External headwinds, together with domestic vulnerabilities, have loomed over the prospects of emerging markets in recent years. We propose an empirical toolbox to quantify the impact of external macro-financial shocks on domestic economies in parsimonious way. Our model is a Bayesian VAR consisting of two blocks representing home and foreign factors, which is particularly useful for small open economies. By exploiting the mixed-frequency nature of the model, we show how the toolbox can be used for “nowcasting” the output growth. The conditional forecast results illustrate that regular updates of external information, as well as domestic leading indicators, would significantly enhance the accuracy of forecasts. Moreover, the analysis of variance decompositions shows that external shocks are important drivers of the domestic business cycle.

Economic zones have played a key role in economic development in many Asian economies and can be catalysts for economic development, provided the right business environment and policies are put in place. In Asia, special economic zones (SEZs) can facilitate trade, investment, and policy reform at a time the region is experiencing a slowdown in trade and economic growth. The Asian Economic Integration Report is an annual review of Asia's regional economic cooperation and integration. It covers the 48 regional members of the Asian Development Bank. This issue includes Special Chapter: How Can Special Economic Zones Catalyze Economic Development?

Across the developing world the preceding decade or so has witnessed a profound reconfiguration of the political economy of urban policy. This new policy environment is driven by globalization, the neo-liberal macro-economic package of 'market enablement' and structural adjustment, which now form the dominant development paradigm. The consequences of this approach for urban development agendas and ultimately the lives and livelihoods of millions of people across the globe are profound. Market Economy and Urban Change explores and evaluates urban sector and development policies in the context of market enablement, and the associated instruments of structural adjustment, urban management reform and 'good' governance. By articulating the linkages between this neo-liberal development paradigm and the way different actors in the urban sector enact policy responses, the book provides an understanding of both the factors driving market enablement, and its impacts on urban sector policies and programmes. With case studies drawn from countries such as Egypt, Mexico, Kenya, Brazil, Colombia and transitional economies, the book focuses in particular on the implications for land, shelter and related sectoral policies for poverty alleviation. By linking policy to practice, the book seeks to inform policy-makers in governments, donor and implementing agencies of the impact of shifts in the development debate on urban sector strategies.

In recent years, Africa has undergone the longest period of sustained economic growth in the continent’s history, drawing the attention of the international media and academics alike. This book analyses the Africa Rising narrative from multidisciplinary perspectives, offering a critical assessment of the explanations given for the poor economic growth and development performance in Africa prior to the millennium and the dramatic shift towards the new Africa. Bringing in perspectives from African intellectuals and scholars, many of whom have previously been overlooked in this debate, the book examines the construction of Africa’s economic growth and development portraits over the years. It looks at two institutions that play a vital role in African development, providing a detailed explanation of how the World Bank and the IMF have interpreted and dealt with the African challenges and experiences. The insightful analysis reveals that if Africa is rising, only 20-30 per cent of Africans are aboard the rising ship, and the main challenge facing the continent today is to bring on board the majority of Africans who have been excluded from growth. This book makes the complex, and sometimes confusing debates on Africa’s economic growth experience more accessible to a wide range of readers interested in the Africa story. It is essential reading for students and researchers in African Studies, and will be of great interest to scholars in Development Studies, Political Economy, and Development Economics.

“Examines the complicated, dynamic relations between these two regions [and] offers a new perspective to understand the root cause of the dilemma.” —China Review China and Taiwan share one of the world’s most complex international relationships. Although similar cultures and economic interests promoted an explosion of economic ties between them since the late 1980s, these ties have not led to an improved political relationship, let alone progress toward the unification that both governments once claimed to seek. In addition, Taiwan’s recent Sunflower Movement succeeded in obstructing deeper economic ties with China. Why has Taiwan’s policy toward China been so inconsistent? Taiwan’s China Dilemma explains the divergence between the development of economic and political relations across the Taiwan Strait through the interplay of national identity and economic interests. Using primary sources, opinion surveys, and interviews with Taiwanese opinion leaders, Syaru Shirley Lin paints a vivid picture of one of the most unsettled and dangerous relationships in the contemporary world, and illustrates the growing backlash against economic liberalization and regional economic integration around the world. “Lin creatively frames the issue…investigating how Taiwan struggles to manage globalization without Sinification.” —Political Science Quarterly

This book purports to examine the international dimensions of the democratization process in Egypt in the post Cold War era; a theme which acquired significance at the academic and policy-oriented levels in light of the growing internationalization of reform arrangements in the Arab world in post 9/11 and the greater involvement of external powers in Arab politics following the Arab Spring uprisings. During the second half of the twentieth century, the mainstream scholarship presented the democratization process as the outcome of domestic conditions not significantly influenced by actors outside the nation-state. With the end of the Cold War, this perspective was challenged as a result of the third wave of democratization and the subsequent growth of the “good governance” discourse on the agenda of the international development establishment. The new perspective attached a more significant role to external factors in the democratization process than was originally conceptualized.

Most students of contemporary China are familiar with the Joint Economic Committee studies on China, which have appeared periodically since 1967. This is the most recent study in the series (released in April, 1991). This volume follows the format of the previous studies, offering a broad sweep of its subject matter. The 50 chapters - contributed by Chinese scholars in government, universities and private research centres - are divided into five major parts. Each section begins with an overview which summarises and comments on the main points in each of the chapters. The volume offers a detailed examination of China's economy, and the political and social factors currently facing the leadership in Beijing.