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Asia’s Developing Future is the podcast that helps to make sense of emerging development and policy issues – their impact on people, society, and the economy in Asia and the Pacific. Listen and subscribe for free on SoundCloud, Apple Podcasts, Google Podcasts, Stitcher, Blubrry, and Tunein.
How to close the finance gap for women entrepreneurs in India
In this podcast, Renana Jhabvala, the President of SEWA, the Self-Employed Women’s Association, will explain the policy tool that the Indian government has been implementing to formalize women’s economic participation and her experience with SEWA in utilizing bridge institutions to connect women entrepreneurs and formal banking sector.
In this podcast, Renana Jhabvala, the President of SEWA, the Self-Employed Women’s Association, will explain the policy tool that the Indian government has been implementing to formalize women’s economic participation and her experience with SEWA in utilizing bridge institutions to connect women entrepreneurs and formal banking sector.
How to tackle energy poverty for a just transition in Central Asia
In this podcast, ADBI Senior Research Fellow Dina Azhgaliyeva, Zhanna Kapsalyamova from Nazarbayev University, and Anna Arkhangelskaya from the Institute of Energy under the Kyrgyz Technical University explain socioeconomic disparity that energy-poor households face and discuss policy options to replace inefficient fossil fuel subsidies while minimizing the impact of energy prices on vulnerable households.
In this podcast, ADBI Senior Research Fellow Dina Azhgaliyeva, Zhanna Kapsalyamova from Nazarbayev University, and Anna Arkhangelskaya from the Institute of Energy under the Kyrgyz Technical University explain socioeconomic disparity that energy-poor households face and discuss policy options to replace inefficient fossil fuel subsidies while minimizing the impact of energy prices on vulnerable households.
Demographic Transition and Fiscal Sustainability in Asia and the Pacific In this podcast, Waseda University Associate Professor, Upalat Korwatanasakul provides an overview of demographic transition and its effects on fiscal balance in Asia. He also examines ways to enhance fiscal space against pension as well as how fiscal sustainability can be achieved in economies at varying demographic stages.
How to promote green central banking and climate-related monetary policy in developing Asia In this episode of Asia’s Developing Future, Keio University professor Sayuri Shirai, a former Bank of Japan Policy Board member and ADBI visiting fellow, explains the role of central banks in promoting green central banking and climate-related monetary policies in developing Asia.
How Japan’s sanitation and wastewater management breakthroughs can be applied to developing Asia In this podcast, the Asian Development Bank Institute’s Santi Setiawati spotlights Japan’s innovative sanitation and wastewater management systems and the implementation lessons they offer developing countries in Asia seeking to address coverage gaps within the sector.
The way forward for “Washington Consensus” development reformsIn this podcast, Jenny Gordon, Honorary Professor at the Centre for Social Research and Methods at the Australian National University, explains the principles and limitations of the Washington Consensus and how countries can approach them effectively moving forward.
How Asia can prevent carbon net-zero ‘greenwashing’ In this podcast, Catherine McKenna, Canada’s former Minister of Environment and Climate Change and Chair of the High-level Expert Group on the Net-Zero Emissions Commitments of Non-State Entities, explains what policy makers can do to prevent greenwashing and accelerate carbon emissions reduction in Asia and the Pacific.
Understanding the rise of “metaverse” and its significance for developing Asia In this podcast, Beth Ann Lim, director of policy programs and campaigns at Meta Asia Pacific, and Professor Yong Lim at the Seoul National University AI Policy Initiative discuss the metaverse, its economic implications, and policy options to maximize its potential to support inclusive growth in the region.
The economics of achieving carbon net zero in Asia’s heavy industry sectors In this podcast, Professor Frank Jotzo, Professor Llewelyn Hughes, and Dr Tom Longden from the Australian National University Crawford School of Public Policy discuss hydrogen’s potential to support the global transition to clean energy and the decarbonization of heavy industry sectors such as steel production.
