for researchers on economic development in Asia and the Pacific. The papers are also disseminated via networks including
E-notification Subscribers, 2011
10,500 10,000 9,500 9,000 8,500 8,000 7,500 7,000 6,500 6,000 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
6,739 6,812 7,103 7,794 7,478 8,340 8,065 8,587 8,812 9,075 9,590 10,015
E-newsline Subscribers, 2011
4,700 4,600 4,500 4,400 4,300 4,200 4,100 4,000 3,900 3,800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
4,096 4,117 4,152 4,187 4,223 4,297 4,341 4,385 4,446 4,493 4,539 4,580
Number of Downloads, 2011
140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 31
118,918 106,809 103,803 114,359 104,330 99,135 103,097 94,705 105,895 110,843 113,497 93,269
Year in Review 2011
RePEc and the SSRN databases, and within ADB using ADB Today and ADB’s websites and journals. ADBI published five books in 2011: Asia’s Free Trade Agreements: How is Business Responding? ( c o p u b l i s h e d w i t h E d w a rd El g a r ) , A s i a a n d Policymaking for the Global Economy (copublished with Brookings Institution Press), Financial Market Regulation and Reforms in Emerging Markets (copublished with Brookings Institution Press), The Global Financial Crisis, Future of the Dollar, and the Choice for Asia (copublished with NEAR Press), Asian Perspectives on Financial Sector Reforms and Regulation (copublished with Brookings Institution Press). The titles copublished with Brookings Institution represent a significant strengthening of ties between the two institutes (see box on p. 33). ADBI held seven book dissemination events in 2011 for Managing Capital Flows: The Search for a Framework (in Hong Kong, China, and at two events at the World Bank and Inter-American Development Bank in Washington, DC); The Asian Tsunami: Aid and Reconstruction After a Disaster (in Jakarta and Singapore); and Asia and Policymaking for the Global Economy and Financial Market Regulation and Reforms in Emerging Markets (in Washington, DC). The dissemination event for Managing Capital Flows: The Search for a Framework was featured in news reports published by RTHK English News (Hong Kong, China), The FINANCIAL (Georgia), and Channel News Asia (Singapore). ADBI continues to seek out the most appropriate publishing partners for its books based on a number of criteria, including the copublisher’s marketing strength and pricing policy. In 2011, ADBI News continued to cover ADBI events and placed a greater focus on longer, more analytical and interpretive pieces. ADBI News was disseminated
at events held in ADBI’s Tokyo office and available from the website. Seven ADBI working papers were published or accepted for publication in journals. A further 12 papers by ADBI staff were published or accepted in international journals. For calendar year 2011, the average number of downloads from ADBI’s website was more than 105,722 per month, showing that the institute’s publications continue to reach a large audience. Over 1.27 million documents were downloaded in 2011.
Conferences, Seminars, and Workshops
ADBI’s research products were disseminated at numerous conferences, seminars, and workshops during 2011, many of which were organized with other institutions. These events provided a platform for debate on emerging development issues in the region, and were aimed at soliciting comments on the preliminary drafts of ADBI’s research outputs as part of ADBI’s research quality-control and dissemination.
Coordination with ADB Knowledge Departments
A D B ’s f o u r k n ow l e d g e d e p a r t m e n t s — A D B I , Economics and Research Department (ERD), OREI, and RSDD—have closely coordinated their work programs to improve synergy in their knowledge creation efforts. Examples of ADBI’s close collaboration with these departments include the following major projects: Climate Change and Green Asia; the Role of Key Emerging Economies for a Balanced, Sustainable, and Resilient Asia; ASEAN 2030 ; and Pacific 2030. ADBI has also strengthened its links with the Department of External Relations at ADB headquarters on such matters as publishing strategy, translations, and marketing and distribution.
ADBI and Brookings Institution bolster links
ADBI and the Washington-based Brookings Institution copublished three books in 2011. Director of Research Mario Lamberte commented: “The strengthening of ADBI’s ties with Brookings in 2011 helps us to get our message out to a wider international audience and validates ADBI’s increasing international standing as a major think tank.” ADBI and the Brookings Institution have initiated a study project that aims to generate policy-oriented research as well as provide a comprehensive forum to identify effective regulatory and policy frameworks that will promote financial system development and stability. The project began at a conference in Washington DC in October 2009, and was followed by conferences in February 2010 in Mumbai, in May 2010 in Beijing, and in August 2010 in Kuala Lumpur. The latest conference was held on 30 September 2011 in Tokyo. ADBI and Brookings Institution plan to copublish two more titles in 2012: New Paradigms for Financial Regulation and Macro Policies: Emerging Market Perspectives and Financial Regionalism and the International Monetry System. Financial Market Regulation and Reforms in Emerging Markets, Masahiro Kawai and Eswar Prasad, eds. The rapid spread and far-reaching impact of the global financial crisis have highlighted the need to strengthen financial systems in emerging markets. These markets face challenges in developing their nascent financial systems and making them resilient to domestic and external shocks. Financial reforms are critical to these economies as they pursue programs of high and sustainable growth. This is the first in a series of three books on emerging markets coopublished by ADBI and Brookings Institution Press. Asian Perspectives on Financial Sector Reforms and Regulation, Masahiro Kawai and Eswar Prasad, eds. The second in the series, this book analyzes the major domestic macroeconomic and financial policy issues that could limit the growth potential of Asian emerging markets, such as rising inflation and surging capital inflows, with the accompanying risks of asset and credit market bubbles and of rapid currency appreciation.
Asia and Policymaking for the Global Economy, Kemal Dervis, Masahiro Kawai and Domenico Lombardi, eds. Economists examine the increased influence of Asian nations in the governance of global economic affairs, from the changing role of the G-20 to the reform of relevant multilateral organizations such as the IMF. The contributors analyze financial stability in emerging Asia and assess the implications of Asia’s increasing role within the newly emerging global economic governance.
