Friday, July 24, 2009

[IWS] ADB: ASIA ECONOMIC MONITOR 2009 [23 July 2009]

IWS Documented News Service
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations
-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor
---------------------- Stuart Basefsky
New York, NY 10016
-------------------------------Director, IWS News Bureau

Asian Development Bank (ADB)

Asia Economic Monitor 2009 [23 July 2009]
[full-text, 101 pages]

The Asia Economic Monitor (AEM) is a semiannual review of emerging East Asia's growth and policy issues. It covers the 10 members of the Association of Southeast Asian Nations; People's Republic of China; Hong Kong, China; Republic of Korea; and Taipei,China. This issue includes a special chapter on regulatory reform in emerging East Asia

Recent Economic Performance 3
Growth and Inflation 3
Balance of Payments 10
Financial Markets and
Exchange Rates 13
Monetary and Fiscal Policy 16
Assessment of Financial
Vulnerability 20
Economic Outlook for 2009, Risks,
and Policy Issues 28
External Economic Environment 28
Regional Economic Outlook 34
Risks to the Outlook 42
Policy Issues 47

Special Section
Beyond the Crisis: Regulatory Reform in Emerging East Asia

1. Will the People's Republic of China Lead the Recovery in Emerging East Asia? 38
2. Emerging East Asian Currency Outlook 43
3. The Chiang Mai Initiative¬óMultilateralization and Beyond 53
4. Single versus Multiple Regulators 81
5. Examples of Counter-Cyclical
Regulatory Measures 88

Press Release 23 July 2009
Emerging East Asia Entering Transition from Recession to Recovery

BANGKOK, THAILAND ­ Although economic growth is continuing to slow this year, emerging East Asia has already entered the transition from recession to recovery, says the <> July issue of the Asia Economic Monitor (AEM) released today.

Deep recessions in the US, Europe, and Japan will continue to hurt emerging East Asian economies, especially the smaller ones that are highly reliant on exports. But larger economies in the region that have implemented major fiscal packages are beginning to see results from the domestic stimulus, most notably the People's Republic of China (PRC).

"Emerging East Asia could see a V-shaped recovery, with growth dipping sharply in 2009 before regaining last year's pace in 2010," said Jong-Wha Lee, ADB Chief Economist and Head of the Office of Regional Economic Integration.

However, given the tentative nature of the expected recovery, it is critical that authorities stay the course in supporting domestic demand and growth. Monetary and fiscal policies in the region need to remain accommodative until the recovery gains substantial traction, says the AEM.

It is also important that the region looks beyond the crisis and focuses on longer-term issues related to financial regulatory reform. In a special chapter, the AEM underscores the need to maintain financial stability in the region.

"Regulatory reform should eliminate gaps and overlaps, avoid regulatory arbitrage, increase transparency, and improve coordination among relevant authorities," Mr. Lee said. "Emerging East Asia should reinforce cooperation in enhancing financial stability by accelerating regional initiatives, and actively participate in designing the new global financial architecture."

Emerging East Asia covers the 10 members of the Association of Southeast Asian Nations plus the PRC; Hong Kong, China; Republic of Korea; and Taipei,China.

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
Telephone: (607) 255-2703                
Fax: (607) 255-9641                       

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