Changyong Rhee

Former Chief Economist
Economic Research and Regional Cooperation Department (ERCD)

Mr. Rhee is the chief spokesperson for ADB on economic forecasts and trends, and oversees the Economics and Research Department (ERD). ERD undertakes economics and policy research and capacity building, supports ADB operations, and networks with the international research community. ERD produces ADB's flagship publication, the annual Asian Development Outlook, which forecasts economic trends in the region. A national of the Republic of Korea, Mr. Rhee has over 20 years professional experience in the government and academia, most recently as Secretary General and Sherpa of the Presidential Committee for the G-20 Summit. Mr. Rhee has a Ph.D. in Economics from Harvard University.


  • | Papers and Briefs | Economics Working Papers

    Manufacturing Matters… But It’s the Jobs That Count

    Findings in this paper suggest that the path to prosperity through industrialization may have become more difficult, and industrialization in employment has been more important for eventual prosperity than industrialization in output.

  • | Reports

    Report to the Government of Kazakhstan: Policies for Industrial and Service Diversification in Asia in the 21st Century

    In 2011, the Government of Kazakhstan requested policy advice from the Asian Development Bank (ADB) on how to further diversify the economy and on how to modernize its industrial policy.

  • | Papers and Briefs | Economics Working Papers

    Effects of Quantitative Easing on Asia: Capital Flows and Financial Markets

    By examining capital flows and financial markets, this paper finds that Asian countries were affected by the United States’ quantitative easing either through domestic currency appreciation or an increase in housing prices.

  • | Papers and Briefs | Economics Working Papers

    A Practical Approach to International Monetary System Reform: Building Settlement Infrastructure for Regional Currencies

    The global financial crisis has once again stimulated discussions to reform the international financial architecture. This paper proposes that establishment of regional settlement currencies can contribute positively to this reform agenda.

  • | Papers and Briefs | Economics Working Papers

    Capital Controls: A Pragmatic Proposal

    This paper proposes a pragmatic approach to the use of capital controls, which leverages the Group of 20's indicative guidelines in measuring excessive imbalances to simplify the IMF’s guidelines on the use of capital controls.

  • | Papers and Briefs | Economics Working Papers

    A ZEN Approach to Post-2015: Addressing the Range of Perspectives across Asia and the Pacific

    The paper aims to present the key challenges being faced by the Asia and Pacific region as a number of its developing economies graduate from a low-income status to middle-income status.

  • | Papers and Briefs | Economics Working Papers

    Ending "Too Big To Fail": Government Promises versus Investor Perceptions

    Analysis of the 1997–1999 crisis in the Republic of Korea suggests that despite a “no bailout” policy, chaebols could still issue bonds at prices implying very low expected default risk.

  • | Papers and Briefs | Economics Working Papers

    Lessons from the 1997 and the 2008 Crises in the Republic of Korea

    Based on the experiences of the Republic of Korea during the 1997 and 2008 financial crises, this paper documents the lessons learned and identifies several important policy issues that might have regional implications for Asia.

  • | Papers and Briefs | ERD Technical Notes

    Debt Management Analysis of Nepal's Public Debt

    This paper estimates an optimal target portfolio of sovereign debt for Nepal that minimizes long-term financing cost. In the analysis, a practical framework is applied, which is built upon the traditional mean-variance efficient frontier approach and simultaneously employs a relatively new concept of cost-at-risk (CaR). The framework is flexible enough to incorporate other factors such as liquidity risk. Simulation results show that the Nepali economy needs to increase longer-term domestic borrowing instruments, and that the maturity structure of domestic bonds should be simplified.

  • | Papers and Briefs | NRM Working Papers

    Nepal Macroeconometric Model

    The NRM Working Paper Series draws on ongoing and recently completed research and policy studies undertaken by NRM and its policy analysis network. The papers represent rudimentary work meant to stimulate discussion and elicit feedback. Papers published under this series could subsequently be revised based on feedback of commentators and published as articles in professional journals or chapters in books.


  • | Books

    Future of Factory Asia

    The success of Factory Asia depends on how fast Asia can expand its domestic and regional markets, and upgrade the competitiveness of its manufacturing sector.

  • | Books

    Inequality in Asia and the Pacific

    Technological change, globalization, and market-oriented reform have been the key drivers of Asia’s remarkable growth and poverty reduction, as they are the sources of productivity improvement in the quality of life. 

  • | News Release

    Developing Asia Growth Outlook Steady As Industrial Economies Firm

    An improving growth outlook in Japan and the United States paired with stronger-than-expected performance in the People’s Republic of China support a steady growth outlook for developing Asia, says a new ADB report.

  • | News Release

    Developing Asia Slowing Amid Global Financial Jitters

    Softer than expected economic activity in the People’s Republic of China (PRC) and India and jitters over the United States (US) quantitative easing (QE) program will weigh on Asia and the Pacific’s growth prospects in the near term, says a new Asian Development Bank (ADB) report.

  • | News Release

    India Facing Pressure to Accelerate Structural Reform

    The Indian economy has been under pressure with the recent depreciation of the rupee and capital outflows adding to structural constraints which are weighing heavily on its prospects for returning to a high growth path, says a new ADB report.

  • | News from Country Offices

    Diversification Crucial for Private Sector Development in Timor-Leste - ADB

    Economic diversification must be an essential part of the growth strategy for resource dependent Timor-Leste, if it is to develop a prosperous private sector and sustain broad-based growth, ADB Chief Economist said.

  • | News from Country Offices

    Myanmar to Grow Strongly as Reforms Roll Out, Investment Rolls In

    An easing of sanctions alongside rising exports and business enthusiasm for Myanmar will fuel annual growth of more than 6% for the next two years, provided the government stays the course with its reform program, says a new ADB study.