Appendix 1: Organization Chart
Advisory Council Ms. Cinnamon Dornsife Mr. Masahisa Fujita Mr. Eric Girardin Mr. Stephen Howes Mr. Sanjiv Misra Mr. Li Yong Mr. Changyong Rhee
Dean and CEO Mr. Masahiro Kawai
Deputy Dean for special Activities Mr. Jae-Ha Park
Lead Professional and Adviser to Dean Mr. Biswa Nath Bhattacharyay
Director for Research Mr. Mario B. Lamberte
Director for Capacity Building and Training Mr. Yuqing Xing
Director for Administration, Management & Coordination Mr. Takashi Kihara
Principal Economist and Senior Research Fellow Mr. Giovanni Capannelli
Senior Capacity Building Specialist Mr. David Kruger
Legal Adviser & Senior Administrative O cer Mr. Grant B. Stillman Senior Communications Specialist
Senior Consultant for Research Mr. Peter Morgan
Senior Research Fellow Mr. Minquan Liu
Capacity Building Specialist
Mr. Anbumozhi Venkatachalam
Mr. Alastair Dingwall
Visiting Fellows/ Researchers Mr. Masahiko Aoki (Japan) Mr. Shinichi Fukuda (Japan)
Senior Research Fellow (Vacant)
Capacity Building Specialist (Vacant)
Administrative O cer Mr. Toshimasa Mae
Research Fellow Ms. Gloria Pasadilla
Mr. Tomokata Higuchi (Placement by JWA)
Assistant to Dean Ms. Miwako Tanaka Accountant Ms. Ai Miyamoto
Program Coordinator Ms. Kayo Tsuchiya
Mr. Atsushi Masuda (Placement by JBIC)
Program Coordinator Ms. Yasue Nagai
Administrative Coordinator Ms. Tomoko Doi (as of 31 December 2011)
Appendix 2: Deans and Advisory Council Members
Table A2.1: Deans, 1997 to Present
Masahiro Kawai Peter McCawley Masaru Yoshitomi Jesus P. Estanislao
January 2007 to Present January 2003–January 2007 January 1999–January 2003 December 1997–January 1999
Japan Australia Japan Philippines
Table A2.2: Advisory Council Members, 1998 to Present
Regional Borrowing Member Countries
2010–2012 Li Yong (PRC) Sanjiv Misra (India) 2008–2010 Gang Fan (PRC) K. M. Chandrasekhar (India) 2006–2008 Li Yong (PRC) Ajit K. Jain (India) 2004–2006 Li Yong (PRC) Corattiyil Ramachandran (India) 2002–2004 Zhang Xiaoqiang (PRC) N. C. Saxena (India) 2000–2002 Zhang Xiaoqiang (PRC) Y. Venugopal Reddy (India) 1998–2000 Justin Yifu Lin (PRC) Chandi Chanmugam (Sri Lanka)
Regional Non-Borrowing Member Countries
Masahisa Fujita (Japan) Stephen Howes (Australia) Masahiko Aoki (Japan) Andrew MacIntyre (Australia) Masahiko Aoki (Japan) Andrew Maclntyre (Australia) Masahiko Aoki (Japan) Kanit Sangsupan (Thailand) Yujiro Hayami (Japan) Ronald Charles Duncan (Australia) Yujiro Hayami (Japan) Ronald Charles Duncan (Australia) Yonosuke Hara (Japan) Helen Hughes (Australia)
Non-Regional Non-Borrowing Member Countries
Cinnamon Dornsife (US) Eric Girardin (France) Victor H. Frank, Jr. (US) Eric Girardin (France) Victor H. Frank, Jr. (US) Eric Girardin (France) William P. Fuller (US) Eric Girardin (France) William P. Fuller (US) Magnus Blomström (Sweden) William P. Fuller (US) Magnus Blomström (Sweden) Jeffrey R. Shafer (US) Fabrizio Onida (Italy)
Changyong Rhee Chief Economist (joined in February 2011)
Jong-Wha Lee Chief Economist
Ifzal Ali Chief Economist
Ifzal Ali Chief Economist
Ifzal Ali Chief Economist
Arvind Panagariya Chief Economist
Jungsoo Lee Chief Economist
Appendix 3: Research Events
Major Conferences Asia Europe Economic Forum Conference (with Bruegel, Centre d’Etudes Prospectives et d’Informations Internationales, Chinese Academy of Social Sciences, Keio University, Kiel University, and Korea University) Economic Development with a Human Face (with Office of Regional Economic Integration and Emil Salim) Economic Growth in Asia and the Role of the Financial Sector (with Financial Services Agency and Keio University) ADB-ADBI Joint Seminar on Asian Development Outlook 2011 (with Economics and Research Department and ADB Japan Representative Office (JRO). Capacity Building in Services and Investments Negotiations (with United Nations Economic and Social Commission for Asia and the Pacific/Asia-Pacific Research and Training Network on Trade) Moving Toward a Sustainable Future (with Columbia University) ADBI- PECC Conference: Trade Services: New Approaches for the 21st Century Global Growth and Economic Governance: Implications for Asia (with George Mason University) 2011 National Bureau of Economic Research Japan Project Meeting (with Inter-American Development Bank) International Monetary and Financial System: Asian Perspective (with International Economic Association) Growth and Integration in Asia: Monetary, Financial and Trade Issues and Challenges The First Asia KLEMS Conference on Productivity Growth in Asia (with Hitotsubashi University and Research Institute of Economy, Trade and Industry) Conference on Global Cooperation for Sustainable Growth and Development: Views from G20 Countries—Delhi The Impact of the Crisis on Regional Integration in Asia and Europe (with Asia-Europe Foundation) ADBI- PECC Value Chain in Services presentation at Senior Officials Meeting of Asia-Pacific Economic Cooperation (APEC) ADBI-PECC Value Chain in Services presentation at PECC Annual Meeting New Paradigms for Financial Regulation and Macro Policies: Emerging Market Perspectives High-Level Policy Dialogue on Gearing Up for a Higher Quality of Life in Asia Conference on New Thinking on Social Security in Asia Economic Opportunities from the Ageing Society: Policies and Challenges ADBI Annual Conference on Reform of the International Monetary System
