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ADBI News 2009 Volume 3 Number 2
Participants at ADBIs Global Financial Crisis: Macroeconomic Policy Issues conference in July. The global financial crisis
conference series seeks to provide policymakers, academics, and others with an overview of the ongoing impacts of the crisis.
ADBI has organized a series of conferences Second, because export markets in the US and
related to the impacts of the global financial crisis Europe are unlikely to provide the same growth
on Asian economies aimed at providing potential for Asian economies as they have done
policymakers, academics, and opinion-makers previously, Asian economies need to take steps to
with a comprehensive overview of this topic, encourage a rebalancing of growth toward
including expected economic, financial, social, domestic and regional demand. The potential for
and environmental impacts. The conference series such growth can be realized by: (i) supporting
further provides policy analyses and recom-
mendations, both for short-term stabilization and
for achievement of sustainable and inclusive In this issue
longer-term growth.
The global financial crisis has three broad
areas of implications for Asian economies and
markets that have been analyzed extensively in
these conferences. First, financial system
regulation and surveillance must be strengthened
to minimize the impacts of the current crisis and to
insulate Asian economies from future shocks, both
internal or external. This includes implementation
of regional surveillance and development of
macro-prudential frameworks for financial
supervision and regulation. Along with this,
macroeconomic policy frameworks need to be
strengthened.
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
infrastructure investment; (ii) deepening the Stability Dialogue and the multi-lateralized Chiang
capacity of the regional financial systems to Mai Initiative.
recycle savings within the region to finance In 2009, nine conferences related to the global
investment; (iii) liberalizing trade in goods, financial cricis have been held in Tokyo,
services, and investment; (iv) promoting new including Strengthening Payment Systems in Asia
growth areas such as services and green industries; (10 February); Impacts, Lessons and Growth
(v) encouraging consumption by strengthening Rebalancing (2223 April); Impacts on SMEs
social protection and education; and (vi) promoting and Trade Finance in Asia and Policy Challenges
regional policy coordination. (20 May); Labor Market in the PRC and its
Third, the global financial crisis is likely to lead Adjustment to Global Financial Crisis (1819 June);
to a revamping of the international financial Credit Rating Agencies (12 July); Crisis
architecture, including Bretton Woods institutions developments in Asia and Europe (78 July);
such as the International Monetary Fund, and to Regional Cooperation and Architecture Policy
expanded surveillance of international capital Issues (16 July); Financial Sector Reform and
flows and financial institutions. It is important to Regulation (2123 July); and Macroeconomic
analyze how national and regional institutions in Policy Issues (2829 July).
Asia should respond to such changes. In particular, See more details about this conference series at
there may be expanded roles for an Asian Financial www.adbi.org/research.global.financial.crisis/.
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Peter A. Petri, Carl J. Shapiro professor of Mr. Petris discussion on reforming international
International Finance at the Brandeis International economic institutions (IEIs) explored the built-in
Business School in Massachusetts and a senior structural limitations of existing IEIs that hinder
fellow of the East-West Center in Hawaii, delivered the institutions effectiveness, helping to shed light
a lecture on International Economic Governance: on the difficulty of reforming them. For Mr. Petri,
Problems and Solutions at a distinguished speaker IEIs face a governance trilemmathat is, the
seminar on 10 April in Tokyo. improbability of achieving universal, democratic,
and decisive institutions simultaneously. One
solution proposed under the club theory framework
is decentralized decision making, which would
allow subgroups within an institution to craft
policies to which not all members may subscribe.
To address the issue of finding a balance between
flexibility of global IEIs and coherence among
sub-global IEIs, international resources should co-
fund regional initiatives so as to align these with
the global objectives of larger IEIs.
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
Barry Bosworth, senior fellow in the Economic of US Exports to China (the Peoples Republic of
Studies Program and Robert V. Roosa chair China [PRC]) at a distinguished speaker seminar on
in international economics at The Brookings 24 April in Tokyo.
