Since the 1997 Asian financial crisis, countries in East Asia have made efforts to promote regional monetary and financial cooperation to complement the evolving international financial architecture. This increased interest in regional monetary and financial cooperation has resulted in several initiatives - the ASEAN Surveillance Process, the ASEAN+3 Finance Ministers Process including its Chiang Mai Initiative of 2000, the Manila Framework Group and the Asia-Europe Finance Ministers Process to name a few. These developments in some ways represent a significant break from the past. Going forward the key challenge is how to set priorites and sequence developments so as to smooth the path to a new regional financial architecture. This two-volume set takes up the issue of developing a road map of policy options, both at the regional and country levels, for carrying forward the ongoing efforts in monetary and financial cooperation in East Asia. Building on a series of core reports and background papers by eminent economists and policymakers around the world commissioned under an ADB technical assistance project, the books explore what is feasible and desirable in regional monetary and financial cooperation and lays out a road map for putting the concept into action over the next several years. Volume 1 contains an overview by Peter Montiel, and three core studies by Olam Chaipravat, Eric Girardin, and Takatoshi Ito and Yung-Chul Park. Volume 2 contains background papers by Robert J. Barro; Elbliog'onore Boiscuvier and Alfred Steinherr; Barry Eichengreen; Jeffrey A. Frankel; Eric Girardin; Jong-Wha Lee; Yung-Chul Park and Kwanho Shin; Ronald McKinnon; Eiji Ogawa, Takatoshi Ito, and YuriNagataki Sasaki; Ramkishen Rajan and Reza Siregar; Yunjong Wang and Wing Thye Woo; and Charles Wyplosz. The volumes and the study on which they were based were conceptualized, supervised, and coordinated by Pradumna B. Rana and Srinivasa Madhur.

Since the 1997 Asian financial crisis, East Asia has implemented a number of initiatives designed to strengthen monetary and financial cooperation, bolstering the region's resilience to economic and financial vulnerabilities. One such initiative is the ASEAN & 3 Information Exchange and Policy Dialogue, which includes development of early warning systems (EWS) for financial crises. This book examines efforts to develop EWS models. Specifically, the book analyses the current understanding of the causes of currency and banking crises, describes recent progress in developing and applying EWS models for currency and banking crises, reviews methodological isues, assesses the predictive power of EWS models and also highlights areas where further research is required to make these models more effective tools for policy analysis. The case studies apply both parametric and nonparametric approaches to EWS modeling using data from six East Asian countries.

This publication explores how innovative financing and transformative knowledge solutions can help build sustainable and resilient food systems in Asia and the Pacific. The coronavirus disease (COVID-19) pandemic has highlighted the food security and nutrition challenges in Asia and the Pacific, where various risks and fragilities have affected the food and agriculture sector. This publication explores how innovative financing and transformative knowledge solutions can help address the financing gaps and other challenges of food systems in the region. It emphasizes the need to enhance resilience and mitigate climate change by integrating the sustainable management of natural resources, nutritional considerations, and the economic dimensions of food supply chains.

This publication gives an overview of key transport issues in ADB's Pacific developing member countries and of the bank's planned 2021-2025 transport sector operations in the region. ADB's Pacific transport sector operations, based on domestic and regional sector priorities and ADB's Strategy 2030, aim to help countries prepare for and respond to shocks, deliver sustainable services, and promote inclusive growth. They cover the subsectors of maritime, land, and urban transport; aviation; and intermodal connectivity. This publication is linked to ADB's Pacific Approach strategy document.

This report explains how the quality of infrastructure investments in developing Asia can be enhanced and why this is vital for the region's sustainable recovery from the coronavirus disease (COVID-19) pandemic. It emphasizes the need to balance urgent demand for infrastructure financing with governance approaches that focus on boosting efficiency and integrating infrastructure systems. The report also explores opportunities for the Asian Development Bank to strengthen its support for quality infrastructure in the region through its financing instruments, programs, and projects.

This report reflects the changes in the South Asia Subregional Economic Cooperation (SASEC) Program's operational plan for the period 2016-2025, in particular on priority projects resulting from a rigorous vetting process. This involves defining SASEC transport and energy networks and identifying priority projects based on preparedness and their roles in filling network gaps. The result is a more reasonable estimate of funding needs to help meet the SASEC Program's goals of multimodal connectivity, energy market development, and increased intraregional and interregional trade.

