Papers Published in World Economics:
Economic Globalisation
The concept of globalisation has received a great deal of popular attention in
recent years. However, the term is often used quite loosely. When defined to
mean closer international economic integration, the evidence shows that the
extent of globalisation may easily be exaggerated. This article examines the
evidence and assesses the benefits from, and costs of, globalisation. It goes on to discuss how the costs might be mitigated, and briefly examines the role of the principal international trade and financial institutions.
Read Full Paper >
Is there a Case for an Asian Monetary Fund?
The East Asian financial crisis has spawned a number of proposals for institutional reform. Some envisage reforming existing institutions, particularly the International Monetary Fund (IMF), while others suggest that new institutions are needed. Amongst them is the idea of establishing an Asian Monetary Fund (AMF). Evaluating this proposal raises a number of complex issues. Its appeal hinges on whether it would be able to undertake some functions better than the IMF. To the extent that crises are regionally contained, there may be a case for mobilising finance to help deal with them at the regional
level. This could also take pressure off the constrained resources of the IMF. In as much as access to finance from an AMF would be conditional upon compliance with specified standards and policy guidelines, an AMF might also help to prevent a future financial crisis in the region.
Read Full Paper >