The world trading system is in a state of flux characterised by new developments and uncertainties about its governance. Fundamental changes are occurring because of the rise of emerging economies, such as the BRICS, and the expansion of their trade and foreign direct investment (FDI), and also the proliferation of free trade agreements (FTAs) globally. Over the last three decades, trade and FDI ...

Mission incomplete! This phrase neatly captures the progress made by the Bank of Japan (BOJ) in reflating the economy. In April 2013, under its new governor, the BOJ launched an unprecedented quantitative and qualitative monetary easing policy. Haruhiko Kuroda was certain that the 2% price stability target would be achieved within 2 years. About 4 years later, the BOJ lags behind other major central ...

Central banks are facing a range of growing challenges that have arisen from recent trends in aging populations, low productivity, and new technology and innovation. Growing Central Bank Challenges in the World and Japan offers insights for central banks looking to tackle the most pressing challenges under the global spotlight, starting with low inflation and its related impacts on unconventional ...

In light of the evolving global economic order and the experiences of the global financial crisis of 2008–2009, this book addresses the important question of how Asia’s regional architecture for economic and financial surveillance, financial safety nets, and crisis management can be strengthened and meshed with those of the International Monetary Fund (IMF) and the Financial Stability Board to ...

Avoiding the “middle-income trap” has become a major topic in the economic literature and a key concern for policy makers, even though a precise definition of it and empirical evidence for it remain elusive. The basic argument is that growth in high-income countries differs qualitatively from that of middle-income countries, and hence requires different factor endowments, industrial structures and ...

This report analyzes the institutions and structures that govern labor migration in Asia. It considers the important role of governments and other stakeholders in both labor-destination countries such as Japan, the Republic of Korea, and Singapore, and labor-sending countries such as India, the Philippines, and Sri Lanka. Key issues are the extent to which these structures provide an orderly process ...

Services hold the key to increased productivity and dynamic growth. Previously unthinkable technologies have resulted in a multitude of new avenues for trade in services, and the future holds still greater possibilities. Yet understanding services remains a challenge. To design future domestic reforms, policymakers want to have a clearer idea about how the concessions they made on services in various ...

SMEs play a vital role in the Asian economy and comprise about 70% of the workforce and GDP in the region. To enhance productivity and ensure sustainable growth in Asia, it is vital to provide smooth financing to SMEs. Traditionally, commercial banks in Asia have regarded loans to SMEs as too risky relative to high transaction costs. However, new technologies including distributed ledger technology, ...

Education is a key driver for sustainable development (UNESCO 2018). The entire global community has been determined to ensure that all human beings can fulfill their potential in dignity and equality; to protect the planet so that it can support the needs of the present and future generations; to ensure that all human beings can enjoy prosperous and fulfilling lives; to foster peaceful, just, and ...

Infrastructure investment is a key factor for economic development and job creation. Water supply, electricity, road, railways, and airports, among others, will bring in business to the Central Asia and Caucasus region and enhance the welfare of the people. Quality infrastructure refers not only to fiscal quality but also to the new business activities and accompanying employment created along each ...