2018 Highlights


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December, 2018

	Trends in Southeast Asia 2018 #21: Islam Nusantara as a Promising Response to Religious Intolerance and Radicalism. The Indonesian government has tried to defeat terrorist groups and uproot radicalism, both through military and cultural-ideological approaches. The recent attack at Mako Brimob Depok, West Java, and the bombing in Surabaya, East Java, however, have shown that radical Islam and terrorist groups are not defeated yet. Killing terrorist does not always mean killing terrorism. It could even have the opposite impact, i.e., strengthening and fertilizing the radical ideology. The government, being aware of this, has been supporting Nahdlatul Ulama (NU) in promoting Islam Nusantara, widely believed to be the ideological antidote for radicalism and terrorism...	ISEAS
	Trends in Southeast Asia 2018 #20: Electoral Politics and the Malaysian Chinese Association in Johor. Like the United Malays National Organization (UMNO), the Malaysian Chinese Association (MCA) was known for having its bastion in Johor, with the state containing the highest number of parliamentary seats contested and won by the party. Two features of the MCA stand out: (1) its relative resilience in that its near elimination in other states since 2008 did not occur in Johor until the recent 14th General Elections, and (2) that most MCA presidents had some connections to Johor, either as having been born in Johor, contested in a Johor constituency, been chairman of the Johor state liaison committee, or a combination of three. Although historical institutional linkages such as the New Villages and the Chinese guilds and associations (CGAs) gave the MCA a strong footing in Johor initially, changing political and socioeconomic circumstances gradually eroded the party’s support among the Johorean Chinese...	ISEAS
	Partners: Australian Private Sector Engagement in the Pacific, November 2018. The South Pacific is becoming a more strategically crowded and contested space. But, despite the strong aid and defence relations Australia maintains with the island states, there’s been little attention given to date to the role of Australia’s private sector in the Pacific islands region. That’s in many ways surprising. Elements of Australian business have had longstanding connections in the Pacific, and the spread of business across borders is now a powerful international and regional political and economic force. Such business networks knit communities together. Given the crowded and complex South Pacific, there’s now a critical need for the Australian Government and business to get their collective act together in stepping up engagement in the region.	ASPI
	New Caledonia Votes to Retain French Links & France Retains its Indo-Pacific Geo-Strategic Position, November 2018. In the south-west Pacific the French territory of New Caledonia, with a population of about 263,000, held an independence referendum on November 4, 2018. With a high turnout of 80% of eligible voters, 43.6% voted in favor of independence and 56.4% voted in favor of keeping the French link. The 2014 population census breakdown recorded 40.3% Kanaks, 29.2% Europeans, 18.7% other Pacific islanders, 8.6% mixed race and 2.3% other Asians. The challenge for the indigenous largely pro-independence Kanak community had been to push its own 40% block up with pro-independence votes from other non-European communities. Disappointingly for them, they were unable to do this to the extent needed. This result leaves the independence cause in New Caledonia weakened...	EWC
	The United States and Pakistan Need Each Other for Stability and Peace in Afghanistan, October 2018. A fundamental point underlies the US-Pakistan relationship: Washington seeks Islamabad’s support in the honorable exit from Afghanistan. After 17-years of war, the interests of the United States and Pakistan seem to have aligned in pursuing a negotiated settlement of the Afghan conundrum. This reality presents to the new government in Islamabad with what Michael Kugelman of the Wilson Center characterized as a golden opportunity to convince the Taliban to commit to the peace talks and become part of the political process in Afghanistan. Toward that end, the Pakistani government believes it will play a constructive role, including using its influence over the Taliban. Indeed, Islamabad considers peace and stability in Afghanistan as “vital for its own long-term stability and progress,” as emphasized by Pakistan Foreign Minister Qureshi...	EWC
	Asia Bond Monitor, November 2018. This publication reviews developments in East Asian local currency bond markets during the third quarter of 2018 and provides outlook, risks, and policy options. Data suggest that local currency bond yields rose in most economies in emerging East Asia between 31 August and 15 October on the back of continued interest rate hikes by the United States Federal Reserve. Highlights of this publication include a special focus on the impact of the Asian Bond Markets Initiative on the region’s bond market development and a detailed presentation of results from the AsianBondsOnline annual bond market liquidity survey.	ADB
	Risk Mitigation and Sovereign Guarantees for Public–Private Partnerships in Developing Economies, November 2018. Private investors are concerned about the creditworthiness of public–private partnership (PPP) projects in Asia because a large percentage of developing countries are considered risky counter parties. This paper examines the application of credit enhancement, such as letters of credit and partial risk guarantees, and attempts to quantify the benefits of these instruments. It presents the main risks of infrastructure investors in Asia, the severity of which vary by specific project conditions, and the complementary roles of governments and multilateral development banks in mitigating these risks.	ADB
	Latest ADBI Working Paper Series: Globalization, Structural Transformation, and the Labor Income Share, November 2018 Green Finance in Bangladesh: Policies, Institutions, and Challenges, November 2018 Impact of Quantitative Easing and Tax Policy on Income Inequality: Evidence from Japan, November 2018 Government Electronic Services Delivery and the Digital Divide: The Case of Andhra Pradesh, India, November 2018 Social Funding of Green Financing: An Application of Distributed Ledger Technologies, November 2018 A Primer on the Drivers of Labor Income Share, November 2018 Trade Liberalization and the Hukou System of the People’s Republic of China: How Migration Frictions Can Amplify the Unequal Gains from Trade, November 2018 Green Finance in Viet Nam: Barriers and Solutions, November 2018 Credit Guarantee Scheme and Small and Medium-Sized Enterprise Finance: The Case of Turkey, November 2018 Productivity Spillovers from Services Firms in Low- and Middle-Income Countries: What Is the Role of Firm Characteristics and Services Liberalization? November 2018 The Role of Fintech in Unlocking Green Finance: Policy Insights for Developing Countries, November 2018	ADB
	Other ADB Publications: Digital Health Convergence Meeting Tool Kit, November 2018 Developing the Leather Industry in Bangladesh, November 2018 How Do We Prevent a Food Crisis in the Midst of Climate Change? November 2018 What’s the Evidence? Youth Engagement and the Sustainable Development Goals, Published 2018 Together We Deliver: Results Achieved, Lives Improved, October 2018 Integrating Flood and Environmental Risk Management: Principles and Practices, October 2018 Heath Impact Assessment: A Good Practice Sourcebook, October 2018	ADB
	Latest APEC publications: APEC in Charts 2018 APEC Senior Officials' Report on Economic and Technical Cooperation 2018, November 2018 Fact sheet: 2018 APEC Senior Officials' Report on Economic and Technical Cooperation Development and Integration of Remote Areas in the APEC Region, November 2018 2018 APEC Economic Policy Report, November 2018 Fact sheet: 2018 APEC Economic Policy Report APEC Regional Trends Analysis: The Digital Productivity Paradox, November 2018 2018 CTI Report to Ministers, November 2018 APEC's Bogor Goals Dashboard, November 2018 APEC's Bogor Goals Progress Report, November 2018 Case Studies on Addressing Connectivity Challenges in APEC Economies, November 2018 Summary Report of the 2017 APEC TiVA Workshop, November 2018 Enhancing Stakeholder Engagement in the Implementation of the WTO Trade Facilitation Agreement, October 2018 Summary Report of APEC Public-Private Dialogue on Green Investment Policy, October 2018 FTAAP Capacity Building Workshop on Competition Chapter in FTAs/EPAs under the 3rd REI CBNI, October 2018 APEC Capacity Building Workshop on FTA Utilization by Micro, Small and Medium Enterprises, October 2018 Promoting Resilience in the Energy Sector, August 2018 Promoting Competitiveness Test of Ex Ante Control of Regulations on Advertising - Sales Promotion, August 2017	APEC


November, 2018

	Why Dowry Deaths Have Risen in India? Published 2018. Dowry deaths rose from about 19 per day in 2001 to 21 per day in 2016. While these statistics are worrying, there is a great deal of variation in the incidence of “dowry deaths” across regions and over time. It is indeed alarming that the rise in dowry deaths is unabated despite greater stringency of anti-dowry laws. In 1961, the Dowry Prohibition Act made giving and taking of dowry, its abetment or the demand for it an offence punishable with imprisonment and fine or without the latter. This was an abysmal failure as dowries became a nationwide phenomenon, replacing bride price. More stringent laws followed but with little effect...	ASARC
	Modinomics: Design, Implementation, Outcomes and Prospects, Published 2018. The present paper presents an analysis of the key elements of Modinomics, defined as “everyone’s participation, everyone’s progress.” It investigates the reasons why Modinomics was necessary, the key elements of Modinomics, and how this policy was implemented, as well as two deep structural reforms under Modi. The paper examines the record of economic growth under Modi as well as new welfare and employment programs to make economic growth more inclusive. Finally, the paper examines medium and long –term growth prospects for India...	ASARC
	Structural Transformation in South Asia, Published 2018. This paper models the evolution and determinants of the shares of agriculture, manufacturing and services to GDP for 4 South Asian countries (Bangladesh, India, Sri Lanka and Pakistan) for 55 years: 1960-2014. Determinants of these shares were classified into three broad categories “country fundamentals”, “policy” and decadal dummies. We find that with increase in GDP the share of services rises strongly whereas the share of manufacturing has a more tepid rise with GDP whereas the share of agriculture falls in most cases...	ASARC
	Asian Economic Integration Report 2018 (Full Report, Highlights). This publication documents Asia’s progress in regional cooperation and integration. It covers the 48 regional members of the Asian Development Bank and analyzes regional as well as global economic linkages. The 2018 report’s special chapter “Toward Optimal Provision of Regional Public Goods in Asia and the Pacific” examines how collective action among countries can help find solutions to growing transnational development challenges. The special chapter also discusses how to best provide regional public goods that transcend the so-called “collective action problem” which occurs when individual interests are too weak on their own to drive cooperation on common issues.	ADB
	Latest ADBI Working Paper Series: Trade Openness and the Environmental Kuznets Curve: Evidence from Cities in the People’s Republic of China, November 2018 Role of Bank Lending in Financing Green Projects: A Dynamic Stochastic General Equilibrium Approach, October 2018 Green Finance in Pakistan: Barriers and Solutions, October 2018 A Proposal on the “i Bank Index,” A Measure of Banks’ Ability to Nurture Client Businesses, October 2018 Overview of Financial Inclusion, Regulation, Financial Literacy, and Education in Central Asia and South Caucasus, October 2018 Energy Efficiency Finance Programs: Best Practices to Leverage Private Green Finance, October 2018 Financial Inclusion and Financial Literacy in Kazakhstan, October 2018	ADB
	Latest ADB Working Paper Series: Do Local Currency Bond Markets Enhance Financial Stability? October 2018 Skewed Credit and Growth Dynamics after the Global Financial Crisis, October 2018 Public–Private Partnership Systems in the Republic of Korea, the Philippines, and Indonesia, October 2018 Does Regional Integration Matter for Inclusive Growth? Evidence from the Multidimensional Regional Integration Index, October 2018	ADB
	Latest ADB Publications: Building Complementarity and Resilience in ASEAN amid Global Trade Uncertainty, October 2018 Biodiversity Baseline Assessment: Phipsoo Wildlife Sanctuary in Bhutan, October 2018 Philippines: Energy Sector Assessment, Strategy, and Road Map, October 2018 Energy Technology Innovation in South Asia: Implications for Gender Equality and Social Inclusion, October 2018 Translating Women's Voices into Action in Mongolia: Addressing Gender-Based Violence through Investments in Infrastructure, October 2018 Gender Equality and the Sustainable Development Goals in Asia and the Pacific: Baseline and Pathways for Transformative Change by 2030, Published 2018 Inclusive Green Growth Index: A New Benchmark for Quality of Growth, October 2018 Tariff Appraisal Study: Balancing Sustainability and Efficiency with Inclusive Access, October 2018 Portable Screening Devices for Medicine Quality: Putting Power into the Hands of Regulators in Low-Resource Settings, October 2018 Emerging Lessons on Women’s Entrepreneurship in Asia and the Pacific: Case Studies from the Asian Development Bank and The Asia Foundation, October 2018 A Partnership Transformed: Three Decades of Cooperation between the Asian Development Bank and the People's Republic of China in Support of Reform and Opening Up, Published 2018 Measuring, Monitoring, and Operationalizing Quality of Growth: Implications for the People's Republic of China, October 2018 ASEAN+3 Bond Market Guide: Viet Nam, October 2018 Tax and Development: Challenges in Asia and the Pacific, Published 2018 Harnessing Technology for More Inclusive and Sustainable Finance in Asia and the Pacific, October 2018	ADB
	Philippine Defense Cooperation with Russia: A Wake-up Call for the United States? October 2018. Since the election of President Rodrigo Duterte in 2016, the Philippines has pursued an independent foreign policy aimed at gaining distance from the United States. President Duterte has called upon China and Russia for assistance in the modernization of the Armed Forces of the Philippines (AFP), much to the dislike of Washington. It must not be forgotten that the Philippines and the United States have a long-standing military alliance, established in various agreements: the 1951 Mutual Defense Treaty (MDT), Military Assistance Agreement, Visiting Forces Agreement, Cooperative Threat Reduction Agreement, and the Enhanced Defense Cooperation Agreement, to name a few...	EWC
	Promises of the “Book of Hope”: Influences on the New Malaysian Government, October 2018. As Malaysia’s new Pakatan Harapan (translating as “Book of Hope”) Government completes its first five months in office, its challenge has shifted from winning elections to governing the nation. Prior to May 9th, few would have expected that Pakatan Harapan’s manifesto – Buku Harapan or Book of Hope – would guide a new chapter in Malaysian politics. It is likely that its own crafters perceived electoral victory as more a distant hope rather than an assured reality. Yet with the defeat of the long-ruling Barisan Nasional (BN) coalition, Buku Harapan has become central to Malaysia’s new direction and priorities, continues to influence Malaysia’s governance, and can possibly alter power sharing arrangements in Malaysian politics...	EWC
	The Free and Open Indo-Pacific Strategy and Uncertainties for India & Japan, October 2018. The Trump administration has signaled its intention to engage closely with the Indo-Pacific by committing to new strategic investment initiatives and economic cooperation with Japan, India, Australia, and Mongolia. The concept of the Free and Open Indo-Pacific strategy (FOIP) is not new and was originally coined and reflected in Japan's forein policy strategy under the Abe administration. However, India and Japan continue to face some uncertainties over the nature of their engagement with the United States' vision of the FOIP. These uncertainties arise from lack of clarity over whether the FOIP would focus more on economic development or aim to develop into a security-oriented strategy for countering China...	EWC
	High Frequency Macroeconomic Forecasts Current Quarter Model: 2018Q4, October 2018. Real GDP is estimated to grow by 3.0% in 18Q3, when compared with the same period in 2017, moderate from the 3.5% growth in 18Q2. In 18Q4, real GDP growth is expected to moderate to 2.7% when compared with the same period last year. Comparing to the 3.8% growth in 2017, we expect Hong Kong GDP will moderate to 3.4% in 2018 as a whole, downward revised by 0.6 percentage point comparing to our previous forecast reflecting the impact of rising interest rate and the uncertainty of the US-China trade war...	HKU
	Monetary Authority of Singapore: Macroeconomic Review, Volume XVII, Issue 2, October 2018 (Full Report, Presentation Slides for Briefing): Monetary Policy Statement Chapter 1: The International Economy Chapter 2: The Singapore Economy Chapter 3: Labour Market and Inflation Chapter 4: Macroeconomic Policy Box A: Estimating A Monetary Policy Rule For Singapore Box B: Review Of MAS Money Market Operations In FY2017/18 Special Feature A Shifts In Asia's Demand And Production Structure: A Value-Added Approach Special Feature B The Impact Of Technological Progress On Inflation: A Review Special Feature C Understanding Current US Trade Policy Through The Lens Of History Special Feature D Market Versus Government: Welfare-Economic And Mesoeconomic Perspectives	MAS
	Singapore Corporate Debt Market Review 2018. Issuance volumes in Singapore’s corporate bond market increased significantly in 2017, on the back of the continued expansion in the global economy and the introduction of MAS’ Asian Bond Grant Scheme. Total debt issued rose 39% year-on-year to SGD 259 billion in 2017, from SGD 186 billion in 2016. Growth was driven by increased issuances of both SGD and non-SGD denominated debt securities. SGD debt securities issued reached a 5-year high of SGD 27 billion, catalysed by strong investor sentiment and issuers seeking to secure longer term funding ahead of the expected rate increases...	MAS
	2017 Singapore Asset Management Industry Survey, October 2018. At the end of 2017, total assets managed by Singapore-based asset managers grew strongly by 19% year-on-year to reach S$3.3 trillion, up from S$2.7 trillion in 2016. This has outpaced the past five years’ average growth rate of 15%. Singapore has maintained a high level of discretionary3 AUM at 53% in 2017, in line with the past five years’ average. Asset managers continue to view Singapore as a conducive place to conduct portfolio management activity. In 2017, there was a net increase of 55 registered and licensed fund managers. This brings the total number of registered and licensed fund managers to 715...	MAS
	MAS Survey of Professional Forecasters, September 2018. The Singapore economy expanded by 3.9% in Q2 2018 compared with the same period last year, similar to the median forecast reported in the June survey. In the current survey, year-on-year growth in Q3 2018 is expected to come in at 2.1%...	MAS
	Thematic Review of Credit Review Standards and Practices of Corporate Lending Business, October 2018. Banks are expected to actively manage their credit risks to ensure their credit portfolios remain resilient to vulnerabilities in the external environment. This would entail putting in place adequate credit risk management policies, as well as effective credit review and monitoring processes to identify and manage problem loans at an early stage. With this expectation in mind and against a backdrop of continuing uncertainties in the global macroeconomic environment, MAS conducted a thematic review of selected banks’ credit review standards and processes for their corporate loan portfolios between October 2016 and June 2017. The thematic review focused on assessing the banks’:..	MAS
	Enforcement, September 2018. This Monograph outlines the approach that the Monetary Authority of Singapore (“MAS”) takes towards enforcement, the role that enforcement plays in the wider objective of financial industry oversight and the key areas of MAS’ enforcement practice and powers across the financial industry. As Singapore’s financial industry grows in size and complexity, it is not possible to prevent all regulatory breaches. MAS recognises the need to have the capability to take swift action to investigate and punish serious misconduct, thereby deterring unethical and illegal behaviour. On 1 August 2016, MAS established a dedicated Enforcement Department to centralise MAS’ enforcement functions and capabilities in order to enhance consistency and expertise in the enforcement functions across the banking, insurance, capital markets and other sectors regulated by MAS...	MAS
	Latest APEC publications: APEC: Trekking the Road to Financial Inclusion, October 2018 Enhancing the Competitiveness of Women-led MSMEs in the Garments and Textile Sector through Innovation and Entrepreneurship, September 2018 Policies, Legislation, and Initiatives to Promote Access to ICTs for People with Hearing and/or Speech Impairment, June 2018 APEC FSCF Workshop on Trade Facilitation through the Recognition of Food Safety Systems Equivalence, September 2018 Workshop on Sustainable and Inclusive Investment Policies within the APEC Region, October 2018 Policy Review for APEC Low-Carbon Model Town Phase 7: Krasnoyarsk City, Russia, October 2018 Supporting the Development and Implementation of Low Emission Development Strategies in the Transport Sector, July 2018 GDPR and CBPR: Reconciling Personal Data Protection and Trade, October 2018	APEC


