Lessons For Asia Research Articles

The Singapore Convention on Mediation and the New York Convention on Arbitration: Comparing Enforcement Mechanisms and Drawing Lessons for Asia

This article considers the enforcement mechanism for international mediated settlement agreements proposed by the Singapore Convention on Mediation and critically examines this mode of enforcement as against enforcement as an arbitral award in Asia, including through a hybrid process like Arb-Med-Arb. Similarities and differences between the New York Convention and the Singapore Convention on Mediation will be discussed and used to consider how Asian jurisdictions may respond to the Singapore Convention on Mediation and what lessons may be learnt from the arbitration context. Arbitration, Mediation, New York Convention, Singapore Convention on Mediation, International dispute resolution

Can Environmental Regulations Drive International Trade? Lessons for Asia from the European Union’s Performance of Buildings Directive

International trade is one of the key mechanisms for the diffusion of energy-efficient technologies. Yet, little is known about how environmental...

Section III. Capitalist Development: Asia Lessons

Section III. Capitalist Development: Asia Lessons

Fiscal Policy and Inclusive Growth in Latin America: Lessons for Asia

Broadly speaking, developing Asia and Latin America are at similar income and development levels. Relative to the advanced economies, economic growth and development are much more urgent priorities for both, yet Latin America has significantly more experience in using fiscal policy to tackle inequality and to promote inclusive growth. Therefore, its greater experience with inclusive fiscal policy can offer valuable lessons for developing Asia in its new-found quest to leverage public spending and taxation to spread the benefits of growth to the broader population. While the Latin American experience has general implications for Asia, of particular interest is its generally successful experience with conditional cash transfer (CCT) programs. Overall, the evidence suggests that CCT programs can be an effective tool for inclusive growth in Asia, too. However, CCTs are not a panacea for poverty and inequality, and the ingredients for their success in Asia may differ from those in Latin America.

Does the GFC as a change agent of financial regulatory models and approaches in Europe provide lessons for Asia?

In Europe and Asia, there are a number of over-arching national financial regulatory models and sit under regulatory approaches. Model variants are rooted in national legal structure, while approaches are the “choice” of the national regulatory authority and sometimes inter-mixed. Options sit along a continuum from hard to soft. Post-global financial crisis (GFC), which has acted as a traumatic change agent in Europe, both models and approaches are in flux. A shift to a regulator-led, targeted risk-based approach, grounded upon rules and/or principles, has occurred. The government has been obliged to assume a deeper role, thus shifting model preference. Supra-national, regional, bilateral and ad hoc or even bespoke vehicles have emerged. No institutionalised global regulatory structure yet exists, although there is growing collaboration among international bodies. Macro-prudential policies geared to system-wide risks related to the economic cycle, market structures and to individual institutions have gained international prominence. Due to the globalised effects of the GFC and its aftermath in Europe, what are the lessons for Asia?

Lessons for Asia from Europe's History with Banking Integration

As Asia considers greater harmonization and integration of its financial systems, it would be well-advised to consider the experience of Europe, particularly the eurozone. There are many lessons to be drawn from Europe about how to implement such integration, mostly negative. It is particularly evident that moving to a currency union had major unanticipated consequences for the ability to manage integration of financial systems within the eurozone. Monetary union sharply reduced the ability of the member states of the eurozone to manage their macroeconomic and macroprudential policies to preserve financial stability. Even setting aside these additional problems created by monetary union, Europe suffered substantial harm from integrating its financial systems so closely in many ways, while simultaneously establishing only very weak coordinating mechanisms among their national financial supervisors. It was also a mistake to forbid the European Central Bank from operating formally as a lender of last resort in a financial crisis.Europe’s experiences should not dissuade Asia from seeking appropriate further harmonization and integration. However, they do argue strongly for Asia to take the kind of careful, step-by-step, long-term approach for which many of the countries within Asia are well known. In particular, Asia should only move forward to the extent that it is willing to take the necessary steps toward common supervisory approaches, information sharing, and cooperation in crises. Trying to have the benefits of integration without the responsibilities would be a recipe for future disaster.

Clinical Trial Subjects in India—Lessons for Asia

Clinical Trial Subjects in India—Lessons for Asia

Korea’s Experience of Peaceful Settlement of WTO Disputes Some Lessons for Asia

Abstract Without the means of DSP, a rules-based system of WTO would be less effective because the rules could not be enforced. In order to receive benefits of depoliticization of trade disputes, the DSP must function as an alternative that is readily available to decision makers. After a trial and error process, Korea learned this lesson and moved to a policy of practical legalism. To actively pursue this policy, Korea unified governmental agencies related to the DSP function into a single organization and it has fully implemented DSB recommendations. Despite this general trend, a warning signal of possible non-compliance with DSB recommendations has been seen from the recent political atmosphere in Korea. All of these experiences and lessons of Korea deserve to be learned by other Asian countries. How to enhance legal capacity of in-house counsels and how to establish a system that connects the growing demands of private parties to the DSP are remaining tasks for Asia to undertake.