What’s in the carbon net zero toolbox for consumption-driven developing countries? In this podcast, Asian Infrastructure Investment Bank (AIIB) Chief Economist Erik Berglof describes policy tools a state can use to accelerate private sector-backed carbon net zero transition, such as state-owned financial institutions and private-public partnerships.
How to recover learning losses from COVID-19 school closures In this podcast, Harvard University education professor Fernando Reimers examines the pandemic’s effects on education, disparities faced by developing countries, and lessons for mitigating future education disruptions.
The disruptive effects of Russia’s invasion of Ukraine on economies and global supply chains In this podcast, Alexander Plekhanov of the European Bank for Reconstruction and Development (EBRD) discusses new research on the impacts of Russia’s invasion of Ukraine on economies and global supply chains, highlighting mechanisms and policy options to restore economic activity and ingrain resilience.
How to move toward inclusive sanitation for gender minorities in developing Asia: Lessons from Nepal In this podcast, Asian Development Bank (ADB) Urban Development Specialist Alexandra Conroy, ADB Gender Equality and Social Inclusion Specialist Shuvechha Khadka, and WaterAid’s Head of Policy and Advocacy Seema Rajouria discuss how gender identity affects sanitation users’ experiences in developing Asia and the Pacific, drawing upon case studies from Nepal.
Developing Asia’s climate change mitigation outlook In this podcast, Asian Development Bank (ADB) Climate Envoy Warren Evans explains the benefits of climate change mitigation efforts to developing countries in Asia and the Pacific and discusses some solutions for achieving their carbon reduction commitments, and provides a blueprint for long-term emissions cuts critical to climate change mitigation and resilience.
APEC’s Rebecca Sta Maria on regional cooperation to revive supply chains In this podcast, Asia-Pacific Economic Cooperation (APEC) Secretariat Executive Director Rebecca Sta Maria explains APEC member economies’ efforts to rebuild supply chains and promote more inclusive and resilient trade growth in the face of high uncertainty.
Nobel Laureate Michael Kremer on closing the digital rural and agricultural development divide In this podcast, Nobel laureate Michael Kremer, an economics professor at the University of Chicago, discusses digitalization experiences and lessons learned within the agricultural sector and prospects for digital rural and agricultural development.
How 2022 G20 president and 2023 ASEAN chair Indonesia could shape energy transition cooperation In this podcast, ADBI’s Dina Azhgaliyeva, ASEAN Centre for Energy Executive Director Nuki Agya Utama, and Kuki Soejachmoen, co-chair of the climate and energy transition task force of the G20’s think tank engagement group, Think20 (T20), talk about energy transition in Asia and how Indonesia’s leadership in the G20 and ASEAN could shape energy transition cooperation.
What Asia tells us about government’s role in fueling private renewable energy investment In this podcast, ADBI’s Dina Azhgaliyeva and John Beirne, and Ranjeeta Mishra from the Reserve Bank of India explain the effect of government renewable energy policies on private investment, drawing upon developments in Asia and the Pacific.
How the G20’s succession of developing country presidencies could help re-shape the global economy In this podcast, Pramod Bhasin, Chair of the Indian Council for Research on International Economic Relations (ICRIER), describes the outlook for Indonesia, India, and Brazil’s G20 presidencies and their potential significance for the global economy.
T7 and its support for G7-Global South cooperation explained In this podcast, ADBI Dean Tetsushi Sonobe, Co-Chair of the T7 Task Force on Sustainable Economic Recovery, and ADBI’s John Beirne and Dina Azhgaliyeva discuss the role and future of the T7.
Central bank governor & finance secretary-designate on sustaining the Philippines' recovery momentum In this podcast, BSP Governor Benjamin Diokno, the next Finance Secretary of the Philippines, describes next steps to sustain the economy’s momentum in the face of new challenges.
Overturning common assumptions about the burden of population aging In this podcast, Vegard Skirbekk of the Norwegian Institute of Public Health and Columbia University describes a new measure of aging burden that takes into account age-related health – the health adjusted dependency ratio.