8–10 May 2–3 Jun 8 Jun 24–25 Jun
New York Hong Kong, China Washington, DC Tokyo
5 Jul 8–9 Jul 27 Jul
Beijing Adelaide Tokyo
21 Sep 29 Sep 30 Sep 5 Oct 17 Nov 18 Nov 2 Dec
San Francisco Washington, DC Tokyo Manila Tokyo Tokyo Tokyo
Appendix 3: Research Events
Asia Europe Economic Forum Conference Impact of Eurozone Debt Crisis on East Asian Countries (with Keio University)
Project Workshops and Seminars 28 Feb to 1 Mar 9 Mar 21 Apr 28 Apr 29 Apr Climate Change and Green Asia: Technical Workshop 1 Pacific Island economies project brainstorming meeting Policy Dialogue on Working Together for a Green Asia ASEAN and Brunei in 2030: Country Consultation ASEAN and Lao PDR in 2030: Country Consultation (With National Economic Research Institute and Lao PDR Resident Mission) ASEAN and Viet Nam in 2030: Country Consultation (with the Central Institute for Economic Management) Asian 2030 Mid-term Review Workshop: Country Perspectives (with Thailand Development Research Institute) ASEAN and Thailand in 2030: Country Consultation (with Thailand Development Research Institute) ASEAN and Myanmar in 2030: Country Consultation (with Myanmar Institute of Strategic and International Studies) Role of Key Emerging Economies–ASEAN, PRC, and India—for a Balanced, Sustainable, and Resilient Asia—Technical Workshop 1 Workshop on Measuring Asia’s Progress in Tackling Climate Change and Promoting Green Growth ASEAN 2030 Workshop on National and Regional Development Issues (with Institute of Strategic and International Studies) ASEAN 2030: Growing Together for Shared Prosperity Workshop on National and Regional Development Issues. External Advisory Board-First Meeting ASEAN and Malaysia in 2030: Country Consultation Meeting (with Institute of Strategic and International Studies) ASEAN 2030: Growing Together for Shared Prosperity Conference: ASEAN 2030—Preparing the Report (with ASEAN Secretariat) ASEAN 2030 briefing to ASEAN HLTF on Economic Integration (with ASEAN Secretariat-General) Low Carbon Green Asia: Book Workshop Role of Key Emerging Economies–ASEAN, PRC, and India—for a Balanced, Sustainable, and Resilient Asia—Technical Workshop 2 Tackling Climate Change and Accelerating Green Growth: New Knowledge towards Policy Solutions ASEAN 2030: Report Finalization Workshop Tokyo Canberra Hong Kong, China Bandar Seri Begawan Vientiane
11–13 Jul 28 Jul 24 Aug 18–20 Aug
Yogyakarta Jakarta Jakarta Delhi
12–13 Sep 27–28 Sep
Year in Review 2011
ASEAN 2030: Growing Together for Shared Prosperity Workshop on National and Regional Development Issues. External Advisory Board-Second Meeting ADBI/Peterson Institute for International Economics: The Implications of the Rise of ASEAN, the People’s Republic of China, and India for the World Economy Brainstorming Meeting on Strengthening ASEAN Transitional Economies: A Policy-Oriented Research and Capacity Building Program Pacific 2030 Second Workshop Role of Key Emerging Economies-ASEAN, People’s Republic of China, and India-for a Balanced, Sustainable, and Resilient Asia: Chapter Finalization Workshop ADB/ADBI/Asahi Shimbun Joint Symposium on Japan and the Rise of ASEAN, the People’s Republic of China, and India ASEAN 2030: Report Finalization Workshop
4 Nov 14–16 Nov 15–16 Nov
Manila Suva Manila
30 Nov 14–16 Dec Workshops
Inception Workshop of ADBI/ADB Studies on Role of Key Emerging Economies–ASEAN, PRC, and India (ACI) for a Balanced, Sustainable, and Resilient Asia and ASEAN 2030: Growing Together for Shared Prosperity ASEAN 2030 Country Consultations: Cambodia Regional Economic Integration: Sharing Asian Experiences (with S. Rajaratnam School of International Studies and Ministry of Foreign Affairs, Singapore) ASEAN 2030 Country Consultations: Singapore APEC-Green Finance Study (with Dankook University) Enhancing Financial Policy and Regulatory Cooperation—Responses to the Global Financial Crisis (with RMIT University) ASEAN 2030 Country Consultations: Philippines ADBI-ERIA Joint Workshop—Realizing the ASEAN Economic Community: Aspirations and Challenges, and ASEAN 2030 Country Study Consultation Workshop ADBI-ERIA Joint Workshop—ASEAN and Indonesia in 2030: Country Consultation Workshop (with Centre for Strategic and International Studies of Indonesia) Enhancing Financial Policy and Regulatory Cooperation—Responses to the Global Financial Crisis (with RMIT University) Water-Food-Energy Security Nexus Learning from South-South and Triangular Cooperation: Sharing Knowledge for Development Joint ADBI-Brookings Workshop—Financial Regionalism and the International Monetary System
10 Feb 15–18 Feb 16 Feb 27 Feb 8–9 Mar 24 Mar 4 Apr
Phnom Penh Singapore Singapore Tokyo Melbourne Manila Jakarta
29 Aug to 2 Sep 6–8 Sep 26–27 Sep 27 Oct Book Launches 7 Feb
Melbourne Beijing Bogota Washington, DC
Asia and Policymaking for the Global Economy (with Brookings Institution)
Appendix 3: Research Events
8 Feb 17 Feb 4 Mar 21 Apr 6 Jun 6 Jun 18 Oct Seminars 11 Feb 15 Mar 4 May 7 Jun 7 Jun 17 Jun 1 Aug 7 Oct 8 Nov 6 Dec
Asia’s Free Trade Agreements: How is Business Responding? (with Peterson Institute for International Economics) The Asian Tsunami: Aid and Reconstruction After a Disaster ADB/ADBI Book Launch on Institutions for Regional Integration Managing Capital Flows: The Search for a Framework (with Bank for International Settlements) Asia and Policymaking for the Global Economy (with Brookings Institution) Financial Market Regulation and Reforms in Emerging Markets (with Brookings Institution) The Asian Tsunami: Aid and Reconstruction After a Disaster