Financing Asia’s Infrastructure: Modes of Development and Integration of Asian Financial Markets

Asia faces very large infrastructure funding demands, estimated at around US$750 billion per year for energy, transport, telecommunications, water, and sanitation during 2010-2020 (ADB/ADBI 2009). Asia has large savings, significant international reserves, and rapid accumulations of funds that could be utilized for meeting these infrastructure investment needs, but Asian markets have failed to use available resources to channel funding into highly needed infrastructure projects. This paper explores issues and challenges in financing infrastructure for seamless Asian infrastructure connectivity and for other high priority development financing needs, and seeks methods and instruments to help direct Asian and international resources to cost-effectively and efficiently support infrastructure and other development needs. The paper discusses three important topics: First, what are the lessons for Asia from the European Union’s experience of developing and integrating financial markets and using development banking institutions to support infrastructure investment? Second, how can Asian public and private resources, such as pension funds, social security funds, sovereign wealth funds, and private portfolio funds contribute to infrastructure development across Asia? Third, can Islamic financial markets provide funds for Asian infrastructure development? Finally, the paper makes recommendations regarding financing options and how Asian financial markets and infrastructure companies could be further developed and integrated to mobilize Asian and other regions’ savings for financing priority infrastructure projects in the region.

Regional Trade Agreements and the WTO: General Observations and NAFTA Lessons for Asia

This paper first outlines briefly the history and treatment of regional trade agreements (RTAs) in the WTO/GATT. In that regard, it examines the evolution of RTAs in the GATT/WTO system and the difficulties that the system has had in trying to apply the rules applicable to free trade areas (FTAs) and customs unions so as to control the spread of questionable RTAs. It considers the recent developments in WTO dispute settlement in this regard and the current negotiations in the Doha Round. The paper then considers briefly how economists evaluate the effects of RTAs. The paper concludes by considering how the NAFTA experience may be relevant for Asia. The paper concludes that (i) the economic benefits of negotiating RTAs are likely to be limited; (ii) that complex rules of origin should be avoided; (iii) that while limited agreements with a limited number of partners are easier to negotiate, the problems of complex networks of RTAs and their interrelationships are such that a single broad-based agreement with broad coverage would be preferable; and (iv) that attention should be paid to creating a robust dispute settlement system as without one, the limited benefits of an RTA are even less likely to materialize.

Multilateral Trade Negotiations in the GATT and the WTO: Lessons for Asia

This paper aims to help Asian trade negotiators by examining the processes and results of the Uruguay Round. Analysts argue that trade negotiations are based on mercantilistic rules. But the actual outcome of the Uruguay Round suggests that trade bargaining was not based on strict reciprocity. In terms of tariff reductions, Asian economies received more than they gave, but relative to tariff bindings, Asian economies gave more than they received. Asian economies that undertook trade reforms prior to the trade talks did not lose bargaining power. The paper also presents econometric evidence on the determinants of bargaining power of nations.

Lessons for Asia?: European experiences—in American perspective—in legitimizing market integration

The European Union has reached a deeper level of market integration than any other region. In many ways its success parallels the integration of national-level markets, particularly in the broadly similar continental project of the United States. This paper asks whether the EU and US cases hold any lessons for the pursuit of market integration in East Asia, and reaches two positive conclusions. First, the two Atlantic continental markets display a common content of institutions and policies that helped generate broad legitimacy for market integration. Secondly, while there is wide debate over the historical mechanisms that produced successful “embedded” market integration in the EU and the US, several of these mechanisms may be reproducible in East Asia.

East Asia's Lessons for Latin American Resurgence

The World EconomyVolume 10, Issue 4 p. 469-482 East Asia's Lessons for Latin American Resurgence John D. Macomber, John D. Macomber Chairman and Chief Executive of the Celanese Corporation JOHN D. MACOMBER, who was Chairman and Chief Executive of the Celanese Corporation, based in New York, from 1980 to 1987, is a director of the Chase Manhattan Bank, the Xerox Corporation, the Bristol-Myers Corporation, RJR Nabisco Inc. and other companies. Mr Macomber is Vice Chairman of the Americas Society in New YorkSearch for more papers by this author John D. Macomber, John D. Macomber Chairman and Chief Executive of the Celanese Corporation JOHN D. MACOMBER, who was Chairman and Chief Executive of the Celanese Corporation, based in New York, from 1980 to 1987, is a director of the Chase Manhattan Bank, the Xerox Corporation, the Bristol-Myers Corporation, RJR Nabisco Inc. and other companies. Mr Macomber is Vice Chairman of the Americas Society in New YorkSearch for more papers by this author First published: December 1987 https://doi.org/10.1111/j.1467-9701.1987.tb00866.xCitations: 4 Read the full textAboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Citing Literature Volume10, Issue4December 1987Pages 469-482 RelatedInformation