The role of developing Asia’s central banks in dealing with volatile capital outflows In this podcast, Keio University professor Sayuri Shirai, a former Bank of Japan Policy Board member and ADBI visiting fellow from 2016 to 2020, explains the role of developing Asia’s central banks in reviving economic growth while dealing with volatile capital outflows.
How to bridge the gap between policy research and government action to spark Asian economic recovery In this episode of Asia’s Developing Future, Waseda University professor Naoyuki Yoshino, ADBI Dean from 2014-2020 and a longtime finance official for the Government of Japan, discusses ways to effectively translate innovative policy research into government action.
Women’s Economic Empowerment in Asia After COVID-19 In this podcast, ADBI Capacity Building and Training Economist Pitchaya Sirivunnabood describes the impacts of COVID-19 on women in the economy and policy next steps in Asia, including the importance of addressing gender gaps in digital literacy, social investment, and regulation.
ADBI pioneer on guiding Asia’s development in the face of transformational change and new risks In this episode of Asia’s Developing Future, the Australian National University’s Peter McCawley, ADBI Dean from 2003-2007, discusses developing Asia and the Pacific’s policy imperatives in the face of transformational change and new risks and how these factors drove ADBI’s creation.
Unpacking COVID-19’s economic impacts and recovery potential in the CAREC Region In this podcast, ADBI’s Dina Azhgaliyeva and Kamalbek Karymshakov of the Kyrgyz-Turkish Manas University describe the heavy impact of COVID-19 on household incomes across Central and West Asia and factors disrupting the ability of businesses in the region to adapt successfully to the COVID-19 outbreak.
How Asia can maximize digitalization’s sustainable economic development-boosting potential In this podcast, ADBI Research Fellow John Beirne explains how improvements in infrastructure, digital literacy, and regulation can maximize digitalization’s benefits for the economies in Asia and the Pacific.
Public procurement could be the ticket to innovative recovery in Asia and the Pacific In this podcast, ADBI’s senior CBT economist Yongwook Lee and research associate Lingfeng Zheng discuss the dynamics between public procurement and innovation and how the region can leverage public procurement to promote innovation and sustainable recovery.
Indonesia Finance Minister talks strategy to reduce inflation and accelerate recovery In this podcast, Indonesia Finance Minister Sri Mulyani Indrawati discusses how these challenges could impact economic recovery and strategies for addressing them, including the role of international cooperation.
How developing Asia can lift energy subsidies and advance post-COP26 climate change mitigation In this podcast, ADBI’s Dina Azhgaliyeva and Frank Wolak of Stanford University explain how developing Asia and the Pacific can achieve measurable progress toward carbon neutrality after COP26 by advancing the region’s clean energy transition while relying less on public subsidies.
Rethinking the future of Asian cities after COVID-19 In this podcast, urban development expert Tsuyoshi Hashimoto discusses the post-pandemic outlook for Asia’s cities and the implications for sustainable and inclusive growth in the region.
Unlocking new trade routes between Asia and Europe could deliver an inclusive recovery breakthrough In this podcast, ADBI’s Dina Azhgaliyeva, Yelena Kalyuzhnova of the University of Reading, and Richard Pomfret of the University of Adelaide describe how improved infrastructure development within the Trans-Caspian Corridor could drive post-COVID-19 trade and inclusive economic opportunities.
How are COVID-19’s economic impacts in Asia shaping the region’s post-pandemic policy prescriptions? In this podcast, ADBI Research Fellow John Beirne addresses these fundamental questions, describing new research that underscores the importance of building longer-term resilience and sustainability in Asia and possible ways forward.
What Central Asia can tell us about bridging infrastructure and firm competitiveness gaps In this podcast, ADBI’s Dina Azhgaliyeva and Ranjeeta Mishra, and the Central Asia Regional Economic Cooperation Institute’s Kamalbek Karymshakov explain the importance of bridging these infrastructure gaps for firm performance and trade in Central Asia. They also describe how policy lessons and solutions here can be applied to other parts of developing Asia.