Washington, DC Singapore Tokyo Hong Kong, China Washington, DC Washington, DC Jakarta
Briefing to the ASEAN High Level Task Force on Economic Integration Managing Foreign Exchange Reserves in the Crisis and After Seminar by Robert N. McCauley ADBI-ADB Working Together for Asian Financial Regulation and Stability at ADB Annual Meeting World Bank—Managing Capital Flows Seminar: Managing Capital Flows: An Asian Perspective with Masahiro Kawai Lessons from Asia’s Experiences with Sudden Capital Flows seminar by Jae-Ha Park Crisis-era protectionism: Implications for policymakers—Seminar by Simon J. Evenett APEC Green Finance Seminar by Ulrich Volz—Lessons of the European crisis for regional monetary and financial integration in East Asia Seminar by Douglas Brooks—Toward Higher Quality Employment in Asia
Phnom Penh Tokyo Hanoi Washington, DC Washington, DC Tokyo Tokyo Seoul Tokyo Tokyo
Distinguished Speaker Seminars 1 Mar 12 Apr 17 Jun 3 Aug 5 Aug 12 Sep 17 Oct Emil Salim—Development with a Human Face John Gieve—Price Stability and Financial Stability in the UK and Europe Yu Yongding—Internationalization of the Renminbi Surin Pitsuwan: ASEAN Economic Integration Issues and Challenges Koichi Hamada—The Yen’s Fetters: A Comparative Study of the Macroeconomic Performance of Japan in Asia Cai Fang: China’s Sustainability of Economic Growth After Demographic Dividend Suman Bery—India, People’s Republic of China and Japan: Giving shape to the New Asian economy Stefan Collignon, Eric Girardin, and Charles Wyplosz—Europe Sovereign Debt Crisis. Lessons and Application to Asian Countries Tokyo Tokyo Tokyo Tokyo Tokyo Tokyo Tokyo
Year in Review 2011
Brown Bag Lunches 9 Feb 15 Feb Channels of Interprovincial Consumption Risk Sharing in China by Oliver M. Rui Trade-led Growth: A Stylized Exploration of Past Mechanisms and Post-Crisis Prospects for Developing Asia by Arslan Razmi Effective Development Aid: Selectivity, Proliferation/Fragmentation, and Impacts on Growth of Development by Takashi Kihara New Measures of the Trilemma Hypothesis by Hiroyuki Ito Global Trade Imbalances, Structural Change and China: What Scope for Fundamental Adjustment? by Robert F. Owen Economic Transformation of Japan and Korea. Possible Lessons for China by Yoon Je Cho Tokyo Tokyo
13 May 28 Jun 15 Jul 28 Jul
Tokyo Tokyo Tokyo Tokyo
Appendix 4: Capacity Building and Training Events
Number of Participants in Capacity Building and Training Activities, 2011
Date Course or Workshop Total Event Location Participants
Inclusive and Sustainable Growth 18–20 Jan 21 Apr 8–10 May 13–14 Jun ADBI-OECD Roundtable on Labor Migration in Asia: Recent Trends and Prospects in the Postcrisis Context Working Together for a Green Asia Moving Toward a Sustainable Future Workshop on Measuring Asia’s Progress in Tackling Climate Change and Promoting Green Growth NARBO IWRM Executive Retreat on Leadership in River Basins and International Seminar on Corporate River Basin Organizations in Asia ADBI-AFDC-ABAC International Seminar on Financial Inclusion for Central Asia, the Caucasus, and South Asia Regional Workshop on Intelligent Transport Systems New Issues in Trade Policy: Challenges and Responses from Asia The Asia-Pacific Financial Inclusion Forum: Expanding Financial Access through Regional Public-Private Cooperation Tackling Climate Change and Accelerating Green Growth: New Knowledge towards Policy Solution Conference on an Integrated Approach to Skills: Designing and Financing Effective Strategies High-Level Policy Dialogue on Gearing Up for a Higher Quality of Life in Asia Regional Workshop on Sanitation (Wastewater and Sludge Management) in the Asia-Pacific Capacity Building Workshop to Enhance Domestic and Foreign Investment Flows in the Asia Pacific Region ADBI Conference on New Thinking on Social Security in Asia Economic Opportunities from the Ageing Society: Policies and Challenges 8th Microfinance Training of Trainers: A Blended Distance Learning Course International Workshop on Water and History—How can we ensure sustainable development in the basin through water in the context of history? Workshop on Climate Change and its Impact on Agriculture 62 33 378 55 Tokyo Hong Kong, China New York Beijing
12–14 Jul 20–21 Jul 22–26 Aug 6–8 Sep
62 64 69 111
Urumqi Tianjin Manila Tokyo
27–29 Sep 5 Oct 4–6 Oct
45 35 104
Shanghai Manila Tokyo
12–18 Nov 17 Nov 18 Nov Dec–Apr 30 13–14 Dec 13–16 Dec
19 40 43 292 84 51
Melbourne Tokyo Tokyo Tokyo Tokyo Seoul
Year in Review 2011
Course or Workshop
Total Event Location Participants
Regional Cooperation and Integration 15–18 Feb Feb–Mar 2 5–8 Apr Regional Economic Integration: Sharing Asian Experiences Triangular Cooperation: Towards Horizontal Partnerships, But How? ADBI-OECD-APEC Symposium and Roundtable on Investment for Balanced and Sustainable Growth ADBI-UNESCAP/ARTNeT International Conference on Selected Outstanding Issues in Services, Trade, and Development South–South Knowledge Exchange: Global Workshop—Towards Good Practices for Busan Regional Capacity Building Workshop on Establishment and Organizational Reforms of Competition Authorities—Case Studies from ASEAN for ASEAN Learning from South–South and Triangular Cooperation: Sharing Knowledge and Development The 19th Tax Conference International Model Tax Treaties for Central and West Asia 23 61 95 Singapore Bali Melbourne
