This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.
Rapid globalization and digitalization have transformed the financial landscape of ASEAN+3—the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea. Despite impressive reforms, the region faces continued challenges. These include deepening corporate bond markets, coping with cross-border bank concentration risk, reducing dependence on the United States dollar, achieving sustainable infrastructure investments, addressing pension issues, and supporting fintech development. This edited volume highlights the potential for stronger regional financial cooperation to address such challenges. It explores how regional financial cooperation could promote greater financial resilience and stability amid rapid economic and financial development and technological change.
Providing an authoritative yet accessible introduction to the Asian Development Bank (ADB), this comprehensive Companion offers a detailed examination of the ADB’s objectives, policies, development outcomes, strengths and weaknesses, areas for reform, and challenges going forward.
This book focuses on the recent rise of new regional economic institutions such as the Chiang Mai Initiative Multilateralisation, the Asian Infrastructure Investment Bank, and the Regional Comprehensive Economic Partnership, which were established, in part, as a result of dissatisfaction of dynamic emerging markets with global economic institutions such as the IMF, the World Bank, and the GATT/WTO. The latter were formed by advanced economies in the West, after the historic Bretton Wood Conference of 1944. In doing so, the book addresses how this recent round of decentralisation, defined as the co-existence of “senior” global institutions and a plethora of newly-established regional institutions, has affected global economic governance, and the delivery of global public goods. It also poses the question if this has led to the fragmentation of global economic governance. The book adds value to existing literature by using a benefit-risk analytical framework to study the decentralisation process. Unlike the “contested multilateralism” argument used by some authors which focuses on the costs of decentralisation, the authors argue that benefits must also be considered. It also describes and analyses the establishment of global and regional international economic institutions and the evolving relationships between the two. Third, the authors argue that this decentralisation process will continue in the postpandemic period and recommend policies to reset the relationship between global and regional institutions. And lastly, the book discusses proposals to reform the international monetary system including the global reserve system with a view to reducing the hegemony of the US dollar. Throughout the book, the role for Asia is also identified, and elaborated on.
Over the past decade, Korean popular culture has become a global phenomenon. The "Korean Wave" of music, film, television, sports, and cuisine generates significant revenues and cultural pride in South Korea. The Korean Popular Culture Reader provides a timely and essential foundation for the study of "K-pop," relating the contemporary cultural landscape to its historical roots. The essays in this collection reveal the intimate connections of Korean popular culture, or hallyu, to the peninsula's colonial and postcolonial histories, to the nationalist projects of the military dictatorship, and to the neoliberalism of twenty-first-century South Korea. Combining translations of seminal essays by Korean scholars on topics ranging from sports to colonial-era serial fiction with new work by scholars based in fields including literary studies, film and media studies, ethnomusicology, and art history, this collection expertly navigates the social and political dynamics that have shaped Korean cultural production over the past century. Contributors. Jung-hwan Cheon, Michelle Cho, Youngmin Choe, Steven Chung, Katarzyna J. Cwiertka, Stephen Epstein, Olga Fedorenko, Kelly Y. Jeong, Rachael Miyung Joo, Inkyu Kang, Kyu Hyun Kim, Kyung Hyun Kim, Pil Ho Kim, Boduerae Kwon, Regina Yung Lee, Sohl Lee, Jessica Likens, Roald Maliangkay, Youngju Ryu, Hyunjoon Shin, Min-Jung Son, James Turnbull, Travis Workman
Financial crises are traditionally analyzed as purely economic phenomena. The political economy of financial booms and busts remains both under-emphasized and limited to isolated episodes. This paper examines the political economy of financial policy during ten of the most infamous financial booms and busts since the 18th century, and presents consistent evidence of pro-cyclical regulatory policies by governments. Financial booms, and risk-taking during these episodes, were often amplified by political regulatory stimuli, credit subsidies, and an increasing light-touch approach to financial supervision. The regulatory backlash that ensues from financial crises can only be understood in the context of the deep political ramifications of these crises. Post-crisis regulations do not always survive the following boom. The interplay between politics and financial policy over these cycles deserves further attention. History suggests that politics can be the undoing of macro-prudential regulations.
A New York Times Bestseller For Lady Gaga, kindness is the driving force behind everything she says and does. The quiet power of kindness can change the way we view one another, our communities, and even ourselves. She embodies this mission, and through her work, brings more kindness into our world every single day. Lady Gaga has always believed in the importance of being yourself, being kind to yourself, and being kind to others, no matter who they are or where they come from. With that sentiment in mind, she and her mother, Cynthia Germanotta, founded Born This Way Foundation, a nonprofit organization dedicated to making the world a kinder and braver place. Through the years, they've collected stories of kindness, bravery and resilience from young people all over the world, proving that kindness truly is the universal language. And now, we invite you to read these stories and follow along as each and every young author finds their voice just as Lady Gaga has found hers. Within these pages, you’ll meet young changemakers who found their inner strength, who prevailed in the face of bullies, who started their own social movements, who decided to break through the mental health stigma and share how they felt, who created safe spaces for LGBTQ+ youth, and who have embraced kindness with every fiber of their being by helping others without the expectation of anything in return. In one story, you’ll read about a young person with an autoimmune disease, who after being bullied at school, learned how to practice self-love and started an organization with the mission of educating others about the importance of self-love, too; and in another story, you’ll meet a young person who decided to start a movement to help eliminate the stigma surrounding mental health and encouraged others to talk about their feelings openly and honestly, a reminder that kindness and mental wellness go hand in hand. Not only were we moved by these individual acts of kindness, but we were also touched by the many stories of organizations, neighborhoods, and entire communities that fully dedicated themselves to helping those in need and found new, innovative ways to make our world a kinder and braver place. Individually and collectively, these stories prove that kindness not only saves lives but builds community. Kindness is inclusion, it is pride, it is empathy, it is compassion, it is self-respect and it is the guiding light to love. Kindness is always transformational, and its never-ending ripples result in even more kind acts that can change our lives, our communities, and our world.
The post-World War II occupations of Germany and Japan set standards for postconflict nation-building that have not since been matched. Only in recent years has the United States has felt the need to participate in similar transformations, but it is now facing one of the most challenging prospects since the 1940s: Iraq. The authors review seven case studies--Germany, Japan, Somalia, Haiti, Bosnia, Kosovo, and Afghanistan--and seek lessons about what worked well and what did not. Then, they examine the Iraq situation in light of these lessons. Success in Iraq will require an extensive commitment of financial, military, and political resources for a long time. The United States cannot afford to contemplate early exit strategies and cannot afford to leave the job half completed.
In this remarkable and provocative book, Yanis Varoufakis explodes the myth that financialisation, ineffectual regulation of banks, greed and globalisation were the root causes of the global economic crisis. Rather, they are symptoms of a much deeper malaise which can be traced all the way back to the Great Crash of 1929, then on through to the 1970s: the time when a 'Global Minotaur' was born. Just as the Athenians maintained a steady flow of tributes to the Cretan beast, so the 'rest of the world' began sending incredible amounts of capital to America and Wall Street. Thus, the Global Minotaur became the 'engine' that pulled the world economy from the early 1980s to 2008. Today's crisis in Europe, the heated debates about austerity versus further fiscal stimuli in the US, the clash between China's authorities and the Obama administration on exchange rates are the inevitable symptoms of the weakening Minotaur; of a global 'system' which is now as unsustainable as it is imbalanced. Going beyond this, Varoufakis lays out the options available to us for reintroducing a modicum of reason into a highly irrational global economic order. An essential account of the socio-economic events and hidden histories that have shaped the world as we now know it.