Harmonizing intellectual property regimes could boost innovation in Asia, but how feasible is it? In this podcast, the United States Patent and Trademark Office’s Peter Fowler explains the link between intellectual property rights and growth, the status of intellectual property protection and enforcement in Asia, and the path to harmonization that boost trade and competition in a globalized, digitally-driven marketplace.
How to boost the circular economy and potential for a green recovery in Asia In this podcast, ADBI’s Linda Arthur and Derek Hondo, describe the prospects for achieving such a breakthrough and associated principles and policy priorities.
India shows how boosting clean water delivery can improve women’s economic participation In this podcast, Ashish Sedai of Colorado State University describes clean water access challenges in the region, how the adoption of piped water in households in India is helping to increase women's labor force participation, and the impact gender-balanced household income can have on water service quality and sustainable development.
New Zealand Commission Board Chair Assesses the Future of Infrastructure Development in Asia In this podcast, New Zealand Infrastructure Commission Board Chair Alan Bollard describes post-pandemic infrastructure development conditions and impacts in Asia and the Pacific. He also addresses onward project financing, climate change, and sustainability considerations.
What do COVID-19 work behavior adaptations in the UK reveal about the future of public transport? In this podcast, we take a look at what’s happening outside the region with Greg Marsden of the University of Leeds Institute of Transport Studies, who describes travel developments in the United Kingdom.
How one of Asia’s most dirty fuel-reliant areas can transition to clean energy use In this podcast, ADBI’s Dina Azhgaliyeva and Ranjeeta Mishra, and CAREC Institute’s Kamalbek Karymshakov explain the implications of this gap, and what policy makers can do about it moving forward.
What does the future hold for post-pandemic labor migration in Asia? In this podcast, ADBI Capacity Building and Training Economist Pitchaya Sirivunnabood describes the pandemic’s implications for labor mobility as well as the role of digitalization in boosting labor migration management moving forward.
ADBI’s Dean explains how infrastructure recoupling could deliver a more effective pandemic recovery In this podcast, Asian Development Bank Institute Dean Tetsushi Sonobe explains how global efforts to advance quality infrastructure development could enable a more sustainable and inclusive COVID-19 recovery.
A central bank governor talks strategy for harnessing financial digitalization for COVID-19 recovery In this podcast, Benjamin Diokno, Governor of Banko Sentral ng Pilipinas, or BSP, discusses financial digitalization and inclusive COVID-19 recovery strategy with ADBI Dean Tetsushi Sonobe.
What Asia can do to maximize the impact of COVID-19’s fintech boost to financial inclusion In this podcast, ADBI Research Fellow John Beirne discusses some of the key insights from the event, as well as the implications for policy makers going forward.
How latrines can promote girls’ education In this podcast, the University of Chicago’s Anjali Adukia presents her research on the link between school sanitation infrastructure, education growth, and development in India.
How landlocked Central Asia could become a post-pandemic infrastructure financing leader In this podcast, ADBI research fellow Dina Azhgaliyeva and Waseda University professor Naoyuki Yoshino examine the unique challenges of Central Asian infrastructure development and ways to attract greater private financing in the region moving forward.
How Asia can boost mask production and reignite its SME growth engine through trade In this podcast, Waseda University professor emeritus and ADBI visiting fellow, Shujiro Urata, examines the importance of boosting SME trade for developing Asia and the Pacific at this juncture.
Asia could lay the groundwork for a post-pandemic infrastructure boom through fairer land use In this podcast, Piyush Tiwari of the University of Melbourne examines land development challenges and the importance of balancing the rights and interests of vulnerable communities with broader infrastructure imperatives.
Central Asia could be a model for advancing SME trade and inclusive recovery In this podcast, ADBI Vice Chair of Research, Peter Morgan, examines SME trade challenges in Central Asia Regional Economic Cooperation – CAREC – countries.