26–27 Sep 4–7 Oct
Governance for Policies and Institutions 9–11 May Aug–Sep 2 ASEAN Training Workshop on Legal and Economic Framework for Merger Analysis Implementing Macro Prudential Supervision and Regulatory Change Leading to Greater Financial Stability in the Region The 6th East Asia Conference on Competition Law and Policy and the 7th East Asia Top Officials’ Meeting on Competition Policy Total 12 25 Nha Trang Melbourne
Appendix 5: Selected ADBI Publications
Books Kawai, M. and G. Wignaraja. eds. 2011. Asia Free Trade Agreements: How is Business Responding? Cheltenham. United Kingdom: Edward Elgar Publishing. ADBI. 2011. ADBI: Year in Review 2010. Tokyo: ADBI. Dervis, K., M. Kawai, and D. Lombardi. eds. 2011. Asia and Policymaking for the Global Economy. Washington, DC: Brookings Institution Press. Kawai, M. and E.S. Prasad. eds. 2011. Financial Market Regulation and Reforms in Emerging Markets. Washington, DC: Brookings Institution Press. Chung, D.K. and M. Kawai. eds. 2011. The Global Financial Crisis, Future of the Dollar, and the Choice for Asia. Seoul: NEAR Press. Kawai, M. and E. Prasad. eds. 2011. Asian Perspectives on Financial Sector Reforms and Regulation. Washington, DC: Brookings Institution Press. Working Papers ZhongXiang Zhang Policies and Measures to Mitigate Potential Environmental Impacts of Cross Border Infrastructure Projects in Asia Working Paper 261, January Eric Girardin A De Facto Asian-Currency Unit Bloc in East Asia: It Has Been There but We Did Not Look for It Working Paper 262, January Willem Thorbecke The Effect of Exchange Rate Changes on Trade in East Asia Working Paper 263, January Viral V. Acharya, Thomas Cooley, Matthew Richardson, and Ingo Walter Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises Working Paper 264, February Luo Ping What Regulatory Policies Work for Emerging Markets? Working Paper 265, February Peter J. Morgan The Role of Macroeconomic Policy in Rebalancing Growth Working Paper 266, February Shintaro Hamanaka Examination of the Singapore Shift in Japan’s Foreign Direct Investment in Services in ASEAN Working Paper 267, March
Year in Review 2011
Ben Shepherd and Gloria O. Pasadilla Trade in Services and Human Development: A First Look at the Links Working Paper 268, March Richard W. Carney Financial Regulatory Harmonization in East Asia: Balancing Domestic and International Pressures for Corporate Governance Reforms Working Paper 269, March Yuqing Xing Processing Trade, Exchange Rates, and the People’s Republic of China’s Bilateral Trade Balances Working Paper 270, March Rakesh Mohan Emerging Contours of Financial Regulation: Challenges and Dynamics Working Paper 271, March Rajiv Kumar and Pankaj Vashisht Crisis, Imbalances, and India. Working Paper 272, March Chalongphob Sussangkarn and Deunden Nikomborirak Trans-Pacific Rebalancing: Thailand Case Study Working Paper 273, March Kwok-Chiu Fung, Alicia Garcia-Herrero, and Francis Ng Foreign Direct Investment in Cross-Border Infrastructure Projects Working Paper 274, April Eiji Ogawa and Junko Shimizu Asian Monetary Unit and Monetary Cooperation in Asia Working Paper 275, April K.P. Krishnan Financial Development in Emerging Markets: The Indian Experience Working Paper 276, April Antoni Estevadeordal, Matthew Shearer and Kati Suominen Regional Integration in the Americas: State of Play, Lessons, and Ways Forward Working Paper 277, April Barry Eichengreen and Gisela Rua Exchange Rates and Global Rebalancing Working Paper 278, April
Appendix 5: Selected ADBI Publications
Yiping Huang and Kunyu Tao Causes of and Remedies for the People’s Republic of China’s External Imbalances: The Role of Factor Market Distortion Working Paper 279, April Siew Yean Tham Exploring Access and Equity in Malaysia’s Private Higher Education Working Paper 280, April Willem Van der Geest and Jorge Núñez-Ferrer Appropriate Financial Instruments for Public-Private Partnership to Boost Cross-Border Infrastructural Development-EU Experience Working Paper 281, May Yunling Zhang and Minghui Shen The Status of East Asian Free Trade Agreements Working Paper 282, May Archanun Kohpaiboon and Nipon Poapongsakorn Industrial Upgrading and Global Recession: Evidence of Hard Disk Drive and Automotive Industries in Thailand Working Paper 283, May Yung-Chul Park The Role of Macroprudential Policy for Financial Stability in East Asia’s Emerging Economies Working Paper 284, May Hwee Kwan Chow Towards an Expanded Role for Asian Currencies: Issues and Prospects Working Paper 285, May Shyamala Gopinath Macroprudential Approach to Regulation-Scope and Issues Working Paper 286, June Bernard Lee and Hefei Wang Reevaluating the Roles of Large Public Surpluses and Sovereign Wealth Funds in Asia Working Paper 287, June Anita Doraisami The Global Financial Crisis: Countercyclical Fiscal Policy Issues and Challenges in Malaysia, Indonesia, the Philippines, and Singapore Working Paper 288, June Yung Chul Park The Global Financial Crisis: Decoupling of East Asia-Myth or Reality? Working Paper 289, June
Year in Review 2011