October, 2018

	Reinforcing Indonesia–Australia Defence Relations: The Case for Maritime Recalibration, October 2018. Indonesia and Australia are increasingly important strategic anchors in the Indo-Pacific region, as recognised by the recently announced Indonesia–Australia Comprehensive Strategic Partnership. Yet historically, bilateral defence ties between the two countries have been volatile. This Analysis makes the case for a maritime recalibration of Australia’s defence engagement activities with Indonesia to stabilise defence relations. The process of recalibrating defence relations, however, cannot proceed in a historical vacuum. The evolution of Australia’s Defence Cooperation Program (DCP) with Indonesia since the 1960s is examined in order to understand how the relationship could be recalibrated...	Lowy
	Batam: Life after the FTZ? October 2018. Once an island of high-tech production and turbo-charged growth, Batam’s economic fortunes have waned of late. The traditional pillars of the manufacturing sector have contracted, investment levels have fallen, the island’s growth rate is below the national average, and unemployment has increased sharply. In response, policy-makers are promoting the development of new sectors to diversify the island’s economic base. There are debates on whether Batam’s status should be changed from a Free Trade Zone (FTZ) to a Special Economic Zone (SEZ) to draw in more investment. This paper aims to contribute to the debates on how to revitalize the island’s economy...	ISEAS
	Education in Malaysia Towards a Developed Nation, September 2018 . Education plays a key role in realising Malaysia’s aspirations to be a developed nation. This paper provides a critical assessment of the state of education in Malaysia. The issues that will be discussed in this paper includes the country’s current ethos and philosophy of education, technical and vocational education (TVET), technology and flexible learning, and governance and financing of higher education. The paper also highlights critical omissions in the current Eleventh Malaysia Plan.	ISEAS
	Asian Development Outlook 2018 Update and Highlights. Developing Asia's gross domestic product is forecast to expand by 6.0% in 2018 and 5.8% in 2019. Consumer prices for 2018 and 2019 are projected to rise by 2.8%. Growth in developing Asia has so far held up against external headwinds. The forecast for rising inflation is tempered despite higher global fuel and food prices. Downside risks to the outlook are intensifying. Any escalation of the trade conflict could disrupt cross-border production links. While the region is expected to meet the Asian Development Outlook 2018 forecast of 6.0% growth in 2018, the projection for 2019 has been trimmed by 0.1 percentage points to 5.8%. Excluding Asia’s high-income newly industrialized economies, the region is expected to expand by 6.5% this year and 6.3% in 2019...	ADB
	Key Indicators for Asia and the Pacific 2018 (Full Report): Part I: Sustainable Development Goals Part II: Regional Trends and Tables Part III: Global Value Chains Key Indicators for Asia and the Pacific 2017 covers 48 economies: Afghanistan, Armenia, Australia, Azerbaijan, Bangladesh, Bhutan, Brunei Darussalam, Cambodia, China, Cook Islands, Fiji Islands, Georgia, Hong Kong, India, Indonesia, Japan, Kazakhstan, Kiribati, Republic of Korea, Kyrgyz Republic, Lao, Malaysia, Maldives, Marshall Islands, Micronesia, Mongolia, Myanmar, Nauru, Nepal, New Zealand, Pakistan, Palau, Papua New Guinea, Philippines, Samoa, Singapore, Solomon Islands, Sri Lanka, Taipei, Tajikistan, Thailand, Timor-Leste, Tonga, Turkmenistan, Tuvalu, Uzbekistan, Vanuatu, and Viet Nam.	ADB
	Asia Bond Monitor, September 2018. Local currency bond markets in emerging East Asia grew 3.2% from the first quarter of 2018, with government bonds expanded 4.0% and corporate bonds rose 1.8%. Local currency (LCY) bond yields in emerging East Asia diverged due to disparate monetary policy stances across the region and global economic uncertainties. In the People’s Republic of China (PRC), yields fell as the central bank reduced the reserve requirement ratios for some banks, while yields rose in Indonesia in response to its central bank’s monetary tightening and in the Philippines where the central bank raised policy rates in May and June...	ADB
	Latest ADB Publications: Technological Innovation for Agricultural Statistics: Key Indicators for Asia and the Pacific 2018 Special Supplement Banking on the Future of Asia and the Pacific: 50 Years of the Asian Development Bank, Published 2017 Macroeconomic Update: Nepal, September 2018 Kuznets Beyond Kuznets: Structural Transformation and Income Inequality in the Era of Globalization in Asia, Published 2018 Internet Plus Agriculture: A New Engine fro Rural Economic Growth in the People's Republic of China, September 2018 Infrastructure Financing in South Asia, September 2018 Aviation and the Role of CAREC: A Scoping Study, September 2018 Tax Reform in the United States: Implications for the People’s Republic of China, September 2018 Aging and Implications for Elderly Care Services in the People’s Republic of China, September 2018 Postal Savings: Reaching Everyone in Asia, Published 2018	ADB
	Latest ADBI Working Paper Series: Sectoral Labor Income Share Dynamics: Cross-Country Evidence from a Novel Data Set, September 2018 Export Boom, Employment Bust? The Paradox of Indonesia’s Displaced Workers, 2000–2014, September 2018 Globalization and Environment in India, September 2018 The Use of Financial Technology in the Agriculture Sector, September 2018 Regional Variations of Banking Services and Poverty Reduction: Evidence from Subdistrict Level Administrative Data of Bangladesh, September 2018 A Comparative Study on the Role of Public–Private Partnerships and Green Investment Banks in Boosting Low-Carbon Investments, September 2018 A “Cap and Invest” Strategy for Managing the Intergenerational Burden of Financing Energy Transitions, September 2018 Energy Market Liberalization for Unlocking Community-Based Green Finance, September 2018 Central Banking, Climate Change, and Green Finance, September 2018 Financial Strategy to Accelerate Green Growth, September 2018	ADB
	Latest ADB Working Paper Series: Traditional Procurement versus Public–Private Partnership: A Comparison of Procurement Modalities Focusing on Bundling Contract Effects, September 2018 The Changing Network of Financial Market Linkages: The Asian Experience, September 2018 Rationale and Institution for Public–Private Partnerships, September 2018 Is Employment Globalizing? September 2018	ADB
	Asian Development Review, Vol. 35, No. 2, 2018 (Full Report): This edition of the Asian Development Review brings together scholars who highlight the need for concrete and rapid actions to adapt to climate change. The latest Asian Development Review has a special issue on the climate change challenge to Asia’s development. Climate change may reverse the region’s economic development achievements since the second half of the 20th century and improvements in living standards. Eight articles in this issue highlight the need for concrete and rapid actions to adapt to climate change. Special Issue on The Climate Change Challenge to Asia’s Development Temperature Variability and Mortality: Evidence from 16 Asian Countries Does Climate Change Bolster the Case for Fishery Reform in Asia? An Economic Evaluation of the Health Effects of Reducing Fine Particulate Pollution in Chinese Cities Indonesia’s Moratorium on Palm Oil Expansion from Natural Forests: Economy-Wide Impacts and the Role of International Transfers Regional Crop Diversity and Weather Shocks in India Carbon Trading Scheme in the People’s Republic of China: Evaluating the Performance of Seven Pilot Projects Regional Cooperation on Carbon Markets in East Asia Fossil Fuel Subsidy Reform in the Developing World: Who Wins, Who Loses, and Why?	ADB
	Going Legit? the Foreign Policy of Vladimir Putin, September 2018. Vladimir Putin’s re-election for a fourth presidential term in May 2018 has enshrined his position as the dominant personality of the post-Soviet era. Over the next six years, there will be few major changes to Russian foreign policy. There is broad consensus in Moscow that this has been outstandingly successful, and that Russia has emerged as a formidable power. But alongside an overall sense of confidence, there is also caution and even anxiety. Putin recognises the importance of tactical flexibility in an international environment that is increasingly fluid and unpredictable. He is also aware that Russia’s foreign policy gains are fragile and potentially reversible, and that the country faces considerable obstacles in its quest to become a rule-maker in a new, post-American world order...	Lowy
	India's Continental Connect on Indo-Pacific and Quad 2.0, September 2018. No aspect of India’s contemporary foreign policy is debated as much as New Delhi’s approach towards the Quadrilateral consultative forum (popularly known as the “Quad”) vis-à-vis China. Prime Minister Narendra Modi’s speech at the Shangri-La dialogue on June 1, 2018 indicated that he was not deeming the Indo-Pacific as a “strategy” but viewing China and Russia as partners within the purview of India’s strategic autonomy. This has stimulated a debate about whether India’s approach towards Quad 2.0 is China bound or not. Modi’s attempt to rebuild New Delhi’s relationship with China post-Doklam has reinvigorated this debate...	EWC
	US-China Development Cooperation: New Bilateral Dynamics? September 2018. In recent years, the US-China relationship has been marked by competition. The two powers have been wrestling in the South China Sea and more recently in a trade war, attracting global attention. The development sector is a less well known aspect in bilateral relations. China’s rise as the largest emerging donor is challenging the traditional aid regime led by the United States and other developed nations. Chinese aid-spending has increased dramatically since 2000. Not being a member of the OECD Development Assistance Committee, China is not bound by the requirements of the institution, and insists on ‘common but differentiated responsibility.’ ...	EWC
	US-China Technology Competition is about “Self Transcendence”, September 2018. Eric Schmidt, then executive chairman of Alphabet, Google's parent firm, commented on China's AI ambition on November 1, 2017, in Washington DC: "By 2020 the Chinese will have caught up (to the United States). By 2025 they will be better than us. And by 2030 they will dominate the industries of AI." Not to miss the boat, about one and a half months later, Google announced its first major China move after its search engine left the mainland in 2010 — that it was opening a Google AI China Center in Beijing, its first in Asia, led by the Chinese-American scientist Feifei Li...	EWC
	Hard News and Free Media as the Sharp Edge of Australian Soft Power, September 2018. In this report, three Asia-Pacific media specialists have produced three perspectives on the history, dynamics and politics of funding of the ABC’s international efforts over the past two decades. They show that, while Australian politicians and ABC leaders themselves have been distracted by domestic and institutional issues, other state-owned media organisations—such as China’s—have expanded their footprint across Southeast Asia and the South Pacific. Australian Government decisions over the past decade haven’t just meant that Australia has trod water while this happened—in fact, we have stepped back and silenced broadcasts and local content while others have stepped up...	ASPI
	Too Big to Ignore. Assessing the strategic implications of China's Belt and Road Initiative, August 2018. This report identifies the management of one conundrum above all else as the key to the BRI’s fortunes from a Chinese perspective: the ability to retain sufficient support from the world’s governments and institutions as a means of both underpinning its business case and heading off the possibility of geo-economic and geostrategic competition...	ASPI
	Latest APEC publications: APEC Workshop on Energy Statistical and Geographic Information Systems - Summary Report, July 2018 Oil and Gas Security Indexation 2017 Update, September 2018 APEC Public-Private Dialogue to Advance Understanding on Non-Tariff Measures (NTMs) in Textile and Garment Industry, May 2018 Assessing the Economic Value of Natural Infrastructure in Coastal Ecosystems for Disaster Risk Reduction, Response and Coastal Resilience in APEC Region, February 2017 Regulatory Toolkit for Overloaded and Poorly Loaded Road Vehicles, December 2017 APEC Survey Report on Feasible Solutions for Food Loss and Waste Reduction, August 2018 Enhancing Regional Conformity Assessment to Ensure Successful ISO 50001 Standard Outcomes, August 2018 APEC Ministers-CEO LNG Dialogue: Promoting LNG Development and Trade in the Asia-Pacific Region, August 2018	APEC


