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The article discusses the background and progress of present financial cooperation initiatives, new chances offered and evolution of new regional economic architecture in East Asia. The factors behind the development of recent financial cooperations are the deepening regional economics and financial interdependence, response to the Asian financial crisis from 1997-1998, and European monetary integration. It is inferred that East Asia can add to the stability of global finance through achieving sustainable economic development and financial stability by instituting of resilient national financial systems.

Investigates how the Research and Development (R&D) capital formation in developed countries affects the productivity of East Asian economies. Use of a data set of seven East Asian economies, Hong Kong, Indonesia, Korea, Malaysia, the Philippines, Singapore, and Thailand; How spillovers from Organization for Economic Co-operation and Development (OECD) countries promote the total factor productivity of sample economies.

The study of financial market efficiency has important implications in terms of global macroeconomic stability. The case of six selected East Asian stock markets (China, Japan, Hong Kong, Malaysia, Singapore and South Korea) during the Asian Financial Crisis (AFC) and Global Financial Crisis (GFC) is analysed here using a battery of well-known econometric techniques that starts with traditional unit root testing for random walk behaviour. The six countries were selected on the basis of market capitalization to offer insights into the behaviour of the most relevant markets in the region. The results show that during both crises, these markets exhibited significant inefficiencies. This is shown by the fact that positive correlations characterized markets returns behaviour in general, except fo r South Korea and Hong Kong, during the GFC. Of particular note is the case of China; its stock markets suffered losses and high volatility during the GFC and exhibited increasing correlations with other stock markets in the region, showing progressive levels of integration within the region and more exposure to global events. [ABSTRACT FROM AUTHOR]

We specify appropriate models for the behavior of East Asian economies' pre-crisis daily bilateral exchange rates vis-à-vis the U.S. dollar and explore systematic relationships among those exchange rates. Our preliminary analysis indicates that the rupiah, baht, and Hong Kong dollar are stationary against the U.S. dollar; Unlike major currencies, the rupiah, peso, and won do not exhibit volatility clustering vis-à-vis the dollar We also find evidence of systematic relationships that are consistent with contagion during the 1997 Asian crisis. The distinctive characteristics of East Asia's exchange rates were due to capital controls. Our findings lend some support to the region's post-crisis moves towards more flexible exchange rates. An Empirical Examination of East Asia's Pre-Crisis Pegged Exchanged Rates. [ABSTRACT FROM AUTHOR]

Presents an empirical study of the determinants of per capita economic growth in the group of economies forming the Association of South-East Asian Nations (ASEAN). Contribution of services to the growth of real gross domestic product per capita; Estimated results of a structural per capita growth equation reveal that growth of services exerts a statistically significant positive effect.

Focuses on a new regionalism that has emerged in East Asia that represents a clear break from the region's strong history of multilateralism. Review of movements towards regionalism in East Asia, with discussion on how it relates to the region's economic development model and analysis of its ability to revive dynamic regional economic growth that was enjoyed over a period of thirty years until the onset of the financial crisis in 1997.

Examines whether the East Asian exchange rate regimes were a cause of the crisis, or whether the crisis would have emerged under alternative exchange rate regimes. Relationship between the exchange rate regime and the recovery process; Discussion on the exchange rates as a cause of crisis; Lessons that East Asian developing economies learned from the crisis.