Willem Thorbecke and Nimesh Salike Understanding Foreign Direct Investment in East Asia Working Paper 290, June Dietrich Domanski and Philip Turner The Great Liquidity Freeze: What Does It Mean for International Banking? Working Paper 291, June Andrew Hughes Hallett and Christian Richter Trans-Pacific Economic Relations and US-China Business Cycles: Convergence within Asia versus US Economic Leadership Working Paper 292, June Azra Abdul Cader and Lakwimashi Perera Understanding the Impact of the Economic Crisis on Child and Maternal Health among the Poor: Opportunities for South Asia Working Paper 293, July Prabir De and Chiranjib Neogi Global Financial and Economic Crisis: Implications for Trade and Industrial Restructuring in South Asia Working Paper 294, July Jane Drake-Brockman The Importance of Measuring the Delivery of Services via Commercial Presence of Offshore Foreign Affiliates: Some Case Studies from Australian Business Experience Working Paper 295, July Willem Van der Geest and Jorge Núñez-Ferrer Managing Multinational Infrastructure: An analysis of EU Institutional Structures and Best Practices Working Paper 296, July Yoshua Aizenman, Yothin Jinjarak, and Donghyun Park Evaluating Asian Swap Arrangements Working Paper 297, July Willem Thorbecke and Atsuyuki Kato The Effect of Exchange Rate Changes on Japanese Consumption Exports Working Paper 298, July Willem Thorbecke Transpacific Imbalances and Macroeconomic Codependency Working Paper 299, July Biswa Nath Bhattacharyay Bond Market Development in Asia: An Empirical Analysis of Major Determinants Working Paper 300, July
Appendix 5: Selected ADBI Publications
Daisuke Hiratsuka Production Networks in Asia: A Case Study from the Hard Disk Drive Industry Working Paper 301, July Josef T. Yap The Political Economy of Reducing the US Dollar’s Role as a Global Reserve Currency Working Paper 302, July Abhijit Sen Gupta The Current State of Financial and Regulatory Frameworks in Asian Economies: The Case of India Working Paper 303, August Ying Fan Services Policy Reform in the People’s Republic of China: Before and After the Global Financial Crisis Working Paper 304, August Venkatachalam Anbumozhi, Qwanruedee Chotichanathawewong, and Thirumalainambi Murugesh Information Disclosure Strategies for Green Industries Working Paper 305, August Bin Zhang Is It Desirable for Asian Economies to Hold More Asian Assets in Their Foreign Exchange Reserves?—The People’s Republic of China’s Answer Working Paper 306, August Sherry Stephenson and Maryse Robert Evaluating the Contributions of Regional Trade Agreements to Governance of Services Trade Working Paper 307, August Giovanni Capannelli Institutions for Economic and Financial Integration in Asia: Trends and Prospects Working Paper 308, September Midori Aoyagi-Usui, Eiko Suda, and Tomomi Shinada Gender Inclusion in Climate Change Adaptation Working Paper 309, September Luo Ping The Current State of the Financial Sector and the Regulatory Framework in Asian Economies-The Case of the People’s Republic of China Working Paper 310, September Abhijit Das, Rashmi Banga, and Dinesh Kumar Global Economic Crisis: Impact and Restructuring of the Services Sector in India Working Paper 311, September
Year in Review 2011
Philippa Dee and Anne McNaughton Promoting Domestic Reforms through Regionalism Working Paper 312, October F. Ted Tschang A Comparison of the Industrialization Paths for Asian Services Outsourcing Industries, and Implications for Poverty Alleviation Working Paper 313, October Yung-Chul Park and Chi-Young Song Prospects for Monetary Cooperation in East Asia Working Paper 314, October Wen-jen Hsieh The Global Economic Recession and Industrial Structure: Evidence from Four Asian Dragons Working Paper 315, October Masahiko Aoki and Geoffrey Rothwell Coordination Under Uncertain Conditions: An Analysis of the Fukushima Catastrophe Working Paper 316, October Joshua Aizenman Trilemma and Financial Stability Configurations in Asia Working Paper 317, November Kaliappa Kalirajan, Kumidini Perera, Kanhaiya Singh, Shandre Thangavelu, and Anbumozhi Venkatachalam Climate Change and Poverty Reduction—Where Does Official Development Assistance Money Go? Working Paper 318, November Stephen Grenville The Impossible Trinity and Capital Flows in East Asia Working Paper 319, November Fukunari Kimura and Ayako Obashi Production Networks in East Asia: What We Know So Far Working Paper 320, November Peter J. Morgan Impact of US Quantitative Easing Policy on Emerging Asia Working Paper 321, November Ramkishen S. Rajan Management of Exchange Rate Regimes in Emerging Asia Working Paper 322, November
Appendix 5: Selected ADBI Publications