September, 2018

	A Return to War: Militarized Conflicts in Northern Shan State, July 2018. Myanmar’s internal armed conflict erupted in 1948 just after it gained independence from Britain. The principle armed actors in Myanmar’s civil wars have involved the Myanmar Defense Services, or Tatmadaw, and dozens of armed resistance groups. In 2008, after decades of militarized violence under civilian and then military regimes, the Tatmadaw initiated political reforms which allowed for the transition to a quasi-democratic or hybrid regime. In 2011, the newly elected Union Solidarity and Development Party (USDP) government commenced engagement with ethnic armed organizations (EAOs) in an effort to resolve the long-running civil war. These efforts have been continued by the National League for Democracy (NLD)-led government since March 2016....	ISDP
	Air Warfare Destroyer - The Game-Changer, August 2018 is Robert’s second monograph for the ASPI case studies in defence projects series which brings out the human drama and dilemmas of decision-making in what is a multi-billion-dollar, high-stakes business to equip the Australian Defence Force. Our aim, which he delivers on superbly, is to present a balanced, ‘warts and all’ account of the challenges involved in getting these decisions right. There’s so much more to complex project management than simply cost, schedule and capacity. Robert shows how politics (both big and little p), technology, budgeting and the fallibility of human decision-making all intersect to make the defence capability development and acquisition business one of the most demanding of all public sector tasks...	ASPI
	Mice that Roar, August 2018. This report argues that over the past five years, there’s been an increase in coastguard and maritime border response capabilities across much of ASEAN. ASEAN states have primarily focused their new capabilities on enhancing physical presence patrols and response within their respective exclusive economic zones (EEZs). Coastguards have become important strategic cushions between navies in ASEAN. Underpinning this regional maritime strategic trend is an assumption that coastguard vessels are less threatening, in terms of their potential use of force, to the captains and crews of other nations’ vessels during unplanned encounters at sea...	ASPI
	Anti-Money Laundering. A Case Study, July 2018. The Australian Government’s technological monopolies have ended. Technological developments, especially those that have been disruptive, have been driven primarily by private corporations for at least the past 10 years. Meanwhile, legislative responses to those changes, be they disruptive or otherwise, have been increasingly delayed. Acceleration in the development and use of technology has been matched by changes in the capability of those who would do us harm. In the face of rapid social change, governments have lost more than a technological edge, as the very conceptualisations of sovereignty and geographical jurisdictions are being challenged...	ASPI
	National Security in the Philippines Under Duterte, June 2018. In May 2016, Rodrigo Duterte, the long-term mayor of Davao City, won a resounding victory in the Philippines national presidential election, becoming the country’s first elected leader from the conflict-ravaged province of Mindanao. He has since set in train a highly populist agenda that has seen internal security and stability as the main priority of his tenure. Central to that focus has been countering terrorism, ending longstanding armed insurgencies and addressing violent crime at home, while pursuing a flexible policy overseas that’s aimed at giving him sufficient time and space to deal with pressing domestic concerns...	ASPI
	Latest APEC publications: Effective Coalbed Methane (CBM) Recovery Technologies for APEC Developing Economies, July 2018 Promoting Innovative Green Financing Mechanisms for Sustainable and Quality Infrastructure Development in the APEC Region, August 2018 APEC Oil and Gas Security Exercise in Peru, May 2018 Project Report on the Five Years Construction of the First Low-Carbon Town - Yujiapu CBD, May 2018 Energy Security of APEC Economies and Changing Downstream Oil Environment, August 2018 Advanced Capacity Building for Mycotoxin Prevention and Control in Food and Feed Commodities in Asia-Pacific, July 2018 Best Practices on Standards and Conformity Assessment Implementation for Eco-Design Products in the APEC Region, June 2018 APEC Forum: Promoting Stakeholders' Building Capacities in Clusters and Local Economic Promotion Instruments, May 2018 APEC Energy Efficiency Policy Workshop 2018 Summary Report: Conformity Assessment Approaches, August 2018 SCE Fora Assessment: Counter- Terrorism Working Group, 2018 SCE Fora Assessment: Group of Friends on Disability, 2018 SCE Fora Assessment: Energy Working Group, 2018 SCE Fora Assessment: Human Resources Development Working Group, 2018 APEC Information Sharing Best Practices on Merger Control Regimes, July 2018 Investments in Natural Gas Supply Chain under the Low Price Environment, June 2018 Renewed APEC Agenda for Structural Reform (RAASR) - Mid-Term Review Report, August 2018 APEC's Ease of Doing Business – Interim Assessment 2015-2017, August 2018	APEC
	Indonesia's Economy: Between Growth and Stability, August 2018. Views of the Indonesian economy oscillate between optimism that it is set to become the world’s next economic giant and fear of renewed instability. Such views, however, get the story backwards. Indonesian policymakers have consistently prioritised stability over growth. The more concerning issue is that the economy is now heading into its fifth consecutive year of subdued growth. Although growth is solid at about 5 per cent a year, it is inadequate in terms of the job creation and economic modernisation required to meet Indonesia’s development needs and ambitions. The problems are structural...	Lowy
	ASEAN–Australia Relations: The Suitable Status Quo, August 2018. The first ASEAN–Australia Special Summit held in Sydney in March 2018 led some Australian commentators to advocate for Australia to join the Association of Southeast Asian Nations (ASEAN). Even if Australian membership could be made possible by changing the ASEAN Charter and achieving a consensus among ASEAN member states in favour of membership, it would not serve Australian interests in Southeast Asia as well as Australia’s current dialogue partner relationship with ASEAN...	Lowy
	Unregulated Population Migration and Other Future Drivers of Instability in the Pacific, July 2018. Unregulated population migration within the Pacific has serious security and stability implications for the region, including Australia and New Zealand. Drivers of unregulated population migration include non‑traditional security challenges such as changing environmental and climatic conditions, disaster management, food and water scarcity, and pandemics. Other drivers include man‑made stresses such as civil conflict and fragile and unstable governments, growing interest from external actors, and organised crime...	Lowy
	“Americanism, Not Globalism”: President Trump and the American Mission, July 2018. From the end of the Second World War, the dominant current of American exceptionalism in the rhetoric and outlook of US presidents has been the belief that the United States has a special mission to redeem the world by extending liberty and democracy to all peoples. However, President Donald Trump is an exception. He believes that in the post-Cold War era successive administrations in Washington have pursued reckless visions of regional or global hegemony — especially in the Middle East — leaving the home front to languish and the nation open to ridicule...	Lowy
	Australia-US Convergence on the "Indo-Pacific": AUSMIN 2018, August 2018. The AUSMIN meeting held last month brought together the US Secretary of State Mike Pompeo and Secretary of Defense James Mattis with the Australian Minister for Foreign Affairs Julie Bishop and Minister for Defense Marise Payne. Its Indo-Pacific focus was unmistakable. Whereas the 2017 AUSMIN Joint Declaration mentioned the “Indo-Pacific” but once and for the first time at AUSMIN, the 2018 Joint Declaration mentioned the “Indo-Pacific” 11 times; with the “Asia-Pacific,” the previously dominant term of strategic reference, unmentioned...	EWC
	India-Indonesia Relations and Indo-Pacific Security, August 2018. Though India and Indonesia do have long historical and cultural linkages, strategic partnership has been a recent development. The two share multiple common concerns, one of which pertains to China’s rapid rise and its intentions in the maritime theater. Since 2014, the government of Prime Minister Narendra Modi has been trying to boost India’s ties with many Southeast Asian countries as part of its ‘Act East Policy’ which was recently manifest in his visit to Indonesia in late May just ahead of his first-ever speech at the Shangri-La Dialogue in Singapore...	EWC
	Malaysia's Development Depends on International and Domestic Support for Maritime Connectivity, August 2018. Southeast Asia consists of two portions, mainland Southeast Asia and maritime Southeast Asia. More than 80 percent of the region’s surface is covered by the ocean, which means that maritime connectivity is crucial for the development of trade and transportation. The region contains several of the world’s busiest international sea lines of communication. Several major ports are located there, namely, the Port of Singapore and Port Klang and Port of Tanjung Pelepas (PTP) in Malaysia. The Strait of Malacca receives an average of 80,000 vessels annually...	EWC
	Unraveling China’s Investments in Malaysia, August 2018. China was not an important investor in Malaysia prior to 2012. However, after the announcement of “One Belt, One Road” (or OBOR) in late 2013 — subsequently renamed the Belt and Road Initiative (BRI) — Malaysia has increasingly attracted more investments from China. According to the Economist Intelligence Unit (EIU)’s China Going Global Investment Index, which ranks 59 major economies in terms of their attractiveness to Chinese firms, Malaysia’s ranking jumped up from 20th in 2015 to fourth in 2017. While the speed at which China’s investment has increased has attracted public attention and concern, there are other dimensions to China’s investment that may not be so obvious to the public eye...	EWC
	Malaysia's Defense Policy After the 2018 Elections, August 2018. The shocking election win by Malaysia’s opposition coalition in the country’s general elections in May raised the prospect of dramatic changes across Malaysia’s politics, economics, and society. But one of the other key areas of uncertainty is the security realm, and how Malaysia’s approach could shift over the next few years under the new Pakatan Harapan (PH) government currently led by Prime Minister Mahathir Mohammad...	EWC
	Malaysia's May 2018 General Election and Foreign Policy, August 2018. The 14th Malaysian General Elections (GE14) held in May saw the then main opposition alliance of Pakatan Harapan, together with an allied party from East Malaysia, win a surprising 121 of 222 Parliamentary seats, allowing them to form a simple majority government. Former Prime Minister Dr Mahathir Mohamad is once again leading the nation at the age of 92. The Barisan Nasional coalition, which ruled from even before independence, now sits on the opposition bench alongside the Islamist party PAS, while Barisan’s election allies from Sarawak in East Malaysia already have left the coalition to form an independent block of their own...	EWC
	Myanmar Opens a New Chapter in Dealing with Big Neighbor China, July 2018. Myanmar’s Shan state — the country’s biggest state — has a long border with China, and is on the cusp of becoming the axis of the China-Myanmar Economic Corridor (CMEC), part of China’s Belt and Road Initiative (BRI). It is home to the famed “Burma Road” which had been a lifeline for the Republic of China before and during WWII — a conduit for US war supplies to the beleaguered Chinese forces holding back a Japanese invasion. And long before it was the “Burma Road” the route had seen trade and invasion from China into Myanmar for centuries. Tea, opium, silver, and lead were among the commodities carried by mule caravans to Yunnan and beyond...	EWC
	Trends in Southeast Asia 2018 #19: Agriculture in Johor: What’s Left? Despite decades of industrialization, Johor remains an agricultural powerhouse. The state is Peninsular Malaysia’s largest contributor to agricultural gross domestic product, and its official agricultural productivity is Malaysia’s third highest. Johor’s agricultural strengths lie primarily in product specialization, namely the farming of oil palms, various fruits and vegetables, poultry, pigs, cut flowers, and ornamental fish. Johor’s production clusters have taken decades, if not centuries, to build up their regional dominance. Urbanization, often blamed for diminishing agriculture’s importance, has actually helped drive Johor’s farm growth, even until the present day...	ISEAS
	SME Policies and Performance in Malaysia, July 2018 This study aims to achieve two major objectives. First, to assess policies and initiatives implemented for the development of small and medium-sized enterprises (SMEs) in Malaysia from the Eighth Malaysia Plan (2001-2005) to the Eleventh Malaysia Plan (2016-2020) as well as the SME Masterplan (2012-2020). Second, to analyze the performances and contributions of SMEs in Malaysia. The study provides a critical analysis of the adequacy of the Eleventh Malaysia Plan for SME development including whether the targeted goals for SMEs towards 2020 can be achieved...	ISEAS
	Latest ADBI Working Paper Series: Bank of Japan’s Exchange-Traded Fund Purchases as an Unprecedented Monetary Easing Policy, August 2018 The Impact of Increased Import Competition from the People’s Republic of China on Income Inequality and Household Welfare in Viet Nam, August 2018 Green Energy Finance in India: Challenges and Solutions, August 2018 Financial Barriers to Development of Renewable and Green Energy Projects in Asia, August 2018 Implications of Fiscal and Financial Policies for Unlocking Green Finance and Green Investment, August 2018 Stimulating Non-Bank Financial Institutions’ Participation in Green Investments, August 2018 Breaking Par: Short-Term Determinants of Yen-Dollar Swap Deviations, August 2018 Financial Inclusion, Regulation, and Literacy in Uzbekistan, August 2018 Credit Risk Reduction Effect on Small and Medium-Sized Enterprise Finance through the Use of Bank Account Information, August 2018 Financing Solar Photovoltaic Transitions: From Utility to Residential Market Adoption in Emerging Economies, August 2018 Managing Credit Risk and Improving Access to Finance in Green Energy Projects, August 2018 Land Acquisition and Infrastructure Development through Land Trust Laws: A Policy Framework for Asia, August 2018 An Overview of Islamic Banking and Finance in Asia, August 2018 High-Speed Railway, Market Access, and Economic Growth, August 2018	ADB
	Latest ADB Economics Working Papers: The People’s Republic of China’s Long-Run Growth through the Lens of the Export-Led Growth Model, August 2018 An Empirical Analysis of Factors Influencing Project Financing by Banks of Infrastructure Public–Private Partnership Projects in Select Asian Economies, August 2018 Public-Private Partnership Development in Southeast Asia, August 2018 Determinants of Public–Private Partnerships in Infrastructure in Asia: Implications for Capital Market Development, August 2018 Deriving Macroeconomic Benefits from Public–Private Partnerships in Developing Asia, August 2018 Asia’s Industrial Transformation: The Role of Manufacturing and Global Value Chains, August 2018 Asia’s Industrial Transformation: The Role of Manufacturing and Global Value Chains - Part 1, August 2018 Hazard Analysis on Public–Private Partnership Projects in Developing Asia, August 2018	ADB
	Latest ADB Publications: Building Food Security in Asia through International Agreements on Rice Reserves, August 2018 Kazakhstan: Accelerating Economic Diversification - Highlights, August 2018 Kazakhstan: Accelerating Economic Diversification, August 2018 ADB Strategy 2030: Achieving a Prosperous, Inclusive, Resilient, and Sustainable Asia and the Pacific, July 2018 A Comparative Analysis of Tax Administration in Asia and the Pacific: 2018 Edition, July 2018 The Impact of Nationally Determined Contributions on the Energy Sector: Implications for ADB, July 2018	ADB