MSME digitalization could be the ticket to a speedy Asian recovery in 2021 In this podcast, ADBI Dean and CEO, Tetsushi Sonobe, discusses the importance of digital development for reviving growth among the region’s developing economies, related challenges and signs of progress, and the road ahe
How to avoid the spiral of climate vulnerability and unsustainable debt In this podcast, ADBI research fellow, John Beirne, discusses the ways in which climate risks affect the cost of sovereign borrowing and the sustainability of public finances, with a focus on Southeast Asia which is highly threatened by climate change.
Could Asia’s alarming acceleration of garbage accumulation become a sustainability success story? In this podcast, ADBI’s senior capacity building and training specialist, Linda Arthur, and research associate, Derek Hondo, describe keys to addressing solid waste management gaps in fast-growing cities in Asia and the Pacific and advancing the Sustainable Development Goals, against the backdrop of new pandemic-related pressures.
The increasingly perilous act of balancing Asia’s economies as digitalization accelerates In this podcast, ADBI research fellow, John Beirne, discusses the increasing prominence of the digital economy and digital finance and how continued digitalization will affect policies aimed at managing Asia and the Pacific’s emerging market economies.
The G20’s think tank network is laying the groundwork for evidence-based recovery breakthroughs In this podcast, Asian Development Bank Institute Dean Tetsushi Sonobe discusses the policy making environment amid the pandemic, the potential for breakthroughs, and T20 research to guide policy innovation during Saudi Arabia’s G20 presidency and beyond.
Mastering the art of post-pandemic infrastructure policymaking in politically charged environments In this episode of Asia’s Developing Future, renowned political scientist Francis Fukuyama of Stanford University and ADBI Dean Tetsushi Sonobe discuss the policymaking calculus for advancing infrastructure growth as a sustainable and inclusive recovery driver in politically charged environments.
What Asia can do to strengthen safeguards for its COVID-19 vulnerable aging societies
In this podcast, ADBI Capacity Building and Training Economist, Pitchaya Sirivunnabood, discusses the effects of the COVID-19 crisis on the region’s aging societies and strategies for safeguarding seniors moving forward.
Surveys spotlight pandemic impacts and pathways for recovery in developing Asia In this podcast, ADBI Dean Tetsushi Sonobe discusses what the surveys are revealing about the state of the region’s pandemic response and policy keys for promoting an inclusive and sustainable recovery moving forward.
How Asia can finally deliver sustainable sanitation for all In this podcast, sanitation expert Christoph Lüthi of the Swiss Federal Institute of Aquatic Science and Technology in Zurich discusses city-wide inclusive sanitation and how its integrated approach to solid waste management could help to achieve sanitation for all in the region and the 2030 Sustainable Development Goals.
As pandemic bonds hit the market, what can Asia do to ensure its green bond growth potential? In this podcast, ADBI research fellow, Dina Azhgaliyeva, explains the rising importance of green bonds for the region, the outlook for green bond issuance, and how policymakers can promote the market’s post-pandemic growth.
Japan’s wastewater lessons in the face of shocks provide timely sanitation solutions for Asia In this podcast, water expert Takuya Urakami of Kindai University in Osaka discusses Japan’s complex sewage and wastewater services architecture and how its lessons learned in the face of socioeconomic shocks could provide a timely boost to the region’s sanitation development.
The new and unexpected ways Mobility as a Service systems could affect Asia’s cities
In this podcast, Satish Ukkusuri, a civil engineering professor at Purdue University and Director of its Urban Mobility Networks and Intelligence Lab, discusses the move towards Mobility as a Service, or MaaS systems, and their implications for the future of sustainable urban development in the region.
What more can be done to attract wary investors in Asian infrastructure? In this podcast, Wu Weiping, Professor of Urban Planning at Columbia University’s Graduate School of Architecture, Planning and Preservation, discusses the outlook for private infrastructure financing and growth in the region’s emerging economies.
Could AI be the answer to Asia’s mounting education delivery challenges? In this podcast, former Minister of Education, Science, and Technology of the Republic of Korea, Ju-Ho Lee, discusses teaching reform priorities, against this backdrop.