This report draws on the experience of Gui'an New District in the People's Republic of China to explain how intelligent transport systems can be planned, designed, and implemented. High-quality transport systems are essential for developing cities in the Asia and Pacific region to transform into safe, sustainable urban centers. Intelligent transport systems have a key role to play in boosting the operation and maintenance of urban transport modes by providing data collection, processing, and communications systems. Using Gu'ian New District as a case study, the report demonstrates how intelligent transport systems can save time, money, and lives if properly planned and implemented.

Provides a comprehensive analysis of macroeconomic issues in developing Asia, including economic growth projections and prospects by country and region. This year's theme chapter explores how to strengthen disaster resilience.

This document was prepared as a supplement to the Asian Water Development Outlook 2016. It provides background information and explanatory notes on the approach taken, assumptions made, and data used. The methodology itself has been developed by the Asian Development Bank (ADB) in cooperation with reputed scientific institutes who have co-authored the individual reports for each of the five key dimensions of water security. These five reports are integrated into this methodology report. This study was supported by ADB's Water Financing Partnership Facility.

The Asia Small and Medium-Sized Enterprise Monitor provides data and analysis as a resource for evidence-based policy design. This year's edition focuses on South Asia. This first volume reviews micro, small, and medium-sized enterprises (MSMEs) at the country and regional levels. It covers Bangladesh, India, Nepal, Pakistan, and Sri Lanka, and examines MSME development, access to finance, and policies and regulations. It notes that revitalizing MSMEs by channeling more growth capital to them will be key to a resilient economic recovery from the pandemic. It highlights opportunities in formalizing MSMEs and connecting them to international markets, expanding digital skills, fostering technology-based start-ups, and supporting youth and women entrepreneurs.

This publication highlights short-term actions that can mitigate pressures and medium-term policy considerations for finance sector resilience in the post-COVID-19 period. The guidance note examines the effects of the coronavirus disease (COVID-19) on real economies and the measures taken to ease the impact. It notes risks to financial stability, such as an anticipated rise in nonperforming assets. Its recommendations include establishing a framework for epidemic risk financing, buttressing financial stability and macroprudential measures, developing insurance markets for risk sharing and transfer solutions, improving SME financing, and fostering digital transformation.

This publication examines tourism in Asia and the Pacific, the impacts on it of the coronavirus disease (COVID-19) pandemic, and how it might be reset to contribute more effectively to the Sustainable Development Goals. The report highlights six pathways for promoting systemic change in the sector: a value-driven approach, decarbonization, tourism-led regeneration, improved governance, and sustainable finance. It provides concrete recommendations on how policymakers and industry stakeholders can leverage tourism to foster sustainable development and a green recovery in Asia and the Pacific.

This report examines the impacts of COVID-19 on labour markets along with adjustment patterns in Indonesia, Malaysia, the Philippines, Thailand, and Viet Nam. Labour markets in Southeast Asia were particularly hit hard in 2020 when government pandemic containment measures were most severe. COVID-19 exacerbated growing inequalities in the region and exposed large gaps in social protection . This report aims to help policymakers identify priorities, constraints, and opportunities for developing effective labour market strategies for economic recovery and beyond.

This report explores how regional cooperation and integration (RCI) can be enhanced in Asia and the Pacific to help the region build back resiliently and sustainably from the coronavirus disease (COVID-19) pandemic. The report reflects on lessons learned from efforts to tackle the pandemic through regional cooperation and integration. It provides insights on how region-wide solidarity can be enhanced with the support of multilateral development banks in areas such as trade and investment, connectivity infrastructure, people's mobility, regional public goods, and policy cooperation. The report was jointly prepared by the ADB, the Asian Infrastructure Investment Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank, and the World Bank Group.

This publication assesses the Government of Bhutan's financial relief measures for the most affected people, as well as programs and other interventions to address the impact of the coronavirus disease (COVID-19) pandemic. The strategic thrust of interventions for the sector is based on striking the right balance between the immediate need to engage the economically displaced while simultaneously initiating major reforms and investments for a sustainable reopening.

This publication provides updates on the bond market in Indonesia since 2017. The ASEAN+3 Bond Market Guide series provides information on the investment climate, rules, laws, opportunities, and characteristics of bond markets in Asia and the Pacific. It aims to help bond market issuers, investors, and financial intermediaries understand the local context and encourage greater participation in the region's rapidly developing bond markets. This edition updates the ASEAN+3 Bond Market Guide 2017: Indonesia.