August, 2018

	International Journal of Korean Studies, Volume XXI, Number 2, 2017 Prospects for Regime Change in North Korea "The Best Possible Sanction:" Kim Jong-un and the Quest for Credible Nuclear Deterrence The United Nations Development Programme and the two Koreas The United Nations Command and the Sending States The North Korean Air Force at 70: A Declining or Evolving Threat? General Shin Hyun-joon, Father of the Marine Corps	IJKS
	Study on Single Window Systems' International Interoperability: Key Issues for Its Implementation, August 2018. This paper discusses the general framework of Single Window System International Interoperability (SWSII) by introducing common concepts and the ten SWSII principles, the latter being uniquely formulated for this particular study. With only a handful Regional Single Window (RSW) implementations globally, it reviews ASEAN, the Pacific Alliance and RADDEx by outlining common themes and translating them into lessons learned. It also showcases the single window journeys of three economies namely Australia, Indonesia and Peru. These economies are at different stages of their SWS and SWSII initiative, but yet demonstrate the benefits of effective, efficient and reduced cost of trade across the milieu...	APEC
	Financing Food Value Chain, June 2018. Following an earlier policy brief that looks at various services in a food value chain, this policy brief delves deeper into one of them – financial services. The brief begins by describing a value chain example and identifying where and what types of financing are typically needed. It then discusses various financing instruments or financing structures that are used by financial services suppliers to grant financing. Finance structures usually vary depending on the risks they are trying to mitigate. The brief also reviews the challenges of getting finance, followed by discussion on risks and insurance in the food value chain and finally on policy implications.	APEC
	China’s Local Governments and Small Enterprises as Overseas Investors, July 2018. Xi Jinping is widely seen as being China’s most powerful leader since Deng Xiaoping and perhaps since Mao. While it is right and prudent to focus on what Xi says and does (and loudly says that he wants), there is a danger that analysis of China’s trajectory and international impact is becoming too Xi-centric. Even if observers are not specifically fixated on what Xi as an individual wants, they may nevertheless be overly focussed on the goals and ambitions of the central Chinese state, and overlook the interests and objectives of actors below the national level. Take the expansion of Chinese overseas investment as an example. The actions of Chinese companies overseas are often perceived as an illustration of Chinese economic statecraft, with companies acting on behalf of the state to attain strategic objectives...	EWC
	Thailand’s Political Dynamics and the Consequences for Regional Economic Integration, July 2018. Thailand will assume the chair of the Association of Southeast Asian Nations (ASEAN) in 2019. As the chair has the ability to set forth certain regional agendas, the Kingdom’s vision and positions will affect not only economic integration within ASEAN, but also the bloc’s economic relations with non-ASEAN players. History teaches us that a state’s domestic political dynamics can significantly alter its foreign economic policies. Will this be the case for Thailand? Although the country’s GDP grew by 4.8% in the first quarter of 2018 – the fastest rate since 2013 — this upturn did not increase the junta’s popularity among the Thai public. For one thing, the distribution of benefits were uneven...	EWC
	Economic Pragmatism and Regional Economic Integration: The Case of Cambodia, July 2018. Cambodia’s foreign policy strategy has been chiefly shaped and driven by “economic pragmatism,” meaning the alignment of foreign policy with economic development interests. The Cambodian government’s two main approaches to regional economic integration are (1) transforming the international environment into a source of national development and (2) diversifying strategic partnerships based on the calculation of economic interests. International economic cooperation and regional integration are key principles of Cambodia’s foreign policy, which emphasizes shared development and win-win cooperation...	EWC
	Constraints to India’s Support for Regional Economic Integration, July 2018. In February 2018, India regained its position as the fastest growing large economy in the world, growing at more than seven percent for three preceding quarters and surpassing China. However, despite support for sub-regional integration in the Bay of Bengal region, the prospect that India will lead the charge on regional integration or even play a central role in efforts in Asia overall, remains dim. Several constraining factors, many of which have to do with India’s domestic political economy, make such a leadership role unlikely. Pushback from interest groups, India’s federal structure and the ruling party’s nationalist rhetoric are among several that shape India’s approach to economic liberalization in general and regional integration in particular...	EWC
	Chinese Investment & Workers in Indonesia’s Upcoming Elections, July 2018. As China steps up its investments in Indonesia, more Chinese workers are migrating there, creating resentment among the local population. This could become an important and destabilizing issue in the context of Indonesian elections to be held in April 2019. While the Indonesian Ministry of Manpower records only around 25,000 Chinese workers overall in the country, discredited reports circulating online claiming that millions of Chinese workers are flooding into the Indonesian job market have in recent years sparked major public debates about the role of Chinese workers in the country. The most recent debate took place from March to May 2018, when President Joko Widodo (popularly known as Jokowi) issued a presidential regulation simplifying existing procedures for foreigners wanting to work in Indonesia...	EWC
	The Domestic Political Impact of Rapid Economic Change in the Indo-Pacific Region, July 2018. Nowhere in the world are these impacts more visible and more dynamic than in the nations of the Indo-Pacific, many of which will hold elections within the next year. These challenges are not new, but they have intensified. Beginning in the 1980s, the revolution in communications technology and the advent of large-scale container shipping swept across East and Southeast Asia, connecting people and markets as never before. In the 1990s, burgeoning production networks linked the more competitive and investment-friendly developing economies—such as Singapore, Thailand, Malaysia, South Korea, and Taiwan—with world markets, leaving more closed economies such as Laos, Myanmar, and India lagging behind...	EWC
	Trends in Southeast Asia 2018 #18: U.S. Relations with Southeast Asia in 2018: More Continuity Than Change. The United States maintains a comprehensive and robust presence throughout Southeast Asia that has grown dramatically since the 1980s. It includes the commercial, security, education and diplomatic, and other domains. America’s strengths and contributions to the region lie particularly in both hard and soft power, but the U.S. economic footprint is both broad and deep. However, this presence is not very well appreciated or reported by regional media — whereas China’s presence and influence is pervasive. Most Southeast Asian governments are often reluctant to recognize or publicize the U.S. presence or contributions to regional security, stability, and growth...	ISEAS
	Trends in Southeast Asia 2018 #17: The Private Healthcare Sector in Johor: Trends and Prospects. The future of the private healthcare in Johor and in the Iskandar Malaysia (IM) special economic zone in particular is intimately tied to larger property developments and trends in the region, both because private healthcare developers are increasingly the same as property developers and because IM’s future population growth relies heavily on corporate settlement in IM and the jobs that such settlement generates. Volatility in corporate investment and settlement in IM may have significant consequences for the sector’s development. The Federal and Johor State Governments intend to turn IM into a world-class private healthcare destination for local residents and foreign visitors alike. A range of strategies and policies have been launched to develop IM’s medical care, aged care, and lifestyle and well-being sectors...	ISEAS
	Trends in Southeast Asia 2018 #16: Developing Eastern Johor: The Pengerang Integrated Petroleum Complext. The Pengerang Integrated Petroleum Complex (PIPC) is a huge development that has emerged on the east coast of Johor. Comprising Petronas’ largest refinery facility and numerous ancillary and supporting industrial areas, it is pegged to diversify Malaysia’s petrochemical industry and reap the benefits of the area’s fortunate position on international maritime trade routes. While initial responses to the PIPC development were of concern for Singapore’s oil and gas business, the island-nation’s long reputation and position in the industry means that the PIPC has some steep learning curves to traverse before coming on par with its southerly neighbour. However, the PIPC is likely to provide a solution to Singapore’s limitations in terms of costly services and limited land space. It may also rejuvenate an industry now seen by some SMEs to be somewhat stagnant...	ISEAS
	Trends in Southeast Asia 2018 #15: State Formation in Riau Islands Province. The formation of the Riau Islands Province (RIP) in 2002 is argued to be part of a broader trend of pemekaran (blossoming) that saw the creation of seven new provinces and more than 100 new districts throughout Indonesia after the fall of the New Order. This article argues that the main motivation for these subnational movements was a combination of rational interests and cultural sentiments. In the case of RIP, rational interests involved struggles over unfair distribution of power and resources, including the way development under the control of (mainland) Riau Province had been detrimental to the peripheral and archipelagic people of Riau Islands...	ISEAS
	Asian Development Outlook 2018 Supplement: The Outlook Remains Stable, July 2018. Developing Asia is largely on track to meet growth expectations as set out in April in Asian Development Outlook 2018 (ADO 2018). The regional gross domestic product (GDP) is forecast to expand by 6.0% in 2018 and 5.9% in 2019, the rate envisaged in April, with subregional forecasts upgraded for Central Asia. Regional growth forecasts are maintained at 6.5% for 2018 and 6.4% for 2019 when excluding the newly industrialized economies of Hong Kong, China; the Republic of Korea; Singapore; and Taipei,China. The combined growth forecast for the major industrial economies—the United States (US), the euro area, and Japan—is retained from ADO 2018 as growth in the US and the euro area remains robust. In Japan, though, unanticipated contraction in the first quarter (Q1) prompts a slight revision of the 2018 growth...	ADB
	Asia Bond Monitor, June 2018. Emerging East Asia’s local currency bond market registered marginal growth of 1.1% quarter-on-quarter in the first quarter of 2018 to reach a size of USD12.8 trillion at the end of March. Significant bond inflows were noted in emerging East Asia at the beginning of 2018, with all markets with available data recording inflows due to positive investor sentiment. Yields in emerging East Asia trended upward between 1 March and 31 May amid global economic expansion and tightening United States (US) monetary policy. However, as the US continued its policy normalization in Q1 2018, emerging East Asia currencies depreciated, which led foreign investors to reduce their exposure to the region...	ADB
	Pacific Economic Monitor, July 2018. Access to electricity is low in the Pacific, particularly in the more remote and less developed parts of the subregion. Factors contributing to this include dependence on costly fossil fuels for power generation, inadequate investment in infrastructure, and electricity services that may be beyond the means of poorer rural households. To help address these challenges, most Pacific governments are taking steps to shift toward renewable energy and ultimately meet ambitious targets under international climate change commitments. Further, they have made strategic investments in more effi cient transmission networks, and better collection and payment systems...	ADB
	Fiscal Policy Conditions for Government Budget Stability and Economic Recovery: Comparative Analysis of Japan and Greece, July 2018. In the literature on fiscal sustainability, the Domar condition and Bohn’s condition are often used to check whether a government’s debt situation is in a dangerous zone. We first show that the Domar condition is obtained only from the government budget constraint (namely the supply of government bonds) and does not take into account the demand for government bonds. Second, we reveal that Bohn’s condition does not satisfy the condition of economic stability: even if this is satisfied, economic recovery may not be achieved. We propose a new condition that satisfies both the stability of the government budget and the recovery of the economy...	ADB
	Financial Inclusion, Financial Regulation, Financial Literacy, and Financial Education in the Kyrgyz Republic, July 2018. While financial inclusion is considered one of the key drivers of development today, it is quite new to the Kyrgyz Republic. The Kyrgyz Republic attempted to introduce the notion of financial inclusion after a violent power shift in 2010. The economy experienced an overall decline, the banking sector shrank, and financial intermediation slowed down. The National Bank introduced a number of regulatory measures to tighten the supervision of the financial sector and increase consumer protection. Some of the efforts have worked well: the banking sector has rebounded, savings have been mobilized, and financial markets have started developing. However, national development patterns, such as unstable economic growth, a high poverty rate, and weak governance are the key vulnerabilities for increasing inclusivity of financial products and services...	ADB
	Latest ADB Publications: Wealthy But Unhealthy: Overweight and Obesity in Asia and the Pacific: Trends, Costs, and Policies for Better Health, Published 2018 Inclusive Business Market Scoping Study in the People's Republic of China, June 2018	ADB


July, 2018

	High Frequency Macroeconomic Forecasts Current Quarter Model: 2018Q3, July 2018. According to its High Frequency Macroeconomic Forecast, real GDP is estimated to grow by 4.4% in 18Q2, extending the strong 4.7% GDP growth in 18Q1, reflecting high domestic demand. In 18Q3, real GDP growth is expected to moderate to 3.9% when compared with the same period last year. Comparing to the 3.8% growth in 2017 as a whole, we expect Hong Kong’s GDP will grow at faster pace at 4.0% in 2018...	HKU
	Virginia Review of Asian Studies 2018.	VRAS
	Raising Additional Buyer's Stamp Duty Rates and Tightening Loan-to-Value Limits to Promote a Stable and Sustainable Property Market, May 2018. In this paper, we introduce the Makan Index as a measure of the cost of eating out. This measure was built on survey data (n = 2,389) collected using a standard set of food items across 26 (URA) planning areas in Singapore, focusing on only three types of eating places: coffee shops, hawker centres and food courts. The Index was then compared across different planning areas and its correlation with socioeconomic characteristics of the planning areas was analysed. The results of this study show that the cost of eating out differs across planning areas...	IPS
	Religion and the Secular State in Uzbekistan, June 2018. Major political and economic reforms have been initiated since Shavkat Mirziyoyev became the country’s President in fall 2016. The interaction between state and religion has been part and parcel of this reform process. This area is a contentious one, rife with confusion. Many consider Central Asia peripheral to the Muslim world, but in fact the territory of present-day Uzbekistan occupies a central position in the history and development of the religion. The intellectual effervescence of the region a millennium ago, which has recently been dubbed the “Lost Enlightenment,” included advances in both science, philosophy and theology, as well as the rise of Islamic mysticism...	ISDP
	Australia in Space: Views from The Strategist, June 2018. The first of July 2018 marks an important day for Australia’s quest to become a more important actor in space, with the creation of an Australian Space Agency under the leadership of Megan Clark. For the first time, Australia looks to have direction, coordination and focus in its endeavours beyond earth. Understanding what this means for Australia is the focus of this report. The decision to boldly go into space marks an important step forward for Australia, which traditionally has been content to be dependent on foreign providers for space capability...	ASPI
	ASEAN’s Role in the US Indo-Pacific Strategy, June 2018. Kavi Chongkittavorn, Visiting Fellow at the East-West Center in Washington, explains that “All in all, it is incumbent on ASEAN to reach out to the United States, Japan, India, and Australia.” Ever since US President Donald Trump announced the Indo-Pacific strategy at the Asia-Pacific Economic Cooperation leaders’ meeting in November, 2017 at Danang, Vietnam, the leaders from of the 10 member countries of the Association of Southeast Asian Nations (ASEAN), have been anxious trying to figure out what it really means and to understand the possible long-term regional implications...	EWC
	Getting Singapore in Shape: Economic Challenges and How to Meet Them, June 2018. The transformation of the Singapore economy over the past five decades has been impressive, producing rapid economic growth and delivering extraordinary improvements in social welfare. During that period, Singapore has evolved into a developed economy with multiple engines of growth including globally competitive manufacturing clusters, one of the world’s pre-eminent financial and transportation centres, and the location for regional or global headquarters of major corporations...	Lowy
	Trends in Southeast Asia 2018 #14: Pancasila and the Challenge of Political Islam: Past and Present. Islam has become an important symbol in post-Suharto Indonesia, and political figures or parties feel they cannot afford to be seen to be against the religion or be considered unfriendly to it. Islamism emerges to challenge Pancasila (or cultural pluralism) again. Islamists already challenged Pancasila soon after Indonesian independence. But during that initial era under Sukarno, this challenge was already under control. Under Suharto, Pancasila as an ideology was effectively used to govern Indonesia, and political Islam was suppressed. However, Suharto began to co-opt Islamic political leaders during the last decade of his rule...	ISEAS
	Trends in Southeast Asia 2018 #13: The “Free and Open Indo-Pacific” and Implications for ASEAN. In recent times, the United States, Japan and Australia have all promoted extremely similar visions of a Free and Open Indo-Pacific as the central organizing concept to guide their efforts in the region. The concept is essentially a reaffirmation of the security and economic rules-based order which was cobbled together after the Second World War — especially as it relates to freedom of the regional and global commons such as sea, air and cyberspace, and the way nations conduct economic relations. Be that as it may, the Free and Open Indo-Pacific is an updated vision of collective action to defend, strengthen and advance that order. It signals a greater acceptance by the two regional allies of the U.S. of their security burden and takes into account the realities of China’s rise and the relative decline in dominance of the U.S...	ISEAS
	Trends in Southeast Asia 2018 #12: Living on the Edge: Being Malay (and Bugis) in the Riau Islands. In Indonesia’s Riau Islands Province — a place envisioned as a distinctly “Malay Province” upon its legal formation in 2002 — ethnic Malays are the proud heirs and custodians of a rich legacy associated with a once-sprawling Malay empire that stretched across present-day transnational borders from Indonesia, to Singapore, to Malaysia. Malays of Bugis descent have long played a disproportionately central role in the history (and the historiography or “history-telling”) of the region that now encompasses Indonesia’s Riau Islands Province. While steadfastly “Malay”, members of this community readily acknowledge that their ethnically Bugis roots maintain an enduring historical and ideological salience in their everyday lives...	ISEAS
	Trends in Southeast Asia 2018 #11: Indonesia and China’s Belt and Road Initiatives: Perspectives, Issues and Prospects. For Indonesia, which is keen to accelerate its infrastructure development, Belt and Road Initiative (BRI) is seen as an opportunity to tap into China’s huge financial resources and technological capability. There has however been no concrete BRI project agreed to between China and Indonesia so far. While China considers all projects, including infrastructure projects and economic interactions as part of BRI, Indonesia only considers those infrastructure projects initiated during the Xi Jinping period as BRI projects...	ISEAS
	Financial Inclusion, Financial Literacy, and Financial Education in Georgia, June 2018. Georgia is outperforming developing Eastern European and Central Asian countries in terms of access to finance but is very much behind in terms of usage of financial products and technologies. We provide a comprehensive overview of the current state of financial inclusion and financial literacy in Georgia based on the latest literature, statistical evidence, and recent surveys. We review current government policy initiatives and strategy documents aimed at improving financial access of SMEs and households; analyze the state of the regulatory framework in Georgia; focus on the causes behind the current low levels of financial inclusion and financial literacy among the young, the poor, and the rural population; and provide policy recommendations to comprehensively address the financial inclusion problem in Georgia.	ADB
	International Outsourcing, Environmental Costs, and Welfare, June 2018. Firms in the North remain unaccountable for the environmental costs of outsourcing; tight environmental regulations and international cooperation are needed to improve environmental conditions in outsourcing sites in the South. We explore the welfare consequences of international outsourcing in the presence of resulting environmental damage in a three-stage model of North–South trade. In stage 1, outsourcing firms in the North (e.g., United States and Europe）cause environmental damage to the vendor country in the South, as exemplified by the People’s Republic of China. But, as its primary goal, the South pursuing economic development is willing to bear the costs of environmental degradation...	ADB
	Financial Inclusion, Regulation, Financial Literacy, and Financial Education in Tajikistan, June 2018. Tajikistan has a long way to go to for its population to achieve sufficient understanding of different financial products. We analyze financial inclusion, literacy, and education in Tajikistan. We discuss the progress in financial inclusion and the sector’s response to the major external shock associated with the sharp fall in Tajik labor migrants’ remittances. We analyze the policies dealing with different aspects of financial inclusion with a focus on the regulatory framework, penetration of new financial technologies, and the existing barriers to inclusion; and we give recommendations on how to improve financial inclusion and financial literacy in the country.	ADB
	Deep Economic Integration and State Capacity: A Mechanism for Avoiding the Middle-Income Trap? June 2018. Exiting the middle-income trap requires costly improvements in state capacity. Can deep economic integration increase state capacity and, if so, how? This paper provides a conceptual framework, new measurement, and evidence. Focusing on a panel of European Union membership candidate countries, this paper documents the large variation in the evolution of state capacities and empirically identify key links and implementation sequences. The main result is the centrality of an intricate relationship between bureaucratic independence and judiciary capacity. Change in these two is a precondition for increasing internal and external competitions, which are key factors for successfully escaping the middle-income trap.	ADB
	Latest ADB Publications: Pacific Energy Update 2018 Asian Development Bank Sustainability Report 2018 Building Resiliency in the Pacific, Published 2018 Building Bridges: Lessons from Problem-Solving in Viet Nam, Published 2018 Inclusive Business in the Asia–Pacific Economic Cooperation, June 2018 Closing the Financing Gap in Asian Infrastructure, June 2018 Decision Makers' Guide to Road Tolling in CAREC Countries, June 2018 Embracing E-commerce in Asia and the Pacific, June 2018 Tourism as a Driver of Growth in the Pacific: A Pathway to Growth and Prosperity for Pacific Island Countries, June 2018 Trade Costs, Time, and Supply Chain Reliability, June 2018 ICT for Better Education in the Pacific, May 2018	ADB
	Latest APEC publications: Case Studies: Assessing the Economic Value of Natural Infrastructure in Coastal Ecosystems in the APEC Region, June 2018 Workshop on Electromobility: Infrastructure and Workforce Development, May 2018 Promotion Plan for Green Buildings with Cost-effective Renewable Energy Supply Solutions in the APEC Region, April 2018 Guidelines toward High Biodiesel Blend Diesel (eg B20) Specification in the APEC Region, April 2018 Technical Solution Package for Renewable Energy Supply for Green Buildings, April 2018 Sustainable Water Use and its Contribution to Food Security: Smallholders' Experiences and Recommendations, April 2018 Casebook of Infrastructure Build Back Better from Natural Disasters, March 2018	APEC