Institution, delivered a lecture on The Determinants Mr. Bosworth explored three factors(i)
composition of US exports, (ii) the role of
American multinational corporations, and (iii) the
great physical distance between the PRC and the
USbehind the low level of US exports to the
PRC. Results of his analysis showed that only
distance appeared to play a significant role in the
US poor export performance to the PRC. He
argued that this low showing is not particular to the
PRC as the US has had trade deficits with nearly
every country in the world. He added that
uncompetitive real exchange rates may have
something to do with the US-PRC export
imbalance.
Read a more detailed summary of this event at
Analysis results show that physical distance is the main www.adbi.org/event/2937.gang.bosworth.distinguished.
factor in the US poor export performance to the PRC. speaker.closely.related.topics/.
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
Opened officially on behalf of ADBI by ADBs seminar, participants discussed and explored ways
Viet Nam Resident Mission country director, to establish an effective e-filing and payment
Ayumi Konishi, the three-day Tax Administration system, including financial and human resource
Seminar VI entitled Taxpayer Services Focusing requirements. Such a system is expected to bring
on E-Filing and Payment was held 2325 June in about a set of benefits to both taxpayers and tax
Hanoi. The event was presented in cooperation administrations. These benefits include saving time
with Japans National Tax Agency and the as well as increasing cost effectiveness, accuracy,
Vietnamese General Department of Taxation. convenience, productivity, and safety. This seminar
Twenty four tax policymakers and administrators program, started in 2004, addresses major opera-
as well as thirteen observers, from eight Southeast tional taxation issues and has been hosted in
Asian tax administrations actively participated in rotation among Southeast Asian tax adminis-
the seminar. trations since its inception.
Based on several Asian models on e-filing and Read a more detailed summary of this event at
payment systems that were presented at this www.adbi.org/event/2935.tax.administration.seminar.vi/.
Participants and speakers at the Tax Administration Seminar VI: Taxpayer Services Focusing on E-Filing and Payment.
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The Knowledge Sharing on Infrastructure approached PPPs in the transport, urban, and social
Public Private Partnerships (PPPs) in Asia sectors. The comparative country and sector PPP
Conference held 1921 May in Seoul, brought case studies were prepared as part of a global
together more than 80 PPP specialists and comparison of PPP approaches that is being
practitioners from 23 countries across the Asia and undertaken under the Multilateral PPP for Infra-
Pacific region. The three-day conference was structure Capacity Building Initiative (MP3IC) that
hosted by the Korea Development Institute and the ADBI is implementing with WBI and the Inter-
government of Korea, and was organized in American Development Bank-Multilateral
coordination with ADBs Regional and Sustainable Investment Fund (IADB-MIF). The global com-
Development Department with the collaborative parison of PPP approaches generated a great deal
support of the World Bank Institute (WBI). of discussion and interest among the delegates,
The conference profiled an in-depth assessment with appreciation of the variation in approaches
of the Korean PPP experience and contrasted that have evolved to address specific PPP
Koreas PPP policies and sector approaches with challenges faced in each of the diverse countries.
practices from Australia, Chile, India, and the Read a more detailed summary of this event at
UK. It examined how different countries have www.adbi.org/event/2965.korea.ppp/.
This conference examined how different countries have approached PPPs in the transport, urban, and social sectors.
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A s i a n D e v e l o p m e n t B a n k I n s t i t u t e
IWRM training participants visit the Cham Island Visitor Center to see the islands conversation project outline.
The Network of Asian River Basin Organizations Forum in Turkey in March of this year. The
(NARBO) secretariat conducted its 5th Integrated guidelines include examples of many successful
Water Resources Management (IWRM) IWRM projects from all over the world and several
Training in Hoi An, Viet Nam, in February with keys for success were identified. The program also
support of the host organization, the Vu Gia-Thu included case studies of the Vu Gia-Thu Bon River
Bon River Basin Organization. Twenty four Basin itself.
participants from six countries participated in this ADBI is leading NARBOs IWRM training and
training which focused on the concept and planning program for the next IWRM Training
implementation of IWRM. event, which will be held in Naovember in Hoi An,
Based on the recommendations from experts of Viet Nam.
NARBO member organizations, the training
program discussed the IWRM Guidelines, which Read a more detailed summary of this event at
were officially launched at the 5th World Water www.adbi.org/event/2822.narbo.5th.workshop/.