This book traces trends in nonperforming loans (NPLs) during and after financial crises in Asia and Europe. It examines the impact of high NPLs, compares the effectiveness of resolution strategies, and explores policy considerations. The volume highlights the need for decisive and comprehensive policy action to help manage NPLs swiftly. It explores the legal and economic conditions conducive to NPL resolution, the role of asset management companies, the potential of technological solutions, and the importance of regional financial cooperation. It provides insights to help policy makers chart a course through the financial and economic fallout of the coronavirus disease (COVID-19) pandemic to recovery and sustained financial stability in Asia, Europe, and beyond. The publication is a collaborative project of the Asian Development Bank, the European Central Bank, and the Joint Vienna Institute.

This publication identifies financial inclusion priorities to stimulate economic recovery and explores the challenges and opportunities of accelerated digital transformation. The coronavirus disease (COVID-19) pandemic has highlighted the vital role of financial inclusion in supporting resilience and economic recovery among the most vulnerable populations in Asia and the Pacific. This publication proposes recommendations to aid policy makers and regulators. It shares insights from the 2021 Asia-Pacific Financial Inclusion Forum, a policy initiative of the Asia-Pacific Economic Cooperation (APEC) Finance Ministers' Process. It was prepared in collaboration with the APEC Business Advisory Council, the Asian Development Bank Institute, and the Foundation for Development Cooperation.

In this classic work, John Steinbruner argues that the time is ripe for exploration of a new theoretical perspective on the decision-making process in government. He suggests that the cybernetic theory of decision as developed in such diverse fields as information theory, mathematical logic, and behavioral psychology generates a systematic but non-rational analysis that seems to explain quite naturally decisions that are puzzling when viewed from the rational perspective. When combined with the basic understanding of human mental operations developed in cognitive psychology, the cybernetic theory of decision presents a striking picture of how decision makers deal with the intense uncertainty and fundamental value conflicts that arise in bureaucratic politics. To illustrate the advantages of using cybernetic theory, Steinbruner analyzes the issue of sharing nuclear weapons among the NATO allies.