June, 2018 Current

	Instability in the Pacific Islands: A Status Report, June 2018. The Pacific Islands are highly diverse in political status, population, development, migration prospects, and potential for instability. Resilience is most under challenge in western Melanesia: Papua New Guinea, Solomon Islands, and Vanuatu are states-in-formation characterised by extraordinary linguistic and group diversity giving rise to weak consciousness of nationhood. Fiji is different: a weak democracy but a strong state. Many observers see increasing tensions, disputes, and violence over land in Pacific urban areas as people’s traditional connections with rural villages diminish and landlessness becomes more common...	Lowy
	Trump, Kim and the North Korean Nuclear Missile Melodrama, May 2018. As the leaders of the United States and North Korea prepare to meet for the first time, the North Korean nuclear issue sits delicately poised between crisis and breakthrough. Under the Trump presidency, North Korea’s scripted brand of hyperbole and brinksmanship is encountering the political theatre of President Donald Trump. Any US president confronted by a direct threat from North Korean nuclear missiles would treat it as a first-order security challenge. Yet Donald Trump’s “maximum pressure” campaign, and showmanship, have also elevated North Korea’s regional melodrama in ways that potentially advantage Kim Jong-un. Even if it fails to yield any tangible outcomes, meeting a serving US president would still be hugely beneficial to Pyongyang as a means of strengthening Kim’s domestic and international position, particularly in respect of its chronic legitimacy deficit in the inter-Korean comparison...	Lowy
	India's Role is Key for Including Central Asia in Japan's Free and Open Indo-Pacific Strategy, May 2018. Central Asia has become an increasingly important region for the international community including Japan. Tokyo initially pursued bilateral relationships with each of Central Asian country through its “Silk Road Diplomacy” in the late 1990s, but started to strengthen the relationships by initiating the multilateral “Central Asia plus Japan” Dialogue in 2004. Since then, Japan has strived to become a “catalyst” for regional cooperation that would enable the Central Asian countries to achieve “open, stable and autonomous development.” A more developed and secure Central Asia is also expected to provide Tokyo with a reliable alternative source of energy supply such as oil, natural gas and rare earth metals including uranium...	EWC
	Making Sense of the Indo-Pacific Strategy: An Inheritance from the Past, May 2018. The term “Indo-Pacific” has gained wider currency as the Trump administration promotes the Indo-Pacific Strategy as its flagship policy towards the region. Since the substance of this strategy has yet to be made clear, one could easily make speculations that the Indo-Pacific Strategy is a “containment policy” towards China given the emphasis the new National Defense Strategy has given to great power competition...	EWC
	The 32nd ASEAN Summit’s Economic Priorities and Implications for US-ASEAN Economic Relations, May 2018. The leaders of the ten member countries of the Association of the Southeast Asian Nations (ASEAN) gathered at the 32nd ASEAN Summit in Singapore from April 25th - 28th, 2018 under the theme of “Building a Resilient and Innovative ASEAN.” Among the economic cooperation priorities agreed to were the continued advancement of the ASEAN Economic Community (AEC), pursuit of the Regional Comprehensive Economic Partnership (RCEP), and establishment of an ASEAN Smart Cities Network (ASCN)...	EWC
	The Next Big Grey Thing - Choosing Australia's Future Frigate, May 2018. The SEA 5000 Future Frigate program has three separate broad objectives. The first is to replace the Anzac-class frigates from the mid-2020s, providing the RAN with a new class of warship with the desired capabilities. The second is industrial: faced with a steady loss of shipyard jobs over the past few years, the Australian Government wants work at the ASC Shipyard in South Australia to begin early in the 2020s. The third objective is to set up a continuous shipbuilding program that will continue to deliver locally built vessels in perpetuity, with an eye to being able to export systems, components or perhaps even warships in the future...	ASPI
	Territorial Complementarities and Competition for Oil and Gas FDI in the SIJORI Growth Triangle, May 2018. After the initial euphoria, the SIJORI Triangle - formed by Singapore, Johor (Malaysia) and Riau Islands (Indonesia) - seems to have been completely forgotten. The growth triangle concept was initiated to enhance foreign investment. This paper aims to explore whether firms in the oil and gas industry are really strategically making use of the different factor endowments accessible in close spatial proximity. Based on FDI data and expert interviews, Singaporean firms are taking strategic advantage of the different factor endowments, especially in storage and offshore equipment manufacturing. However, Johor and Riau Islands still focus on lower value-added activities...	ISEAS
	Latest ADBI Working Paper Series: Dismissal Laws, Innovation, and Economic Growth, May 2018 Adjustment to Trade Opening: The Case of Labor Share in India's Manufacturing Industry, May 2018 Young Enterprises and Bank Credit Denials, May 2018 Financial Inclusion, Regulation, Financial Literacy, and Financial Education in Armenia, May 2018 Financial Inclusion, Financial Literacy, and Financial Education in Azerbaijan, May 2018 Cross-Border Portfolio Investment and Financial Integration in Asia and The Pacific Region, May 2018 Green Energy Finance in Australia and New Zealand, May 2018 Capital Skill Substitutability and the Labor Income Share: Identification Using the Morishima Elasticity of Substitution, May 2018 Assessing the Effectiveness of IMF Programs Following the Global Financial Crisis: How Did It Change Since the Asian Crisis? April 2018 The Impact of Monetary and Tax Policy on Income Inequality in Japan, April 2018 Empirical Analysis of Factors Influencing Price of Solar Modules, April 2018 Heterogeneous Effects of Migration on Child Welfare: Empirical Evidence from Viet Nam, April 2018 Three Generations of Changing Gender Patterns of Schooling in the People’s Republic of China, April 2018 A Framework to Study the Role of Structural Transformation in Productivity Growth and Regional Convergence, April 2018	ADB
	Latest ADB Economics Working Papers: Global Banking Network and Regional Financial Contagion, May 2018 Do Information and Communication Technologies Empower Female Workers? Firm-Level Evidence from Viet Nam, May 2018 Constructing the Asia-Pacific Regional Cooperation and Integration Index: A Panel Approach, May 2018	ADB
	Other ADB Publications: ASEAN+3 Bond Market Guide: Republic of Korea, May 2018 Basic Statistics 2018 Mission Incomplete: Reflating Japan's Economy, May 2018 Public Financial Management Systems – Indonesia: Key Elements from a Financial Management Perspective, May 2018 Migration and Remittances for Development in Asia, May 2018 Overcoming Public Sector Inefficiencies toward Universal Health Coverage, May 2018 Unique Health Identifier Assessment Tool Kit, May 2018 Guidance for Investing in Digital Health, May 2018 Global Shocks and the New Global and Regional Financial Architecture: Asian Perspectives, Published 2018 Increasing Benefits Through Economic Corridor Development in the Lao People’s Democratic Republic, April 2018	ADB
	Latest APEC publications: APEC at a Glance, 2018 Closing the Gaps in Good Manufacturing Practices Compliance along the Blood Supply Chain in APEC Economies, May 2018 APEC Regional Trends Analysis: Trade, Policy, and the Pursuit of Inclusion, May 2018 Services and the Food System, May 2018 Research Outcomes: Summary of Research Projects 2017, May 2018 APEC Low Carbon Model Town (LCMT) Project Phase 7: Feasibility Study for Krasnoyarsk City, April 2018 Challenges for Water and Food Security in the APEC Region: Water Governance in a Context of Climate Change, April 2018 Guidebook for the Development of Sustainable Cities Focusing on Resource Circulation and Waste Management, April 2018 2017 PSU Annual Report, April 2018 Voluntourism Best Practices: Promoting Inclusive Community-Based Sustainable Tourism Initiatives (Final Report), February 2018 Voluntourism Best Practices in the Asia-Pacific Region: Promoting Inclusive Community-Based Sustainable Tourism Initiatives, February 2018 Study Report on Environmental Provisions in APEC Member Economies' FTAs/RTAs, November 2017	APEC


May, 2018

	Shifts in ROK Approaches to the DPRK Under President Moon, May 2018. South Korean President Moon Jae-in has just completed his first year in office and what an eventful year it has been. Over the past twelve months, the world witnessed a sharp escalation of tensions between the two Koreas which saw the peninsula reach the brink of war, and then just as rapidly, these tensions de-escalated, ushering in a mood of inter-Korean reconciliation. What explains this stunning turnaround? Did President Moon’s North Korea policy differ drastically that of his predecessor, Park Geun-hye? In this paper I find that, surprisingly, Moon’s DPRK policy has been marked more by continuity than change from Park’s—particularly in the realm of defence. The main element of change has occurred on the diplomatic engagement front, which has facilitated the remarkable inter-Korean rapprochement...	ASPI
	Women, Peace and Security: Addressing the Gaps and Strengthening Implementation, May 2018. This Strategic Insights paper compiles the articles in that series across four themes: Defence’s approach to WPS, the role of parliament and civil society, lessons from abroad, and evolving approaches to WPS. Drawing on the analyses of contributors from a variety of backgrounds including government, politics, defence, academia, and civil society, the series demonstrates that issues related to women’s participation and leadership, and the inclusion of different gender perspectives, are integral to Australia’s national security...	ASPI
	Putin and North Korea: Exploring Russian Interests Around the Peninsula, May 2018. ASPI Researcher, Jacqueline Westermann, argues that it would be fatal to underestimate the Kremlin’s interests in the region, as ‘Russia is a permanent member of the UN Security Council, a stakeholder in the region, a partner to Pyongyang and a party to the previous Six-Party Talks’. While it isn’t a top priority for the Kremlin, Russian involvement could play a handy part in Putin’s greater strategy to expand Russia’s engagement in the world. To illustrate Moscow’s specific motivations for being involved, the analysis is based on statements given by Russian government officials during 2017, as well as insights from Russian North Korea experts...	ASPI
	Hong Kong: High Frequency Macroeconomic Forecasts Current Quarter Model: 2018Q2, April 2018. According to its High Frequency Macroeconomic Forecast, real GDP is estimated to grow by 3.5% in 18Q1, upward revised by 0.5 percentage point comparing to our previous forecast, reflecting strong domestic demand, slightly faster than the 3.4% growth in 17Q4. In 18Q2, real GDP growth is expected to moderate to 3.3% when compared with the same period last year. Comparing to the 3.8% growth in 2017 as a whole, we expect Hong Kong’s GDP will grow but at a slower pace at 3.4% in 2018.	HKU
	Religion and the Secular State in Kazakhstan, April 2018. At independence, Kazakhstan shared with the successor states to the Soviet Union the challenge of replacing Soviet atheism with new state approaches to religion. Like the rest of Central Asia and Azerbaijan, Kazakhstan adopted a secular form of government. This makes the region stand out in the Muslim world, and is a source of pride for regional governments. Secular government should be a point of agreement between the region’s states and Europe and the United States. But instead, it has become a source of controversy, as Western states and organizations frequently criticize state policies in the religious sphere...	ISDP
	The Economic Modernization of Uzbekistan, April 2018. When Shavkat Mirziyoyev succeeded Islam Karimov as President of Uzbekistan, many observers expected his tenure to represent continuity rather than change. And while continuity is present in terms of the focus on independence and sovereignty of Uzbekistan, Mirziyoyev also showed a pro-active desire to improve foreign relations and initiate major economic reforms, designed to strengthen the strategic position of Uzbekistan...	ISDP
	Monetary Authority of Singapore: Macroeconomic Review, Volume XVII, Issue 1, April 2018 (Full Report, Presentation Slides for Briefing): Monetary Policy Statement Chapter 1: The International Economy Chapter 2: The Singapore Economy Chapter 3: Labour Market and Inflation Box A: An Empirical Analysis of Okun’s Law in Singapore Chapter 4: Macroeconomic Policy Special Feature A The Promise Of Digital Transformation In ASEAN Special Feature B Finance, Growth And Economic Prosperity Special Feature C Inflation Expectations in Singapore: A Behavioural Approach	MAS
	North Korea and the ANZUS Treaty, April 2018. The Security Treaty between Australia, New Zealand, and the United States of America, universally known as the ANZUS Treaty, was signed in September 1951 and came into force in April 1952. This Strategic Insight traces the origins of the treaty, examines its substantive content, and considers whether and how it might apply in the event of a conflict between the US and North Korea...	ASPI
	The French Pacific Territories and Free Trade, April 2018. Jeremy Ellero, Research Associate at the Law and Economics Research Laboratory at the University of New Caledonia, explains that “Massive financial transfers combined with tariffs and quotas on imported goods have created overprotected economies whose purchasing power is unrelated to actual economic power.”	EWC
	The United States and Fiji Should Bolster Security Cooperation, April 2018. Ambassador C. Steven McGann (Ret), former US Ambassador to Fiji, Kiribati, Nauru, Tonga, and Tuvalu, explains that “This well-documented commitment to the Pacific should be the context in which the United States frames its regional coordination and stronger ties with Fiji.”	EWC
	Customary Land Rights and Pacific Islands Security & Stability, April 2018. Dr. Iati Iati, Senior Lecturer at the University of Otago, New Zealand explains that “Reforms, particularly those which involve or even intimate alienation of customary lands, have been very unpopular in the Pacific.”	EWC
	Services Liberalization and Export Quality: Evidence from China, March 2018. Using firm-level export data from China, this paper empirically examines the effect of domestic liberalization of services on exporting firms’ quality upgrading. We examine a number of other trade policies, including: tariffs in export destination countries; and input- and output-tariffs in China. Following China’s accession to the World Trade Organization in December 2001, these trade policies changed substantially during our sample period of 2000 - 2006. Our findings suggest that, of all the policies, reduced input tariffs contributed the most to raising export product quality. Easing of services’ restrictiveness also resulted in improved export product quality, but mainly for foreign owned enterprises.	ISEAS
	Asian Development Outlook 2018: How Technology Affects Jobs. (Full Report and Highlights). Developing Asia is forecast to expand by 6.0% in 2018, and by 5.9% in 2019. Excluding Asia’s high-income newly industrialized economies, growth should reach 6.5% in 2018 and 6.4% in 2019. With oil prices edging up and robust consumer demand continuing, inflation is poised to pick up after dipping slightly last year. Consumer prices are projected to rise by 2.9% in both 2018 and 2019, or 0.6 percentage points more than in 2017. Though prospects are firm, risks are clearly to the downside. Protectionist measures and retaliation against them could undermine the recent pickup in trade growth. In response to fiscal stimulus, the United States Federal Reserve may need to raise interest rates faster than currently expected, which could diminish capital flows to developing Asia...	ADB
	Asian Development Review, Vol. 35, No. 1, 2018 (Full Report). The latest Asian Development Review contains a mini symposium on India’s foreign direct investment (FDI), and open submissions. The mini symposium analyzes the links between FDI and technology sourcing, export intensity, employment, environment, and financing. The other papers are on industrial restructuring, education spending, urbanization, and fiscal risks. Mini Symposium on Foreign Direct Investment in India The Impact of Foreign Ownership on Research and Development Intensity and Technology Acquisition in Indian Industries: Pre and Post Global Financial Crisis Foreign Direct Investment, Firm Heterogeneity, and Exports: An Analysis of Indian Manufacturing Does Plant Size Matter? Differential Effects of Foreign Direct Investment on Wages and Employment in Indian Manufacturing Does Environmental Governance Matter for Foreign Direct Investment? Testing the Pollution Haven Hypothesis for Indian States Do Financing Constraints Impact Outward Foreign Direct Investment? Evidence from India Computer and Information Technology, Firm Growth, and Industrial Restructuring: Evidence from Manufacturing in the People’s Republic of China Gender Discrimination in Education Expenditure in Nepal: Evidence from Living Standards Surveys Empowering Cities: Good for Growth? Evidence from the People’s Republic of China Assessing Fiscal Risks in Bangladesh	ADB
	Latest ADBI Working Paper Series: Trade Networks and Economic Fluctuations in Asia, April 2018 Structural Change with Public Educational Expenditure: Evidence from the People’s Republic of China, April 2018 Do Borrowing Constraints Matter for Intergenerational Educational Mobility? April 2018 Volatility Linkages between Energy and Food Prices: Case of Selected Asian Countries, March 2018 Impact of World Oil Prices on an Energy Exporting Economy Including Monetary Policy, March 2018 E-commerce Development and Entrepreneurship in the People’s Republic of China, March 2018 In-Kind Transfer and Child Development: Evidence from Subsidized Rice Program in Indonesia, March 2018 The Development and Transformation of the People’s Republic of China’s Financial System, March 2018 The Impact of Exogenous Demand Shock on the Housing Market: Evidence from the Home Purchase Restriction Policy in the People’s Republic of China, March 2018 The Effect of Skilled Emigration on Real Exchange Rates through the Wage Channel, March 2018 The Effect of Emigration on Household Labor Supply: Evidence from Central Asia and South Caucasus, March 2018	ADB
	Latest ADB Economics Working Papers: Labor Market Regulations in the Context of Structural Transformation, April 2018 Why Has the Philippines’ Growth Performance Improved? From Disappointment to Promising Success, April 2018	ADB
	Other ADB Publications: ADB Annual Report 2017 ADB Financial Report 2017 Highlights of ADB’s Cooperation with Civil Society Organizations 2017, Published 2018 Labor Migration in Asia: Increasing the Development Impact of Migration through Finance and Technology, Published 2018 Macroeconomic Update: Nepal, April 2018 Trade Facilitation and Innovation: Evidence from South Asia Subregional Economic Cooperation Countries, April 2018 Economic and Fiscal Impacts of Disasters in the Pacific, April 2018	ADB
	Latest APEC publications: Developing Indicators to Assess the Strength of Standards and Conformance (S&C) Infrastructure in APEC, April 2018 Use of Economic Evidences: Experience from APEC Members and Implications to APEC Developing Economies and Viet Nam, March 2018 Summary Record of the Electric Vehicle and Hydrogen Technology Policy Workshop, March 2018 First APEC Low-Carbon Model Town (LCMT) Symposium, February 2018 Marine Science, Technology and Innovation Towards Science-based Management and Sustainable Use of Oceans and Marine Resources, February 2018 Quality Infrastructure Investment in Rapidly Urbanizing APEC Region, February 2018 Intellectual Property (IP) Valuation Manual: A Preliminary Guide, January 2018 APEC Public - Private Dialogue on Enhancing Capacities of MSMEs in Exporting Services: Summary Report, January 2018 Reducing Losses in Power Distribution through Improved Efficiency of Distribution Transformers, January 2018 Promoting Innovation for Start-ups: Summary Report, Published 2018 Mining Industry Competitiveness, Published 2018 Methodologies Used in APEC Economies for the Measurement and Assessment of Economic Cost of Violence Against Women, Published 2018 Public and Private Sectors' Strategies to Prevent Gender-based Violence, Reduce Costs and Develop Capacity in APEC Economies, Published 2018 Supporting Women's Access to Global Markets: A Toolkit for Trade Promotion Organisers, Published 2018 APEC Workshop on Promoting SMEs' Integration into Global Value Chains in Services - Logistics: Summary Report, Published 2018 Best Practices on Intellectual Property (IP) Valuation and Financing in APEC, January 2018 Best Practices on Brand Development and IP Protection for Micro, Small and Medium Enterprises (MSMEs), January 2018	APEC