Jack W. Hou Impact of the Global Economic Crisis on Taipei,China’s Industrial Structure and Firm Activity Working Paper 323, November Jia He, Oliver M. Rui, and Xiaolei Zha. Governance Infrastructure and Location of Foreign Direct Investment in the People’s Republic of China Working Paper 324, November Reza Siregar Macro-Prudential Approaches to Banking Regulation: Perspectives of Selected Asian Central Banks Working Paper 325, November Mangal Goswami and Sunil Sharma The Development of Local Debt Markets in Asia: An Assessment Working Paper 326, November Nobuaki Yamashita The People’s Republic of China’s Currency and Product Fragmentation Working Paper 327, November Philip Levy The United States and the PRC: Macroeconomic Imbalances and Economic Diplomacy Working Paper 328, December Arslan Razmi and Gonzalez Hernandez Can Asia Sustain an Export-Led Growth Strategy in the Aftermath of the Global Crisis? An Empirical Exploration Working Paper 329, December Andrew Hughes Hallett and Juan Carlos Martinez Oliva Global Imbalances in a World of Inflexible Real Exchange Rates and Capital Controls Working Paper 330, December Minquan Liu Understanding the Pattern of Growth and Equity in the People’s Republic of China Working Paper 331, December Natasha Hamilton-Hart Distribution, Domestic Politics and Monetary Cooperation in East Asia Working Paper 332, December C. Ranganathan, K. Palanisami, K. Kakumanu, and A. Baulraj Mainstreaming the Adaptations and Reducing the Vulnerability of the Poor due to Climate Change Working Paper 333, December Julang Du, Qing He, and Oliver M. Rui Channels of Interprovincial Consumption Risk Sharing in the People’s Republic of China Working Paper 334, December
Year in Review 2011
Venkatachalam Anbumozhi, Mari Kimura, and Kumiko Isono Leveraging Environment and Climate Change Initiatives for Corporate Excellence Working Paper 335, December C. Fred Bergsten, Marcus Noland, and Jeffrey J. Schott The Free Trade Area of The Asia-Pacific: A Constructive Approach To Multilateralizing Asian Regionalism Working Paper 336, December Arslan Razmi The Exchange Rate, Diversification, and Distribution in a Modified Ricardian Model with a Continuum of Goods Working Paper 337, December Federico Lupo Pasini The International Regulatory Regime on Capital Flows and Trade in Services Working Paper 338, December Rupa Chanda Impact of Services Trade Liberalization on Employment and People Movement in South Asia Working Paper 339, December Masahiko Aoki The Five-Phases of Economic Development and Institutional Evolution in China and Japan Working Paper 340, December Research Policy Briefs Biswa Nath Bhattacharyay Financing Infrastructure for Connectivity: Policy Implications for Asia Research Policy Brief 33, July Gloria O. Pasadilla Social Security and Labor Migration in ASEAN Research Policy Brief 34, November Other Books, Book Chapters, Articles in Refereed Journals Anbumozhi, V., and V.R. Reddy. 2011. Climate Change and Food Security. In Productivity 2050. Tokyo: Asian Productivity Organization. Anbumozhi, V. 2011. Financing Green Growth through Fiscal Policy Reforms. In Green Finance for Green Growth, edited by J. T. Kim. Seoul and Singapore: Dankook University and APEC Secretariat. Anbumozhi, V., and A. Bauer. 2011. Flexible financial Incentives for Inclusive and Green Growth. Energy Manager, 3(4): 12–26
Appendix 5: Selected ADBI Publications
Bhattacharyay, B. 2011. Infrastructure Connectivity for East Asia’s Economic Integration. In The Economics of East Asian Integration: A Comprehensive Introduction to Regional Issues, edited by M. Fujita et al. Cheltenham, UK: Edward Elgar. — . 2011. Connecting South and East Asia for Pan-Asian Integration: Prospects and Challenges. In Renaissance of Asia: Evolving Economic Relations Between South Asia and East Asia, edited by R. Pradumna. New Jersey and London: World Scientific Publishing and Imperial College Press. — . 2011. Macroprudential Monitoring of Financial Crisis: An Empirical Framework. In Governance, Development and Conflict, edited by M. Chatterji et al. Volume 18 of the series, Contributions to Conflict Management, Peace Economics and Development. London: Macmillan. — . 2011. Asian Development Solutions—Financing Infrastructure. In Insights 2011, Maximising Business Opportunities in Asia, Africa, and the Middle East—A Treasurer’s Guide, edited by P. Craughwell et al. Hong Kong, China: PPP Company Limited. —. 2011. Infrastructure Connectivity for an Integrated, Peaceful and Prosperous Asia-Pacific Region. International Journal of Development and Conflict. 1(2): 181–223. — . 2011. Role of East Asian Economies in Addressing Global Imbalance. Economic Policy Papers No. 4. Austria: Wirtschaftspolitische Blätter. — . 2011. Toward a Sustainable Transport Development in Asia and the Pacific. CESIfo Working Paper No. 3539. Munich, Germany: University of Munich. Chung, D.-K., and M. Kawai, eds. 2011. The Global Financial Crisis, Future of the Dollar, and the Choice for Asia. Seoul and Tokyo. NEAR Foundation and Asian Development Bank Institute. Dervis, K., M. Kawai, and D. Lombardi, eds. 2011. Asia and Policymaking for the Global Economy. Tokyo and Washington, DC: ADBI and Brookings Institution. — . 2011. Introduction and Overview. 2011. In Asia and Policymaking for the Global Economy edited by K. Dervis, M. Kawai, and D. Lombardi. Tokyo and Washington, DC: ADBI and Brookings Institution. Detert, N., and Y. Xing. 2011. How the iPhone Widens the United States Trade Deficit with the People’s Republic of China. Aussenwirtschaft (The Swiss Review of International Economic Relations), 339–350. Kawai, M. 2011. G-20 Financial Reforms and Emerging Asia’s Challenges. In Asia and Policymaking for the Global Economy edited by K. Dervis, M. Kawai, and D. Lombardi. Tokyo and Washington, DC: ADBI and Brookings Institution. Kawai, M. 2011. Introduction. Study Group Report, The 21st Century Public Policy Institute, Asian Bond Markets Development and Regional Financial Cooperation. Tokyo: The 21st Century Public Policy Institute.