This publication identifies investment approaches, opportunities, and finance mechanisms in Southeast Asia that can promote and catalyze funds for a sustainable ocean economy. It provides an overview of the "blue economy"" and emphasizes its significance for protecting the biodiversity of natural resources in Southeast Asia. The "blue economy" is defined as the sustainable use of ocean and coastal resources to drive economic growth and improve livelihoods, while protecting and nurturing marine ecosystems. The publication looks how multilateral and bilateral funding sources, a market-based approach, incentives, and regulations can contribute to achieving a blue economy. It also discusses how these elements need to be aligned within a cohesive development framework.

This edition sets out recent developments in East Asian local currency bond markets and discusses the region's economic outlook, the risk of another taper tantrum, and price differences between labeled and unlabeled green bonds. Emerging East Asia's local currency (LCY) bond markets expanded to an aggregate USD21.7 trillion at the end of September 2021, posting growth of 3.4% quarter-on-quarter, up from 2.9% in the previous quarter. LCY bond issuance rose 6.8% quarter-on-quarter to USD2.4 trillion in Q3 2021. Sustainable bond markets in ASEAN+3 also continued to expand to reach a size of USD388.7 billion at the end of September.

The Pacific region is expected to contract by 0.6% in 2021, and to grow by 4.7% in 2022. This issue of the Pacific Economic Monitor explores how the region can reopen and rebuild. Besides safely resuming travel and protecting health, a resilient recovery will depend on promoting fiscal sustainability and strengthening economic management, including regional cooperation to revitalize tourism.

This report forecasts growth in developing Asia of 7.1% in 2021 and 5.4% in 2022 in an uneven recovery caused by divergent growth paths. Its theme chapter explores sustainable agriculture. Growth forecasts are revised up for East Asia and Central Asia from the projections made in April, but down for South Asia, Southeast Asia, and the Pacific. This reflects differences in vaccination progress and control of domestic COVID-19 outbreaks but also other factors, including rising commodity prices and depressed tourism. Inflation is expected to remain under control. The main risks to the economic outlook come from the COVID-19 pandemic, including the emergence of new variants, slower-than-expected vaccine rollouts, and waning vaccine effectiveness. Sustainable food production and agricultural systems that are resilient to climate change will be crucial for developing Asia. To transform agriculture in the region, its economies must tackle challenges from changing consumer demand, changing demographics, and a changing and more fragile environment.

This publication shows how ADB continues to explore new ways to deepen its relationship with civil society organizations (CSOs) and increase the impact of its development projects in South Asia. Drawing on comprehensive data, it emphasizes how meaningful CSO involvement throughout the lifecycle of a development project helps ensure ADB's schemes are more organized and better designed to generate positive outcomes. Underlining the value of meaningful CSO engagement, the publication calls for empowering civil society to harness their specialist knowledge and engage them in policy dialogue that can help build a resilient future in Asia and the Pacific.

Better tax systems enable recovery from the impact of COVID-19, and progress towards Sustainable Development Goals. Analyzing the tax systems of 40 economies in Asia and the Pacific, this report explores ways to improve their efficiency. For ADB members in Asia and the Pacific, stronger tax systems are now more important than ever—to boost revenues enabling recovery from the economic shocks of COVID-19, and to reinforce implementation of Sustainable Development Goals. Using comparative data up to the fiscal year 2020, and drawing from the International Survey on Revenue Administration (ISORA 2021), this sixth edition in the series analyzes the administrative setups and performance of revenue bodies in 40 economies across the region—to help governments and officials identify promising options for building more efficient, inclusive tax systems.

This publication explores how Brunei Darussalam, Indonesia, Malaysia, and the Philippines can bolster cooperation in their special economic zones (SEZ) to spur sustainable growth. It maps out and assesses the economic performance of SEZs across the Brunei Darussalam-Indonesia-Malaysia-Philippines East ASEAN Growth Area and highlights challenges they face. These challenges include growing competition for foreign investment, international trade disputes, and digital transformation. The publication emphasizes the need for policy makers and stakeholders to intensify strategic collaboration to make their SEZs more competitive. Against the backdrop of COVID-19, it outlines practical steps to increase the role of SEZs in boosting trade, creating jobs, and building economic resilience across the four countries.

This publication provides guidance to support efforts to reform state-owned enterprises (SOEs) in developing Asia. Under its Strategy 2030, ADB is committed to SOE reform in its developing member countries (DMCs). The publication reviews the significance of SOEs in Asia and the Pacific, the role of SOE reform in ADB's strategy, and related requirements for sovereign projects. SOE challenges are also assessed with a focus on projects, policy-based loans (PBLs), and sector programs. Although the publication is designed to guide ADB staff in their work with SOEs through sovereign projects, PBLs, and technical assistance, it may also be of use to DMC officials and SOE boards and management.