April, 2018

	Trends in Southeast Asia 2018 #10: GE14: Will Urban Malays Support Pakatan Harapan?. In Malaysia’s last general election, urban voters tended to support the opposition coalition — 72 of the 97 urban parliamentary seats were in fact won by it. However, most of these seats have a mixed demography, with a high percentage of ethnic Chinese voters. In the upcoming general election, Pakatan has a good chance of winning the federal government if Malay voters join their Chinese counterparts in supporting the opposition coalition. A subsequent so-called “Malay tsunami” could lead to a Pakatan victory...	ISEAS
	Trends in Southeast Asia 2018 #9: Malaysia’s General Elections 2018: Understanding the Rural Vote. This study was carried out in Johor and Kedah through a combination of focus groups, formal and informal interviews and long-term ethnographic participant observation. Johor was selected for this study because it is the birthplace and long-time bastion of UMNO while Kedah was of interest because of the Mahathir family legacy in the state. The study shows that the rural vote is not homogeneous; views and perceptions that could lead to electoral action differs between regions, ages and genders. Daily survival and rising costs of living are the key common issues that were raised across all regions. The importance of Malay rights and the priority of Islam are also important to the rural voter...	ISEAS
	Trends in Southeast Asia 2018 #8: The Rise and Decline of Labour Militancy in Batam. Over the past two decades, trade union activity in Batam has been heavily influenced by regional demographics, employment conditions and the prevalent political scenario. Following the end of the New Order in 1998, the single state-authorized union was fragmented, giving rise to a number of new enterprise unions. Batam’s young and diverse immigrant population, with no pre-existing loyalties to particular trade unions, made it a hotspot for industrial relations activities. Low and stagnant workers’ wages throughout Indonesia and outbreak of social unrest resulted in the formation of three strong national-level unions: FSPMI, KSPSI and the KSBSI. By the mid-2000s, these unions were also active in Batam...	ISEAS
	Trends in Southeast Asia 2018 #7: Chinese Capitalism and Economic Integration in Southeast Asia. China’s rise exerts a powerful pull on ASEAN economies and constitutes an impetus for a resinicization of Overseas Chinese in Southeast Asia. China has become a skilled practitioner of “commercial diplomacy”, and as long as it continues to lead the way in regional integration, China’s state-led capitalism will seek to integrate itself into the ASEAN Economic Community. This in effect becomes China’s essential strategy of desecuritization for the region. With increasing trade and investment between China and ASEAN countries, the ethnic Chinese economic elites have managed to serve as “connectors and bridges” between the two sides, and benefited in the process from joint ventures and business investments. The impact of new Chinese Capitalism on SMEs, however, has not been equally positive...	ISEAS
	MAS Survey of Professional Forecasters, March 2018. The Singapore economy expanded by 3.6% in Q4 2017 compared with the same period last year. This was higher than the median forecast of 2.6% reported in the Dec 2017 Survey. The economy is forecast to grow by 3.2% in 2018. The respondents expect the GDP growth to come in at 3.2% in 2018, an upgrade from the 3.0% median forecast in the previous survey...	MAS
	Stronger Together: Safeguarding Australia’s Security Interests Through Closer Pacific Ties, April 2018. Australia views stability in the Pacific Islands region as a critical aspect of its own national security. The 2016 Defence White Paper and 2017 Foreign Policy White Paper each place significant importance on the region. Both white papers also hint at increasing geostrategic competition in the region and a general sense of unease with growing Chinese influence in the Pacific. Yet why the Pacific Islands region is so important to Australia, and the extent to which China may be challenging Australia’s influence with its neighbours, is often poorly articulated...	Lowy
	Charities and Terrorism: Lessons from the Syrian Crisis, March 2018. Humanitarian disasters offer opportunities for terrorist groups to infiltrate conflict areas under the guise of providing humanitarian assistance, and to raise or send funds to these areas under the same cover. In the case of Australia, terrorists and their supporters have at times sought to portray themselves as humanitarian workers in order to construct a legal defence. While most humanitarian groups operating in Syria have legitimate aims, the civil war and rise of radical Islamist groups that resulted has shown how easily the desire to assist those in need can be manipulated by jihadists. In order to minimise the likelihood of this sector being exploited in the future, countries such as Australia should utilise regulatory and legislative frameworks to limit the ability of individuals and groups to exploit humanitarian assistance in high-risk areas.	Lowy
	Australia-Fiji Relations in 2018: Finding a New Normal, March 2018. Richard Herr, Academic Coordinator for the Parliamentary Law, University of Tasmania, explains that “Australia knows that Fiji sees China as providing an economic, diplomatic and aid alternative to traditional friends that was not available in previous decades.”	EWC
	Japan’s Oceania Engagement and Maritime Security, March 2018. Dr. Rieko Hayakawa, founder of the Sasakawa Pacific Islands Fund, explains that “The United States Pacific Command (PACOM) and United States Coast Guard (USCG) have welcomed Japan’s NGO initiatives for the maritime security of the western Pacific.”	EWC
	The Role of the French Military on Key Issues for Oceania, March 2018. Helene Goiran, member of the Maison de la Melanesie research group, explains that “France has the second largest EEZ in the world located mainly in the Pacific, and is responsible for protecting the fragile maritime environment and its extensive fishing, mineral, and energy resources.”	EWC
	Mariana Islands – US Military Strategy ‘On Hold’, March 2018. Grant Newsham, Senior Research Fellow at the Japan Forum for Strategic Studies, explains that “CNMI and Guam, both American territories, are strategically important given their locations in the Western Pacific close to Asia.”	EWC
	The United States is Losing the Pacific, March 2018. Ben Bohane, Founder and Director of Wakaphotos, explains that “The United States is building nothing, offering nothing and, until recently, even failing to pay its due Compact funds to Micronesian allies.”	EWC
	Strategic Overview of Oceania, March 2018. Cleo Paskal, Associate Fellow, Chatham House and Director, The Oceania Research Project, explains that “In the past decade Indonesia, Japan, India, and especially France (which has territories in Oceania) have all deepened engagement with Pacific Island Countries.”	EWC
	Women's Economic Empowerment and the G20 Agenda, February 2018. In not a single country has gender equality yet been achieved in practice. Worse still, in 9 out of 10 countries laws discriminate against women's ability to be economically active. This despite all 193 UN member countries formally committing in 2015 to promote gender equality and empower women and girls. At current rates of progress, it will take another 217 years to reach economic parity. Yet the case for economic parity is compelling...	EWC
	Putting Women's Economic Empowerment in the Asia Pacific at the Core of the G20, January 2018. This paper presents background and resource information used to develop the formal report for the Inaugural 2017 Women20 for the G20 Asia-Pacific Dialogue, hosted by the East-West Center and sponsored by the global professional services organization EY. Participants included current and former heads of state, government officials, academic experts, representatives of regional and international organizations, business, and civil society leaders.	EWC
	US International Economic Policy in the Trump Administration, January 2018. The United States benefits from international trade, and Asia and the United States have a mutually beneficial and deepening economic relationship. A byproduct of that deepening economic integration, however, is a tendency toward increased income and wealth inequality within the United States. The appropriate response is not to adopt trade protection but rather implement a package of improved adjustment measures and longer-term policies to enhance US competitiveness...	EWC
	The Internet of Insecure Things, Published 2018. The IoT (Internet of Things) offers benefits to all industries, but the connectivity of these once isolated things also introduces new vulnerabilities that can affect our homes and industries. As well as promising convenience and efficiency, the IoT is a problem because a vast number of internet connected devices with poor default security create a large attack surface that bad actors could take advantage of for malicious ends. A variety of international organisations and government groups are working on issues pertaining to the IoT, but at present there’s no coordinated vision to implement standards for the IoT on a global scale...	ASPI
	Trends in Southeast Asia 2018 #6: Reconciling Economic and Environmental Imperatives in Batam. Batam’s economic transformation has been accompanied by a marked degradation of its natural environment. Enforcement to protect the environment has often been inadequate on many fronts, exacerbated by population increases. Though regulations exist for the provision of public amenities like wastewater and sewerage treatment, existing facilities are run-down and ill-equipped to cope with the present demands. The capacity of reservoirs to meet the present demand for water is also strained because of the large population base, with illegal intrusion and squatters further threatening supplies. Economic and environmental imperatives can be reconciled if more emphasis and resources are put into enforcing regulations and protecting the environment.	ISEAS
	Mine Closure: Checklist for Governments, February 2018. The objective of the Mine Closure Checklist for Governments is to provide policy makers in the APEC region with the essential elements of a successful mine closure governance framework based on leading international guidelines and standards, as well as international experience. This Checklist is designed to provide a logical, sequential series of steps that will allow policy makers to identify gaps in their current mine closure framework and identify how to address those gaps. A clear, effective mine closure framework will help protect the environment and interests of the community, and will also encourage the benefits that are brought by investment and development of mining opportunities.	APEC
	Asia Bond Monitor, March 2018.Risks to economic growth and stability of East Asia remain—faster-than-expected rate hikes in the United States and monetary policy normalization in other advanced economies; and growing threats of protectionism. The continued recovery in the global economy has contributed to a rally in financial markets that lasted through January. Financial risk and volatility indicators—such as the CBOE Volatility Index, credit default swap spreads, and emerging market bond spreads—narrowed in January. However, a price correction in equity markets and an uptick in risk indicators were observed in the first week of February due to uncertainties in US macroeconomic policies and expectations of accelerated rate hikes by the Federal Reserve...	ADB
	Slowdown in the People’s Republic of China: Structural Factors and the Implications for Asia, Published 2018. This book analyzes the causes of the recent slowdown in the PRC and assesses the growth potential of the PRC economy, the conditions under which that potential growth could be realized, and the implications for other Asian economies. The People’s Republic of China (PRC) has been growing at an unprecedented rate since economic reforms were initiated in 1978, achieving an average annual real GDP growth rate of 9.7% over the entire period through 2015. As a consequence, the PRC has achieved a remarkably successful transition from one of the poorest countries to upper middle-income status in just over one generation...	ADB
	The Implications of Ultra-Low and Negative Interest Rates for Asia, Published 2018. Asia has been uniquely affected by low and negative global interest rates. This volume explores these effects--from foreign direct investment and portfolio investment, to exchange rate effects, credit availability, and more. Twenty years after the East Asian financial crisis, Asia is facing challenges as advanced economies implement unprecedented low and negative interest rate policies to jumpstart moribund economies and avoid deflation. As the longer ends of yield curves in many advanced economies plunge into negative territory, fears are growing that these policies may create unintended side effects, including cash hoarding, housing bubbles, and damage to banks’ balance sheets...	ADB
	Improving Labour Market Outcomes in the Pacific: Policy Challenges and Priorities, Published 2017. Underemployment, informal work, gender disparities, and a large share of young people not in education, employment, or training characterize labour markets in the Pacific island countries. Size and remoteness of Pacific Island countries have hindered economic growth and limited positive labour market outcomes. A very young and growing population is both an opportunity and a concern: Pacific Island countries stand to benefit from a demographic dividend, but labour markets are simply not producing enough jobs to accommodate all the young women and men entering the workforce each year...	ADB
	Latest ADB Working Paper Series: Measuring Rice Yield from Space: The Case of Thai Binh Province, Viet Nam, March 2018 Land Measurement Bias: Comparisons from Global Positioning System, Self-Reports, and Satellite Data, March 2018 Financial Inclusion: New Measurement and Cross-Contry Impact Assessment, March 2018 Gender Pay Gap: A Macro Perspective, March 2018	ADB
	Latest ADBI Working Paper Series: The Impact of Primary School Investment Reallocation on Educational Attainment in Rural Areas of the People’s Republic of China, March 2018 Was Higher Education a Major Channel through which the US Became an Economic Superpower in the 20th Century? March 2018 On the Dynamics of Small and Medium-Sized Enterprises: Evidence from Japan, March 2018 Will Financial Liberalization Trigger the First Crisis in the People’s Republic of China? Lessons from Cross-Country Experiences, March 2018 Natural Disasters, Public Spending, and Creative Destruction: A Case Study of the Philippines, March 2018 Green Bond Experience in the Nordic Countries, March 2018 Banking and Innovation: A Review, March 2018 Fostering Green Finance for Sustainable Development in Asia, March 2018 Aggregate Emission Intensity Targets: Applications to the Paris Agreement, March 2018 Shifting Towards a Consumer-Centered Economy and the Implications for International Trade, February 2018 Sovereign Stress, Banking Stress, and the Monetary Transmission Mechanism in the Euro Area, February 2018	ADB