Year in Review 2011
Kawai, M. and M. Pomerleano. 2011. Regulating Systemic Risk. In The International Financial Crisis: Have the Rules of Finance Changed? edited by A. Demirguc-Kunt, D.E. Evanoff, and G. G. Kaufman. New Jersey, London, and Singapore: World Scientific. — . 2011 Who Should Regulate Systemic Stability Risk? The Relevance for Asia. In Financial Market Regulation and Reforms in Emerging Markets, edited by M. Kawai, and E. S. Prasad. Tokyo and Washington, DC: ADBI and Brookings Institution. Kawai, M. and E. S. Prasad, eds. 2011. Financial Market Regulation and Reforms in Emerging Markets. Tokyo and Washington, DC: ADBI and Brookings Institution. —. 2011. Introduction. In Financial Market Regulation and Reforms in Emerging Markets, edited by M. Kawai, M. and E S. Prasad. Tokyo and Washington, DC: ADBI and Brookings Institution. — , eds. 2011. Asian Perspectives on Financial Sector Reforms and Regulation. Tokyo and Washington, DC: ADBI and Brookings Institution. Kawai, M. and G. Wignaraja, eds. 2011. Asia’s Free Trade Agreements: How is Business Responding? Cheltenham, UK: Edward Elgar. — . 2011. Introduction. In Asia’s Free Trade Agreements: How is Business Responding? edited by M. Kawai and G. Wignaraja. Cheltenham, UK: Edward Elgar. — . 2011. Main Findings and Policy Implications. In Asia’s Free Trade Agreements: How is Business Responding? edited by M. Kawai and G. Wignaraja. Cheltenham, UK: Edward Elgar. — . 2011. Conclusion. In Asia’s Free Trade Agreements: How is Business Responding? edited by M. Kawai and G. Wignaraja. Cheltenham, UK: Edward Elgar. — . 2011. Asian FTAs: Trends, Prospects and Challenges. Journal of Asian Economics. Vol. 22, No 1, February. Kawia, M. and S. Takagi. 2011. Why Was Japan Hit So Hard by the Global Financial Crisis? In The Impact of the Economic Crisis on East Asia: Policy Responses from Four Economies, edited by D. Shaw and B. J. Liu. Cheltenham, UK: Edward Elgar. Laio, C., and G. Pasadilla. 2011. Does the Philippines Need a Trade Representative Office? In Globalization, Governance, and the Philippine State, edited by G. Pasadilla et al. Manila: Philippine Institute for Development Studies. Liu, M., and Q. Wang. 2011. Arduous Journey, Ceaseless Search: Thirty Years of Health Care Reform in China. In Sexual and Reproductive health in China: Reorienting Concepts and Methodology, edited by K. Zhang. Leiden: Brill. 307–352. Morgan, P. 2011. Comments. Changes in Development Finance in Asia: Trends, Challenges and Policy Implications. Asian Economic Policy Review, 6(2): 245–246.
Appendix 5: Selected ADBI Publications
Thorbecke, W. 2011. Investigating the Effect of Exchange Rate Changes on China’s Processed Exports. Journal of the Japanese and International Economies, 33–46. — . 2011. The Effect of Exchange Rate Changes on Trade in East Asia. Journal of International Commerce, Economics, and Policy, 85–102. — . 2011. How Elastic is East Asian Demand for Consumption Goods? Review of International Economics, 950–962. — . 2011. An Empirical Analysis of East Asian Computer Exports. Journal of the Asia Pacific Economy, 644–652. — . 2011. The Appropriate Policy Mix for China. Keizai no Gurobaruka to Kokusai Senryaku (Economic Globalization and International Strategy), edited by M. Fujita and R. Wakasugi. Tokyo: Nippon Hyoron Sha (in Japanese). Xing, Y. 2011. China’s Exports in Information Communication Technology and its Impact on Asian Countries. Economic Change and Restructuring, 44(1): 135–147.
Appendix 6: Top 30 Downloads of 2011
ADBI Top Downloads 2011
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2009 2010 2007 2010 2004 2005 2011 2010 2007 2002 2004 2005 2010 2010 2011 Book Book Seminar Material Working Paper Seminar Material Seminar Material Book Working Paper Book Research Paper Seminar Material Book Book Working Paper Working Paper Working Paper Key Document Working Paper Seminar Material Seminar Material Working Paper Book Working Paper Working Paper Working Paper Discussion Paper Working Paper Working Paper Working Paper Working Paper
Infrastructure for a Seamless Asia (ADB and ADBI) Managing Capital Flows: The Search for a Framework (M. Kawai and M. Lamberte, eds.) Corporate Social Responsibility and Public Policy (K. Tanimoto) How the iPhone Widens the United States Trade Deficit with the People’s Republic of China (Y. Xing and N. Detert) Successful Wastewater Management in Singapore (R. Meiyappan) How to Draft Project Proposal (S. Ra) The Global Financial Crisis, Future of the Dollar, and the Choice for Asia (D. Chung and M. Kawai, eds.) Fiscal Policy Issues for India after the Global Financial Crisis (2008–2010) (R. Kumar and A. Soumya) NGO Law and Governance (G. Stillman) Growth and Poverty: Lessons from the East Asian Miracle Revisited (M. Quibria) The Role of Credit Rating Agencies (M. Habir) Corporate Governance in Asia (S. Nam and I. Nam) Poverty and Sustainable Development in Asia: Impacts and Responses to the Global Economic Crisis (A. Bauer and M. Thant) Estimating Demand for Infrastructure in Energy, Transport, Telecommunications, Water and Sanitation in Asia and the Pacific: 2010–2020 (B. Bhattacharyay) Trans-Pacific Economic Relations and US–China Business Cycles: Convergence within Asia versus US Economic Leadership (A. Hallett and C. Richter)
Market Failures and Regulatory Failures: Lessons from Past and Present Financial Crises (V. Acharya, T. Cooley, 2011 M. Richardson, and I. Walter) Asian Development Bank Institute Three-Year Rolling Work Program 2011–2013 and Budget for 2011 (ADBI) Financial Development in Emerging Markets: The Indian Experience (K. Krishnan) Preparing Project Proposal Using Logical Framework Approach (J. Yoo) Risk Management for Accounting (L. Ortiz) The Status of East Asian Free Trade Agreements (Y. Zhang and M. Shen) Post-crisis Development Paradigms in Asia (M. Yoshitomi) The Global Financial Crisis: Countercyclical Fiscal Policy Issues and Challenges in Malaysia, Indonesia, the Philippines, and Singapore (A. Doraisami) Exchange Rates and Global Rebalancing (B. Eichengreen and G. Rua) Financial Inclusion and Financial Stability: Current Policy Issues (A. Hannig and S. Jansen) Using Macroeconomic Computable General Equilibrium Models for Assessing Poverty Impact of Structural Adjustment Policies (H. Khan) Bond Market Development in Asia: An Empirical Analysis of Major Determinants (B. Bhattacharyay) Governance, Institutions, and Regional Infrastructure in Asia (P. De) Appropriate Financial Instruments for Public-Private Partnership to Boost Cross-Border Infrastructural Development-EU Experience (W. Geest and J. Nunez-Ferrer) The Global Economic Crisis: Impact on India and Policy Responses (R. Kumar and P. Vashisht) 2011 2011 2005 2004 2011 2003 2011 2011 2010 2004 2011 2010 2011 2009
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