Abstract

The recent economic and financial developments and trends in Asia and the Pacific are examined in this latest REO, including issues related to Asia’s trade performance, notably in the high-tech sector, and the February-March bout of turbulence in the region’s financial markets. The near-term outlook, key risks, and their related policy challenges are analyzed throughout, as well as in special chapters that look more closely at the evolving nature of capital inflows, housing market developments, and the impact of commodity price booms on lower-income economies.

References

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    • Export Citation
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    • Search Google Scholar
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  • Aizenman, Joshua, Jaewoo Lee, 2005, “International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence,IMF Working Paper No. 05/198 (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Askari, Hossein, Vahid Nowshirvani, Mohamed Jaber, 1997, Economic Development in the GCC: The Blessing and the Curse of Oil, Contemporary Studies in Economic and Financial Analysis.

    • Search Google Scholar
    • Export Citation
  • Auty, Richard M., 1997, “Natural Resource Endowment, the State and Development Strategy,Journal of International Development, Vol. 9, No. 4.

    • Search Google Scholar
    • Export Citation
  • Barbier, Edward B., 2005, Natural Resources and Economic Development (Cambridge: Cambridge University Press).

  • Barnett, Steven, Rolando Ossowski, 2003, “Operational Aspects of Fiscal Policy in Oil-Producing Countries,” in Fiscal Policy Formulation and Implementation in Oil-Producing Countries, ed. by J. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Bartsch, Ulrich, Menachem Katz, Harinder Malothra, Milan Cuc, 2004, Lifting the Oil Curse: Improving Petroleum Revenue Management in Sub-Saharan Africa (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Cechetti, S. G., H. Genberg, J. Lipsky, S. Wadhwani, 2000, Asset Prices and Central Bank Policy, Geneva Reports on the World Economy 2 (London: Centre for Economic Policy Research).

    • Search Google Scholar
    • Export Citation
  • Davis, Jeffrey, Rolando Ossowski, Annalisa Fedelino, eds., 2003, Fiscal Policy Formulation and Implementation in Oil-Producing Countries (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Demographia, 2007, Third Annual Demographia International Housing Affordability Survey: 2007. Available via the Internet: www.demographia.com.

    • Search Google Scholar
    • Export Citation
  • DSG Asia, 2007, Asian Household Balance Sheets—An Updated Survey. Available via the Internet: www.dsgasia.com.

  • Eckhold, Kelly, 1998, “Developments in the Eurokiwi bond market,Reserve Bank of New Zealand Bulletin, Vol. 61, No. 2 (June), pp. 10011.

    • Search Google Scholar
    • Export Citation
  • Eifert, Benn, Alan Gelb, Borje Tallroth, Nils 2003, “The Political Economy of Fiscal Policy and Economic Management in Oil-Exporting Countries,” in Fiscal Policy Formulation and Implementation in Oil Producing Countries, ed. by J. Davis, R. Ossowski, and A. Fedelino (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Gelb, Alan and Associates, 1988, Oil Windfalls: Blessing or Curse? (Oxford: University Press).

  • Gylfason, Thorvaldur, 2001, “Nature, Power, and Growth,Scottish Journal of Political Economy, Vol. 48, No. 5, pp. 55888.

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    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2005a, Oil Market Developments and Issues (Washington)

  • International Monetary Fund, 2005b, Guide on Resource Revenue Transparency, (Washington).

  • International Monetary Fund, 2006a, “New Zealand: 2006 Article IV Consultation: Staff Report,” IMF Country Report No. 06/160 (Washington).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, 2006b, World Economic Outlook, World Economic and Financial Surveys (Washington, September).

  • International Monetary Fund, 2007, The Role of Fiscal Institutions in Managing the Oil Revenue Boom (Washington, forthcoming).

  • Kaufmann, Daniel, Aart Kraay, Massimo Mastruzzi, 2005, “Governance Matters V: Governance Indicators for 1996-2005,” World Bank Policy Research Papers, September (Washington: World Bank).

    • Search Google Scholar
    • Export Citation
  • Korea National Statistical Office, 2007, Survey of Household Wealth in 2006. Available via the Internet: www.nso.go.kr/eng2006/e01___0000/e01b__0000/e01ba_0000/e01ba_0000.html.

    • Search Google Scholar
    • Export Citation
  • Lederman, Daniel, Willian F. Maloney, 2006, Natural Resources Neither Curse nor Destiny (Stanford, California: University Press).

  • Lueth, Erik, Murtaza Syed, 2006, “Rising Inequality and Polarization in Asia,” in Regional Economic Outlook: Asia and Pacific, World Economic and Financial Surveys (Washington: International Monetary Fund, September).

    • Search Google Scholar
    • Export Citation
  • Mishkin, Frederic S., 2007, “The Role of House Prices in Formulating Monetary Policy,” BIS Review 06/2007. Available via the Internet: www.bis.org/dcms/dfs.jsp?sp-q=mishkin.

    • Search Google Scholar
    • Export Citation
  • Organization for Economic Cooperation and Development (OECD), 2005, “Recent House Price Developments: The Role of Fundamentals,” OECD Economic Outlook, No. 78 (Paris).

    • Search Google Scholar
    • Export Citation
  • Rodrik, Dani, 2006, “The Social Cost of Foreign Exchange Reserves,NBER Working Paper No. 11952 (Cambridge, Massachusetts: National Bureau of Economic Research)

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey D., Andrew Warner, 1995, “Natural Resource Abundance and Economic Growth,” NBER Working Paper No. 5398 (Cambridge, Massachusetts: National Bureau of Economic Research).

    • Search Google Scholar
    • Export Citation
  • Sachs, Jeffrey D., 2001, “The Curse of Natural Resources,European Economic Review, Vol. 45, Issue 4–6, pp. 82738.

  • Tumbarello, P., 2007, “Vietnam’s WTO Accession: Opportunities and Challenges,forthcoming IMF Working Paper (Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • Unteroberdoerster, Olaf, 2007, “Capital Flows Volatility in Malaysia and the Region: Trends and Implications” (unpublished; Washington: International Monetary Fund).

    • Search Google Scholar
    • Export Citation
  • World Bank, 1993, The East Asian Miracle: Economic Growth and Public Policy, World Bank Policy Research Report, September (Washington).