March, 2018

	Political Reform in Mirziyoyev’s Uzbekistan: Elections, Political Parties and Civil Society, March 2018. Since taking over from long-time President Islam Karimov in 2016, President Shavkat Mirziyoyev has pursued an aggressive policy to transform Uzbekistan’s decision-making processes, invigorate civil society, encourage political competition, address human rights and develop a civic culture consistent with the country’s status as a modernizing, forward-looking regional power in Eurasia with a steadily increasing majority of citizens under the age of 30. To declare significant these changes, which seem to take place daily, is to perhaps understate their potential in light of the last 30 years of history...	ISDP
	Judicial and Governance Reform in Uzbekistan, March 2018. Since President Mirziyoyev assumed power as interim president in September 2016, a major agenda of reforms has been introduced in Uzbekistan. In this broader agenda, judicial and governance reform has been identified as key to the entire reform process. The scope and speed of reforms outlined in this study are bold and unprecedented. Given the systematically negative coverage of developments in Uzbekistan prior to the transition of power, these reforms may appear to have emerged ex nihilo. But while little of a positive nature was reported, many of the reforms under Mirziyoyev trace their origins to developments in the past decade. Indeed, already in 2005, reforms in the judicial sector introduced habeas corpus and abolished the death penalty...	ISDP
	India's Relations with ASEAN: Posture Versus Reality, February 2018. Vibhanshu Shekhar, Former Visiting Fellow at the East-West Center in Washington, explains that “These incomplete projects highlight a fundamental difference between the posture and reality and raise questions over India’s ability to deliver results.”	EWC
	Australias Future in Space, February 2018. Australia is approaching an important window of opportunity to change our approach to the use of space for defence and national security purposes and, more broadly, to the establishment of a sovereign space industry. We now have the opportunity to move from a traditional policy of dependency on others to become an active space power— one with sovereign space capabilities in orbit and an active and growing space industry sector coordinated by an Australian space agency...	ASPI
	Project LAND 400: Defining the Army, February 2018. Defence’s most comprehensive, and expensive, package of land force modernisation is underway, at a cost of $50–70 billion. Nine complementary programs cover every area of land warfare, from personal equipment for the soldiers through to unmanned aerial vehicles, amphibious craft, special forces helicopters, digital networks, surface-to-air missiles and long-range battlefield rocket systems. Moreover, those programs are in addition to Navy and Air Force projects, such as sea and air lift, that directly support the land force...	ASPI
	Beyond Access: Making Indonesia’s Education System Work, February 2018. Indonesia’s biggest challenge regarding education is no longer improving access but improving quality. The Indonesian Government hopes to develop a ‘world-class’ education system by 2025. However, numerous assessments of the country’s education performance suggest that it has a long way to go before it will achieve that goal. Many Indonesian teachers and lecturers lack the required subject knowledge and pedagogical skills to be effective educators; learning outcomes for students are poor; and there is a disparity between the skills of graduates and the needs of employers...	Lowy
	Trends in Southeast Asia 2018 #5: Accidental and Intentional Exporters: Comparing Indonesian and Malaysian MSMEs. Regardless of the size of the domestic economy, there are ample reasons for firms to extend their markets beyond home shores. These include increasing sales, improving profits, diversifying risks, reaping economies of scale, matching the moves of competitors, enhancing competitiveness or accessing government incentives. Both Indonesia and Malaysia seek to enhance the competitiveness of their micro, small and medium enterprises (MSMEs) by including internationalization goals in their respective national development plans for these enterprises...	ISEAS
	Trends in Southeast Asia 2018 #4: EduCity, Johor: A Promising Project with Multiple Challenges to Overcome. EduCity, built as an integrated learning hub, is a constituent part of Malaysia’s general programme to enhance its reputation as a regional centre for higher education. Located in Iskandar Malaysia, Johor, on a 305-acre catalyst development housing seven higher education institutions, EduCity aims to become a best-in-class higher education destination and at the same time provide talent to support economic activities in Iskandar Malaysia...	ISEAS
	Back in Business: Industrial Policy for Emerging Economies in the New Globalization, February 2018. Today’s emerging economies face a dual structural transformation challenge: (i) to move closer to the current world technology frontier (traditional catch-up), and (ii) to adjust to technological change in advanced economies and increasingly binding environmental and social constraints. They must do so subject to their available state capacity. The paradox of industrial policy is that it is most straightforward when state capacity is the most constrained. In this paper, the authors suggest that emerging economies still should explore sector-based horizontal policies addressing market and state failures in individual industries.	ADB
	Population Aging and the Possibility of a Middle-Income Trap in Asia, February 2018. What happens to Asia if it gets too old before getting rich? In this paper, the authors explore the possibility that Asia faces a middle-income trap due to demographic factors. They find that many economies in East, South, and Southeast Asia satisfy conditions for a demography-driven middle-income trap. Analyses show that support ratio—the ratio of workers to consumers—matters for economic growth. But as the economy grows, fertility declines, ultimately leading to low support ratios and a lower speed of convergence, creating conditions for economic stagnation.	ADB
	Indonesia: Enhancing Productivity through Quality Jobs, Published 2018. The book focuses on Indonesia’s most pressing labor market challenges and associated policy options to achieve higher and more inclusive economic growth. The challenges consist of creating jobs for and the skills in a youthful and increasingly better educated workforce, and raising the productivity of less-educated workers to meet the demands of the digital age. The book deals with a range of interrelated topics—the changing supply and demand for labor in relation to the shift of workers out of agriculture; urbanization and the growth of megacities; raising the quality of schooling for new jobs in the digital economy; and labor market policies to improve both labor standards and productivity.	ADB
	ASEAN+3 Bond Market Guide 2018: Myanmar. The Republic of the Union of Myanmar began to emphasize the development of its financial and capital markets in 2008. Much has been achieved since then. There were a number of significant milestones in the Myanmar financial and capital markets in 2013, including the Central Bank of Myanmar gaining its independence by law from the then Ministry of Finance, and the passage of the Securities Exchange Law (SEL). The SEL (i) laid the foundation for the key legal framework for the securities market, (ii) established the Securities and Exchange Commission of Myanmar and the Yangon Stock Exchange, and (iii) defined market participants and their activities.	ADB
	ASEAN+3 Bond Market Guide 2018: Cambodia. This Bond Market Guide reports on the significant developments expected in Cambodia’s bond market, including the issuance of corporate and government bonds and subsequent debt securities listings on the Cambodia Securities Exchange. Among the long-term development objectives of Cambodia’s Financial Sector Development Strategy 2011–2020 were to develop the government securities market and to issue government bonds by the National Treasury. In 2010, the Cambodia Securities Exchange (CSX) was established. The National Bank of Cambodia began issuing negotiable certificates of deposit in 2013, effectively creating an interbank money market...	ADB
	Latest ADBI Working Paper Series: Human Capital and Income Inequality, February 2018 Catching Up in Economic Transition: Innovation in the People’s Republic of China and India, February 2018 Aggregate Expected Investment Growth and Stock Market Returns, February 2018 International Commodity Prices and Domestic Bank Lending in Developing Countries, February 2018 A Comparison of Global Governance across Sectors: Global Health, Trade, and Multilateral Development Finance, February 2018 Innovation and Firm Performance in the People’s Republic of China: A Structural Approach with Spillovers, February 2018 Managing Financial Globalization: A Guide for Developing Countries Based on the Recent Literature, January 2018 Effects of US Quantitative Easing on Emerging Market Economies, January 2018 Social Networks and Informal Inclusion of the People’s Republic of China, February 2018	ADB
	Latest APEC publications: Outcomes and Outlook 2017/2018 Globalization, Inclusion, and E-Commerce: APEC Agenda for SMEs, February 2018 Identifying Green, Sustainable and Innovative MSMEs in APEC, February 2018	APEC
	Journal of Bhutan Studies, Volume 35, Winter 2016	Bhutan


February, 2018

	Understanding the BRI (China’s One Belt, One Road Initiative) in Africa and the Middle East, February 2018. The BRI builds on China’s ‘Going Global Strategy.’ It appeared somewhat suddenly in China’s 13th Five-Year Plan, which guides national investment strategy from 2016 to 2020. At the 19th Communist Party Congress (18 to 24 October 2017), a resolution calling on the BRI to be written into the Chinese Constitution was adopted. Another resolution enshrined ‘Xi Jinping thought on Socialism with Chinese Characteristics for a New Era’...	ASPI
	Cyber Maturity in the Asia-Pacific Region 2017. In 2016–17, cyber maturity across the Asia–Pacific improved and the region again avoided a major incident, such as an attack on critical national infrastructure. Most online criminal activity continues to be perpetrated by non-state actors who generate significant revenue from illicit behaviour with little risk of prosecution or arrest. With notable exceptions, such as North Korean financial cybercrime and Russia’s interference in the US election, countries were not engaged in flagrantly irresponsible actions during the reporting period. Looking at the big picture, macro trends are pulling in both directions, but the overall trajectory, for now, remains positive. On the negative side of the ledger, the region has so far escaped a major state-led cyber incident more because of the peaceful macro environment than because of strong defences and resiliency...	ASPI
	When Turnbull Meets Trump, May 2017. Donald Trump’s election as US president is accelerating a profound global transformation that has huge consequences for Australia. Unlike his predecessors, Trump is less willing to defend the liberal international order that has been of immense benefit to Australia’s security and prosperity. If fully implemented, the US president’s protectionist agenda would be a direct threat to Australia’s economic interests. And the US alliance is coming under unprecedented pressure from China in the region. At home, there are an increasing number of Australians who see a growing gap in both interests and values with a Trump-led America...	Lowy
	The Shape of Australia's Future Engagement with the United Nations, March 2017. Australia is currently bidding for another term on the United Nations Security Council in 2029–30 as well as seat on the United Nations Human Rights Council in 2018–20. But Australia’s broader engagement with the United Nations is patchy and underwhelming. It needs to be upgraded to ensure that Australia has a greater say on global issues that are important to its national interests...	Lowy
	Latest Philippine Institute for Development Studies - Discussion Papers: Health Practices of Children and Women with Disabilities, December 2017 School Participation of Children with Disability: The Case of San Remigio and Mandaue City, Cebu, Philippines, December 2017 Decentralization and Health in the Philippines: A Systematic Review of Empirical Evidences, December 2017 Employment Profile of Women with Disabilities in San Remigio and Mandaue City, Cebu, Philippines, December 2017 Designing the Fiscal Features of a Federal Form of Government: Autonomy, Accountability, and Equity Considerations, December 2017 Countering the Discriminatory Impact of Minimum Wages Against Disadvantaged Workers: Literature Review and Experimental Design Development, December 2017 Assessment of Implementation Issues and Livelihood Success on the Sustainable Livelihood Program of the DSWD, December 2017 Assessment of the BUB Program: Improving Access of Local Communities to Basic Services and Strengthening Social Capital, December 2017 Welfare Issues in Price Control on Occasions of Calamities, Emergencies, and Like Occurrences, December 2017 Review of High-Value Agriculture in the Philippines with Comprehensive Subsectoral Focus: Livestock Industries, December 2017	PIDS
	Philippine Institute for Development Studies - Policy Notes: Financing Postdisaster Reconstruction in the Philippines, December 2017 Assessment of Planning and Programming for Capital Projects at the National and Agency Levels, December 2017 Reforming the Legal Framework for the Budget Process, December 2017	PIDS
	Philippine Institute for Development Studies - Development Research News: PIDS Prods Government to Regulate Digital Economy, October – December 2017 PIDS Calls for 'Intelligent' Discourse on Federalism, July – September 2017	PIDS
	Philippine Institute for Development Studies - Economic Issue of the Day: Demographic Dividend, December 2017	PIDS
	UK-Japan Cooperation in Preserving the Liberal Order, January 2018. John Hemmings, Director of the Asia Studies Centre at The Henry Jackson Society in London, asks “Will [these relationships] actually deter would-be aggressors when all is said and done?” John Hemmings, Director of the Asia Studies Centre at The Henry Jackson Society in London, asks “Will [these relationships] actually deter would-be aggressors when all is said and done?”	EWC
	Japan and the UK as Strategic Partners After Brexit, January 2018. Michito Tsuruoka, Associate Professor at Keio University, Japan, explains that “Brexit overshadows the otherwise remarkable progress in Japan-UK ties.”	EWC
	US-Japan Cooperation in Disaster Recovery and Regional Development, January 2018. Mampei Hayashi, Associate Professor at the Kansai University of International Relations, explains that “the United States and Japan have expanded their alliance to cooperate in the emergency response and early recovery phases following a number of disasters in the Asia Pacific.”	EWC
	Trends in Southeast Asia 2018 #3: GE-14 in Johor: The Fall of the Fortress?. Johor is a key battleground in Malaysia’s 14th General Elections. The state is economically vital to the country: it is the birthplace of the United Malays National Organization (UMNO); and it has a large number of parliamentary seats. Johor-specific dynamics that have worked to the advantage of the ruling coalition include: UMNO’s unique links with the state; the tight control over religion; and the phenomenal scale and success of the Federal Land Development Authority (FELDA) scheme. Despite these advantages, support for the ruling coalition has been slipping across the state. Furthermore, the emergence of new parties such as Parti Pribumi Bersatu Malaysia (PPBM) will challenge Barisan Nasional’s control over Johor’s rural and Malay heartland...	ISEAS
	Trends in Southeast Asia 2018 #2: Parti Pribumi Bersatu Malaysia in Johor: New Party, Big Responsibility. Parti Pribumi Bersatu Malaysia (PPBM) was officially launched on 14 January 2017, led by prominent personalities including former Prime Minister Mahathir Mohamad, former Deputy Prime Minister Muhyiddin Yassin, and former Kedah Chief Minister Mukhriz Mahathir. Upon establishment, the party immediately announced that they are aiming to win the southern state of Johor in the upcoming general election. Historically, UMNO splinter parties have never been able to threaten UMNO in this state. Since independence, Johor has always been seen as an UMNO bastion. PPBM has moved quickly to establish themselves in all parliamentary and state constituencies in Johor, however, and it has been rather successful in attracting support from those aged below 35. Their key challenge remains the rural and female voters...	ISEAS
	Trends in Southeast Asia 2018 #1: Logistics Development in ASEAN: Complex Challenges Ahead. Growing urbanization, increasing trade and investment due to integration, and emerging new business models like e-commerce are accelerating the demand for efficient logistics in each ASEAN country. The logistics sector is inherently complex due to its scope, ranging from physical infrastructure covering four modes of transport, customs, and services. Each of these sub-sectors is regulated by different government agencies, leading to complex challenges in each country’s logistics sector. Policymaking has a tendency to be done piecemeal rather than integratively, while a more or less fragmented governance structure impedes implementation. ASEAN liberalization commitments focusses on raising the cap on foreign equity, while regulatory reform remains untouched. Also, flexibility offered in these commitments allows for non-compliance...	ISEAS
	Trends in Southeast Asia 2017 #23: Legislation on Underwater Cultural Heritage in Southeast Asia: Evolution and Outcomes. This paper examines the evolution of underwater cultural heritage (UCH) legislation in Southeast Asia. Legislation in every country differs, with some reflecting great cultural awareness and some signalling neglect. It seems that some countries regard shipwrecks and their cargoes as resources rather than cultural heritage. Thailand is the only country in Southeast Asia that sponsors its own maritime archaeological programme. Others rely on private funding, usually in exchange for a share of the recovered cargo. These public–private partnerships have in some cases created a culture of corruption, xenophobia, paranoia and greed...	ISEAS
	Russian Hybrid Tactics in Georgia, January 2018. Since its independence in 1991, Georgia is the country in the former USSR that has been most frequently and harshly subjected to Russian hybrid tactics – a practice that gained considerable attention after Russia’s aggression against Ukraine. Russia has at times of confrontation with Georgia – a common occurrence throughout these 25 years – relied on a combination of multiple pressure points to influence the decision making of the Georgian government, particularly in foreign- and security policy. These pressure points have included traditional sources of state power and coercion, including the use of military force or the threat thereof; leveraging geopolitical realities on the ground, most prominently Russia’s control over the two breakaway regions of Abkhazia and South Ossetia, as means to exert diplomatic pressure; and the exploitation of economic dependencies as means for establishing punishments or rewards for different policy choices...	ISDP
	Uzbekistan’s New Foreign Policy: Change and Continuity under New Leadership, January 2018. During the year following Shavkat Mirziyoyev's election as president of the Republic of Uzbekistan he has introduced dramatic changes in that country. Some of these changes have come in the form of legislative acts of the Oliy Majlis or Supreme Assembly, Uzbekistan’s parliament. Others have taken the form of administrative orders issued by the President or his principal Ministers. At no other time since Uzbekistan's establishment as an independent state have more innovations been introduced, or with greater speed. Since these changes are bound to affect Uzbekistan's internal economic, social, and political life, and since they directly affect Uzbekistan's ties with its regional neighbors and its relations with all the world's major powers, the Central Asia- Caucasus Institute & Silk Road Studies Program Joint Center has undertaken to document this year of innovation...	ISDP
	Foreign and Domestic Investment in Global Bond Markets, January 2018. The Asian equity and bond markets have grown rapidly in the past decades. However, challenges have emerged including lack of liquidity, inactive institutional participation, and less favorable investor profiles. This paper analyzes the drivers of foreign versus domestic investment in global bond markets. The analysis suggests that there are some differences between foreign and domestic investors in both advanced and emerging bond markets. Foreign investors seem more sensitive to risk–return profile than domestic investors, especially in emerging markets. They are also attracted by greater market openness and sound sovereign credit ratings. Finally, regional market integration can benefit emerging bond markets by broadening the investor base.	ADB
	State-Owned Enterprises Leverage as a Contingency in Public Debt Sustainability Analysis: The Case of the People’s Republic of China, January 2018. The leverage of state-owned enterprises (SOE) in the People’s Republic of China (PRC) has grown to a large liability. While there is no room for complacency, there is no need for panic either; even if authorities had to step in to mop up as much as 20% of SOE debt at risk gone bad. This would appear to be manageable at roughly 2.7% of the gross domestic product in 2016 or 5.5% by 2021. The paper demonstrates a method to include SOE debt as a contingent liability in the public debt sustainability assessment framework. The authors of the paper further conclude that while corporate leverage is large, it appears fully manageable.	ADB
	Fiscal Policy in a Currency Union at the Zero Lower Bound, January 2018. The interaction between fiscal policies within a currency union depends on the degree of trade openness between the members of the union. When monetary policy is constrained by the zero lower bound, fiscal policy can be used to achieve macro stabilization objectives. At the same time, fiscal policy is also a key policy variable within a single currency area that allow policy makers to respond to regional demand asymmetries. How do these two uses of fiscal policy interact with one another? Is there an inherent conflict between the two objectives? How do the answers to these questions depend on the degree of fiscal space available to different members of the currency area...	ADB
	The Financing of Local Government in the People’s Republic of China: Stimulus Loan Wanes and Shadow Banking Waxes, January 2018. Shadow banking activities in the People's Republic of China have grown since 2012 as a result of a "stimulus-hangover effect." The People’s Republic of China (PRC)’s four-trillion-yuan stimulus package fueled by bank loans in 2009 has led to the rapid growth of shadow banking activities in the PRC after 2012. The local governments in the PRC financed the stimulus plan mainly through bank loans in 2009, and resorted to non-bank debt financing after 2012 given the mounting rollover pressure from bank debt coming due, a manifestation of the stimulus loan-hangover effect...	ADB
	Global Value Chains and Effective Exchange Rates at the Country-Sector Level, December 2017. The real effective exchange rate (REER) is one of the most cited statistical constructs in open-economy macroeconomics. We show that the models used to compute these numbers are not rich enough to allow for the rising importance of global value chains. Moreover, because different sectors within a country participate in international production sharing in different ways, sector level variations are also important for determining competitiveness. Incorporating these features, we develop a framework to compute REER at the sector, country, and bilateral level and apply it on inter-country input-output tables to study the properties of the new measures of REER for 35 sectors in 40 countries.	ADB
	The Role of Exporting and Trade for Entry over the Business Cycle, December 2017. We study the role of international trade and the export participation decisions of establishments for firm creation over the business cycle in a general equilibrium model. The model captures two key features of establishment and exporter dynamics: (i) new establishments start small and grow over time, and (ii) exporters tend to be bigger and more productive than non-exporters. When the cost of creating establishments fluctuates with aggregate productivity, we find the model can generate procyclical fluctuations in the stock of domestic establishments and importers similar to the data...	ADB
	Fair Taxation in the Digital Economy, December 2017. We are living in a technology-driven era in which new developments and innovations are happening at a rate we have never seen before. As technology merges with the economy, we have witnessed the rise of the digital economy, which is growing day by day. The international community—and developing economies particularly—can greatly benefit from these innovations. Policy makers, however, must ensure they are harnessed in a way that ensures the benefits are shared as equitably as possible. With any new development come new challenges. In particular, the spread of the digital economy creates challenges for international taxation as well as domestic tax revenue mobilization...	ADB
	Latest ADB publications: Reducing Youth Not in Employment, Education, or Training through JobStart Philippines, January 2018 Pathways to Low-Carbon Development for the Philippines, December 2017 Pathways to Low-Carbon Development for Viet Nam, Published 2017 Future Carbon Fund: Delivering Co-Benefits for Sustainable Development, Published 2017 Developing Renewable Energy Mini-Grids in Myanmar, Published 2017 Efficient Management of State-Owned Enterprises: Challenges and Opportunities, December 2017	ADB
	Latest APEC publications: Promoting the Development of an Evaluation Community, January 2018 Filling the Gap to Double Renewable Energy in the APEC Region, December 2017 Developing Qualified Product Lists for High-Quality and High-Efficiency Commercial, Industrial, and Outdoor Lighting Products and Control Systems in the APEC Region, December 2017 APEC Women as Prime Movers of Inclusive Business, November 2017 Heating Applications of Bio-pellet to Enhance Utilization of Renewable Energy in the APEC Region, November 2017 Small and Medium PV System Database in the APEC Region, November 2017 Capacity Building for Marine Debris Prevention and Management in the APEC Region, November 2017 Ecological Risk Assessment of Impacts of Climate Change on Fisheries and Aquaculture Resources, October 2017	APEC


