ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty.
Established in 1966, it is owned by 68 members—49 from the region.
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ADB supports projects in developing member countries that create economic and development impact, delivered through both public and private sector operations, advisory services, and knowledge support.
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Ms. Park specializes in Asian macroeconomics, notably country diagnostics, development policies, and the economic implications of external shocks, such as the global financial crisis. She also studies regional financial markets. She belongs to the Economic Research and Regional Cooperation Department (ERCD), which undertakes economic and policy research and capacity building, supports ADB operations, and networks with the international research community.
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This paper finds that while the pace of regional integration of Asia's financial markets has accelerated in recent years, these markets remain more integrated with global financial markets than with other financial markets in the region.
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The paper examines external and internal factors shaping multinational firms' foreign direct investment (FDI) decisions to emerging economies, via mergers and acquisitions (M&A), and Greenfield investment.
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This paper examines how the volatility of different types of capital flows to emerging countries is affected by the volatility of capital flows elsewhere as well as other economic and policy factors.
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This paper examines key development agenda of the Asian financial systems in the face of rapidly changing global financial landscape to shed light on challenges facing the region’s policy makers.
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Trade openness increases the volatility of all types of capital inflows, while change in stock market capitalization, global liquidity growth, and institutional quality lowers the volatility.
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Policy makers in the emerging Asia must strike the right balance between maximizing the net benefits from regional and global financial openness, and minimizing the potential costs of financial contagion and crisis.
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Developing Asia remains at the core of global payment imbalances. While the geographical concentration of current account imbalances is rather significant, with the People's Republic of China accounting for the lion's share of the region's current account surplus, how Asia contributes to global rebalancing also depends critically on the NIEs and larger ASEAN economies. Given the region's huge diversity, the necessary national macroeconomic and structural policies will vary significantly across Asia's emerging economies.
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Global financial regulatory reforms should be complemented and augmented by national and regional reforms, taking into account the very different characteristics of emerging Asian financial systems from advanced economies.
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The global financial crisis of 2008/09 has prompted a reassessment of financial regulation and supervision. Many note that regulatory changes in the global financial system inevitably slow financial innovation and economic growth. Will a wave of regulation and reform in the wake of the crisis also limit the ability of financial institutions to innovate? What are the likely implications for relatively underdeveloped emerging Asian economies?
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Monitoring the behavior of potential output helps policy makers implement appropriate policies in response to an economic crisis.