Institutions for Economic and Financial Integration in Asia: Trends and Prospects

Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997–98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia’s opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia’s institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones.chiang mai initiative; economic cooperation; regional integration

Developing Indicators for Regional Economic Integration and Cooperation

We develop indicators to measure the degree of economic integration and cooperation among East Asian economies and compare these with similar measures for other regions. Our indicators cover regional integration in trade, investment, financial assets, and people-to-people exchange. We also analyze measures of regional cooperation such as the density of free trade agreements and official policy dialogues. We find that in various Asian groupings, and especially in a group of 16 integrating Asian economies, interdependence in trade, direct investment, financial flows, and other forms of economic and social exchange has increased significantly over time, and now approaches that in the European Union. Nonetheless, Asia’s official cooperation remains weak and formal regional institutions remain relatively underdeveloped. To provide insight into the causes of this discrepancy, we also develop quantitative measures of political and cultural similarity of nations, and find that Asian countries have relatively low levels of political and cultural proximity compared to regions such as Europe. The diversity of political interests and cultural values may have hindered more intense cooperation among Asian economies in the past. But if regional economic and social interactions continue to grow, requirements for joint decision-making are also likely to expand, leading to stronger frameworks of official cooperation.Regional integration; economic cooperation; East Asia

Developing Indicators for Regional Economic Integration and Cooperation

We develop indicators to measure the degree of economic integration and cooperation among East Asian economies and compare these with similar measures for other regions. Our indicators cover regional integration in trade, investment, financial assets, and people-to-people exchange. We also analyze measures of regional cooperation such as the density of free trade agreements and official policy dialogues. We find that in various Asian groupings, and especially in a group of 16 integrating Asian economies, interdependence in trade, direct investment, financial flows, and other forms of economic and social exchange has increased significantly over time, and now approaches that in the European Union. Nonetheless, Asia’s official cooperation remains weak and formal regional institutions remain relatively underdeveloped. To provide insight into the causes of this discrepancy, we also develop quantitative measures of political and cultural similarity of nations, and find that Asian countries have relatively low levels of political and cultural proximity compared to regions such as Europe. The diversity of political interests and cultural values may have hindered more intense cooperation among Asian economies in the past. But if regional economic and social interactions continue to grow, requirements for joint decision-making are also likely to expand, leading to stronger frameworks of official cooperation

The ASEAN Economy in the Regional Context: Opportunities, Challenges, and Policy Options

The Association of Southeast Asian Nations (ASEAN) was created to address political and security issues. Over time, the economy has taken center stage and the ASEAN Economic Community (AEC) is going to be launched in 2015. The AEC is a milestone promoting ASEAN economic integration and centrality, but it alone is insufficient for the group to retain relevance in an increasingly multipolar world. This paper suggests that ASEAN needs an ambitious plan for economic integration beyond the AEC to achieve its economic development aspirations. As ASEAN designs its post-2015 agenda with a view to strengthening its role as a hub of Asian dynamism, its members need to adopt an appropriate policy mix including deep domestic structural reforms and bold actions to further deepen regional integration—transforming the AEC into a truly borderless economic community

Institutions for Economic and Financial Integration in Asia: Trends and Prospects

Asian economic regionalism has emerged from a bottom-up process, driven by market forces in the absence of a grand plan for regional integration. While the financial crisis of 1997-98 triggered new regional cooperation initiatives, more recently several Asian political leaders have formulated proposals for the creation of a regional economic community, suggesting the possible start of a top-down approach. Based on the results of a survey of Asia's opinion leaders conducted by the Asian Development Bank (ADB) in 2010, this paper discusses how Asia's institutional architecture for economic and financial integration is taking shape, suggesting the need to strengthen existing institutions that promote Asian regionalism and to create new ones. While the focus of the paper is on monetary and financial integration, the analysis also covers other integration pillars such as trade and investment, connectivity and infrastructure, and regional public goods. It suggests the need to create new institutions in support of Asian regionalism and to adopt a broad perspective in moving towards the formation of a region-wide economic community based on strong political commitment and grassroots participation

A pilot system for the characterization of hydrophobic membrane contactor modules to be used in air handling processes

Thermal comfort control in electrical vehicles calls for air conditioning systems with a low energetic demand. The paper describes a pilot system developed in the frame of the 'Xeric' EU project in order to study the effect of different operating variables (e.g. desiccant temperature, air velocity) on the performance of hydrophobic membrane based on desiccant air humidification/dehumidification. The overall vapour mass transfer coefficient was estimated in different conditions. By evaluating the membrane mass transfer resistance of the membrane through a modified desiccant inverted cup method, the experimental estimation of the mass transfer resistances in the fluid phases was done. The data obtained through the pilot system are of great interest for the development of air condition systems based on membrane contactors to be used in vehicles cabins

Institutions for Asian Integration: Innovation and Reform

The formation of regional production networks in East Asia has occurred mainly through market forces, without much help from regional institutions in promoting the creation of a single Asian market. While this approach has served the region well in the past, the drastic changes experienced since the 2008 - 2009 financial crisis and the challenges Asian countries are facing - rowing inequalities and competition, on the one hand, and enhanced threats to the environment and people's health on the other - have rendered more urgent the need for intergovernmental cooperation at global and regional levels. Asia's institutions for regionalism need strengthening through reform and innovation such as better governance and resourcing, greater and more effective participation and delegation of powers, overall streamlining of regional architecture, including the phasing out of outdated or irrelevant institutions and, where needed, the creation of new ones. Ultimately, given its rootedness in regional order, institutional efficacy is a function of the ability and willingness of its members, especially influential stakeholders, to collaborate

Structured reporting for fibrosing lung disease: a model shared by radiologist and pulmonologist

Objectives: To apply the Delphi exercise with iterative involvement of radiologists and pulmonologists with the aim of defining a structured reporting template for high-resolution computed tomography (HRCT) of patients with fibrosing lung disease (FLD). Methods: The writing committee selected the HRCT criteria\ue2\u80\u94the Delphi items\ue2\u80\u94for rating from both radiology panelists (RP) and pulmonology panelists (PP). The Delphi items were first rated by RPs as \ue2\u80\u9cessential\ue2\u80\u9d, \ue2\u80\u9coptional\ue2\u80\u9d, or \ue2\u80\u9cnot relevant\ue2\u80\u9d. The items rated \ue2\u80\u9cessential\ue2\u80\u9d by < 80% of the RP were selected for the PP rating. The format of reporting was rated by both RP and PP. Results: A total of 42 RPs and 12 PPs participated to the survey. In both Delphi round 1 and 2, 10/27 (37.7%) items were rated \ue2\u80\u9cessential\ue2\u80\u9d by more than 80% of RP. The remaining 17/27 (63.3%) items were rated by the PP in round 3, with 2/17 items (11.7%) rated \ue2\u80\u9cessential\ue2\u80\u9d by the PP. PP proposed additional items for conclusion domain, which were rated by RPs in the fourth round. Poor consensus was observed for the format of reporting. Conclusions: This study provides a template for structured report of FLD that features essential items as agreed by expert thoracic radiologists and pulmonologists