January, 2018

	International Journal of Korean Studies, Volume XXI, Number 1, 2017 UN Humanitarian Actors and North Korea's Prison Camps Considerations for Rescuing North Korean Political Prison Camp Inmates Exported as a Commodity: North Korean Workers Officially Dispatched Overseas China and the Korean Peninsula: Arming Kim, Undercutting Sanctions, Opposing THAAD Japan, Chongryon, and Sanctions Managing a Nuclear-Armed North Korea: A Grand Strategy for a Denuclearized and Peacefully Unified Korea	IJKS
	Southeast Review of Asian Studies, Volume 39, 2017	SERAS
	Philippine Institute for Development Studies - Economic Issue of the Day: Social Protection in the Philippines, December 2017 ASEAN Connectivity: The Hows and Whys, December 2017	PIDS
	Philippine Institute for Development Studies - Policy Notes: Outlook for the Philippine Economy and Agroindustry to 2030: The Role of Productivity Growth, December 2017 Characterization of Agricultural Workers in the Philippines, December 2017 Rising to the Challenge of Eliminating All Forms of Violence Against Women and Girls, December 2017 The Value of Labor Market Information Systems on International Labor Mobility, December 2017 Access to Medicines in the Philippines: Overcoming the Barriers, November 2017 Filipino Women in Leadership: Government and Industry, November 2017 Intersecting Weather Variability and Chronic Food Poverty, October 2017 Strengthening Capacity Building for RTA/FTA Negotiations in APEC, October 2017	PIDS
	The 'United States Factor' in Southeast Asia: The Philippine and Singaporean (Re)assesments, December 2017. Ithrana Lawrence, Former Visiting Fellow at the East-West Center in Washington, explains that “Although recognized as a major non-NATO US ally since 2003, the Philippines increasingly views China as an important and economically attractive source of support.”	EWC
	Populist Politics in Indonesia, December 2017. Ehito Kimura, Associate Professor at the University of Hawai‘i at Manoa, explains that “populism is not just a movement but also a political strategy.”	EWC
	More Than Submarines: New Dimensions in the Australia–France Strategic Partnership, December 2017. In this compendium examining the France–Australia relationship, we have brought together experts from each country to explore our shared histories and plot a course for where we might take the relationship in the future. Each section examines a different aspect of the relationship—historical, international security, defence and the South Pacific—from a French and an Australian perspective. The experts brought together in this volume cover a breadth and depth of knowledge and experience as officials, academics and practitioners. What emerges is a rich and complex picture of two vibrant and activist countries, grappling with complex problems, but each determined to contribute to making the world safer and more just...	ASPI
	Preventing and Countering Violent Extremism in Africa: Mining and Australia’s Interests, November 2017. Australia has commercial and strategic interests in helping to prevent and counter violent extremism in Africa. Australian mining companies are engaged across the continent in Mali, Burkina Faso, Kenya and many other countries where there have been high-profile terrorist attacks and kidnappings of foreign nationals, including Australians. Those threats already affect the way Australian mining companies approach their operations on the continent. With rising risks to Australian nationals, businesses and foreign investment through the mining industry, violent extremism in Africa is a direct threat to Australian national interests...	ASPI
	Australia’s Management of Strategic Risk in the New Era, November 2017. Australia’s strategic outlook is deteriorating and, for the first time since World War II, we face an increased prospect of threat from a major power. This means that a major change in Australia’s approach to the management of strategic risk is needed. Strategic risk is a grey area in which governments need to make critical assessments of capability, motive and intent. Over recent decades, judgements in this area have relied heavily on the conclusion that the capabilities required for a serious assault on Australia simply did not exist in our region. In contrast, in the years ahead, the level of capability able to be brought to bear against Australia will increase, so judgements relating to contingencies and the associated warning time will need to rely less on evidence of capability and more on assessments of motive and intent. Such areas for judgement are inherently ambiguous and uncertain...	ASPI
	The Missing Middle: a Political Economy of Economic Restructuring in Vietnam, December 2017. Vietnam’s cautious and sequenced adoption of market institutions has brought more than two decades of impressive economic performance, all while leaving the country’s underlying political economy largely intact. Notably, Vietnam has leveraged greater integration with the international economic system, including through ascension to the World Trade Organization in 2007 and the conclusion of a spate of free trade agreements, as a means of reinforcing domestic change...	Lowy
	Industry Dynamics in Growth Triangles: The E&E Industry in SIJORI 25 Years On, November 2017. The SIJORI Growth Triangle, which encompasses Singapore, Johor (Malaysia) and Batam Island (Indonesia), was launched in 1989 as a ‘single investment destination’ offering differing factor endowments in close proximity. Singapore was the ‘core’ of the region with Johor and Batam occupying the land, labour, and resource-intensive ‘non-core’ spaces. During the 1990s, investment flows into the three territories, particularly in the electrical and electronics (E&E) industry, mirrored this division of labour...	ISEAS
	Trends in Southeast Asia 2017 #22: Malaysia's Bumiputera Preferential Regime and Transformation Agenda: Modified Programmes, Unchanged System. Malaysia has employed an extensive, constant and embedded Bumiputera preferential regime for several decades, but in recent years, the Bumiputera Economic Transformation Programme was introduced, aimed at building capable and competitive Bumiputera businesses, and reaching out to disadvantaged Bumiputera students. Official rhetoric and public discourse recurrently and erroneously maintain that need-based and merit-based affirmative action have replaced ethnicity-based programmes. The author proposes a systematic framework for integrating need-based selection...	ISEAS
	Trends in Southeast Asia 2017 #21: Parties in the Periphery: Organizational Dilemmas in Indonesia's Kepri Province. Political parties in Indonesia’s Kepri (Kepulauan Riau, or Riau Islands) Province suffer from low organizational capacity. The set-up of their branch offices is barely adequate, with cadres and volunteers acting as the main administrators, while activities, funding and recruitment remain erratic, insufficient and disorganized. Rather uniquely, the province’s capital Tanjungpinang is not its commercial centre, resulting in discrepancies in the organizational priorities of political parties present there. Instead, it is Batam, the commercial capital, that receives greater attention and is more attractive as a location for crowd-intensive events...	ISEAS
	MAS Survey of Professional Forecasters, December 2017. The December 2017 Survey was sent out on 23 November 2017 to a total of 28 economists and analysts who closely monitor the Singapore economy. This report reflects the views received from 23 respondents (a response rate of 82.1%) and does not represent MAS’ views or forecasts.	MAS
	MAS Financial Stability Review, November 2017. While the global economy has strengthened, medium-term vulnerabilities remain Gradual monetary policy normalisation in developed markets continues to support global growth. But accommodative financial conditions have also facilitated financial excesses amid persistent search for yield. This raises the risk of disruptive corrections when the excesses unwind. Within the region, China has shifted its focus to addressing financial stability risks whilst still achieving firm economic growth. Close monitoring is warranted, given potential spillover effects on the global economy and financial markets...	MAS
	A Guide to Digital Token Offerings, November 2017. On 1 August 2017, the Monetary Authority of Singapore (“MAS”) clarified that if a digital token constitutes a product regulated under the securities laws administered by MAS, the offer or issue of digital tokens must comply with the applicable securities laws. This paper provides general guidance on the application of the securities laws administered by MAS in relation to offers or issues of digital tokens in Singapore. For purposes of this guide, the securities laws refer to the Securities and Futures Act (Cap. 289) (“SFA”) and the Financial Advisers Act (Cap. 110) (“FAA”). The contents of this guide are not exhaustive, have no legal effect and do not modify or supersede any applicable laws, regulations or requirements.	MAS
	Latest ADB Economic Working Paper Series: Distributed Ledger Technologies for Developing Asia, December 2017 Divergent Emerging Market Economy Responses to Global and Domestic Monetary Policy Shocks, December 2017 Consumption and Productivity-Adjusted Dependency Ratio with Household Structure Heterogeneity, December 2017 Exchange Rate Dynamics and United States Dollar-Denominated Sovereign Bond Prices in Emerging Markets, December 2017 Human Capital Spending, Inequality, and Growth in Middle-Income Asia, December 2017 Push Factors and Capital Flows to Emerging Markets: Why Knowing Your Lender Matters More Than Fundamentals, November 2017	ADB
	Latest ADBI Working Papers: Women and Trade: Gender’s Impact on Trade Finance and Fintech, December 2017 Financial Literacy in Japan: Determinants and Impacts, December 2017 Carry Trades in Asia and the Pacific: Evidence on Unconventional Monetary Policies of Advanced Economies, December 2017	ADB
	Asian Development Outlook Supplement: A Firmer Growth Outlook for Asia, December 2017. The growth outlook for developing Asia this year is upgraded to 6.0%, or 0.1 percentage points higher than the rate envisaged in September in Asian Development Outlook 2017 Update. The unexpectedly strong expansion in Central, East, and Southeast Asia more than offsets a downward adjustment to growth forecasts for South Asia. In 2018, regional growth is expected to slow slightly to 5.8%, as predicted in the Update. Excluding the newly industrialized economies of the Republic of Korea (ROK), Singapore, Taipei,China, and Hong Kong,China, the growth outlook for the region is revised up to 6.5% from 6.4% for 2017 but unchanged at 6.3% for 2018...	ADB
	Education and Skills for Inclusive Growth, Green Jobs and the Greening of Economies in Asia--Case Study Summaries of India, Indonesia, Sri Lanka and Viet Nam, Published 2017. This book presents an overview of the main research findings and case studies concerning education and skills for inclusive growth, green jobs and the greening of economies. Focusing on India, Indonesia, Sri Lanka and Viet Nam, it discusses government and business sector responses to these issues and how Technical and Vocational Education and Training (TVET) systems and institutions are addressing both the renewal of curricula in the context of green growth dynamics, and patterns of training and skills development to meet demands...	ADB
	Human Capital Development in South Asia: Achievements, Prospects, and Policy Challenges, Published 2017. Human capital is an important factor for economic growth in South Asia. Between 1981 and 2010, human capital contributed about 22% of annual gross domestic product per worker growth in India. During the same period, it contributed around ?21% in Bangladesh, and 16% in Sri Lanka. However, education and skills remain the binding constraint. Raising the quality of education and skills in South Asia’s workforce can play a critical role in catching up to the level of development of the People’s Republic of China, the Republic of Korea, and other successful Southeast Asian economies...	ADB
	Pacific Economic Monitor, December 2017. The Pacific is among those parts of the world most vulnerable to weather-related disasters. To illustrate, 5 of the top 15 countries with the highest risk, and 10 of the top 30 facing the largest potential economic losses from disasters, are in the subregion. With climate change bringing additional risks from global sea level rise—and potentially heightening vulnerability to more intense, frequent, and prolonged extreme weather events—Pacific economies are stepping up adaptation efforts to brace for future adverse impacts...	ADB
	Water–Energy Nexus in the People’s Republic of China and Emerging Issues, Published 2017. This report analyzes the trade-off between the two sectors in the context of the People’s Republic of China and proposes recommendations to ensure that the choices made are sustainable in the long run. Water and energy are both valuable resources and indispensable for human society and economic development. By nature, water and energy are interlinked. Water plays a critical role in the generation of electricity for cooling of thermal power plants and in hydropower, as well as in the production of fossil fuels such as coal; energy is required to treat, distribute, and for wastewater treatment. Choices made in either of the sectors may have unintended and often negative implications on the other sector.	ADB
	Large-Scale Soil Health Restoration: The Way Forward for Reversing Climate Change while Enhancing Food and Nutrition Security, November 2017. This paper describes soil health, and lists soil-regenerative agriculture practices that can mitigate and reverse climate change, improve water management, and enhance food and nutrition security. Soil has been overlooked as a natural resource yet it can be an ally in bringing carbon dioxide levels down by functioning as a natural carbon sink. Soil health is also central in feeding a growing global population. Healthy soil increases the adaptive capacity of plants to withstand extreme weather conditions and lessens crop failures. Healthy soil is also essential to fight malnutrition, particularly in rural areas.	ADB
	Latest APEC publications: 2017 Key APEC Documents, Published 2017 2016 Key APEC Documents, Published 2017 2015 Key APEC Documents, Published 2017 Global Competencies and Economic Integration: Final Report, December 2017 Global Competencies and Economic Integration: Workshop Report, December 2017 APEC Water-Energy Nexus Expert Workshop Report, December 2017 Gaps Assessment on APEC Energy Efficiency and Conservation Work toward Fulfilling the Leaders’ Energy Intensity Reduction Goal, December 2017 Peer Review on Low Carbon Energy Policies in Papua New Guinea, November 2017 Diversity Management for Women's Empowerment, November 2017 Enhancing Mutual Recognition and Regional Cooperation for Skills and Job Qualifications in the APEC Region, October 2017 Individual Action Plan for the Enhancement of the Ratio of Women's Representation in Leadership: Midterm Review Study and Public-Private Dialogue, October 2017	APEC