How can digitalization deliver a pandemic soft landing for Asian economies? Capitalizing on the accelerating digital transformation of economies in the COVID-19 era will be key to crisis recovery, according to Asian Development Bank Institute Dean Tetsushi Sonobe. In this podcast, he explains why and the policy implications for developing Asia and the Pacific.
Addressing new challenges for financial inclusion amid a disruptive double whammy In this podcast, ADBI Vice Chair of Research, Peter Morgan, discusses the challenges of advancing financial inclusion, financial education, and financial literacy in an increasingly digital world and how the COVID-19 pandemic is further raising the stakes for policy makers and the future of socio-economic welfare.
How can smartphone data promote pandemic recovery? In this podcast, Purdue University civil engineering professor and Director of its Urban Mobility Networks and Intelligence Lab, Satish Ukkusuri, discusses how mobility data from smartphones and social media can be used to help Asia’s cities mitigate shocks from the pandemic and other disasters.
How far will Asia’s investors turn to ESG investment? Investors have been increasingly integrating environmental, social, and governance (ESG) factors into their investment decisions. In this podcast, ADBI financial economist, Naoko Nemoto, and Peter Morgan, ADBI vice chair of research, discuss the emergence of ESG investment and its potential to enhance economic sustainability and resilience in Asia in the face of climate and COVID-19 shocks, and related challenges.
The time is now for Asian green investments and an incentivized private sector The coronavirus has contributed to energy market shocks and a rethinking of opportunities for green investments and renewable energy. In this podcast, ADBI research fellow Dina Azhgaliyeva and Ranjeeta Mishra, an ADBI project consultant, discuss COVID-19’s impact on green investments, what’s next for private financing and incentives within the sector, and the implications for Asia’s energy mix. The discussion stems from their new tuition-free, certificate-issuing ADBI E-Learning course Green Investments: Renewable Energy.
Behavioral insights can support the transition to a post-COVID-19 world The coronavirus has had an acute impact on world trade, global connectivity, and work environments. In this podcast, Tetsushi Sonobe, Dean of the Asian Development Bank Institute, discusses the path to economic recovery, the importance of digitalization, and how the application of behavioral insights can drive resilience in a post-COVID-19 world.
Quality infrastructure Asia needs to address COVID-19 and the SDGs In this podcast, Ravi Narayanan, chair of the Governing Council of the Asia-Pacific Water Forum and Water Integrity Network, discusses policy recommendations to promote investment in quality water infrastructure in the region needed to combat COVID-19 and advance the Sustainable Development Goals. Narayanan draws upon insights from Water Insecurity and Sanitation in Asia from ADBI Press, as one of the book’s contributing authors.
Asia’s economic recovery is an opportunity for green policy As the COVID-19 pandemic rattles globalization, commerce, and everyday lives, policy makers are increasingly turning their attention to economic recovery which also provides a critical opportunity to advance green investment and environmental sustainability. In this podcast, ADBI Research Fellow Bihong Huang discusses policy recommendations for more effective environmental and climate change governance in the region.
Mitigating the effects of graying populations in an age of uncertainty Protecting the health and safety of vulnerable groups such as the elderly has emerged as an immediate task for policy makers amid the COVID-19 pandemic. In this podcast, ADBI Deputy Dean Chul Ju Kim discusses policy approaches for addressing population aging and the importance of continued implementation efforts in today’s uncertain environment.
Improving handwashing access is vital to combating COVID-19 The novel coronavirus continues to test health systems and economies worldwide. In this podcast, ADBI’s KE Seetha Ram discusses barriers to a simple life saving action to reduce exposure to COVID-19 – handwashing – and how efforts to further strengthen sanitation management can help communities in developing Asia and the Pacific thrive again.
Book authors dispel doubts about services growth potential in Factory Asia Uncertainty caused by the new coronavirus is disrupting services industries ranging from healthcare, to travel and tourism, to financial markets, adding to concerns about their capacity to boost Asia’s manufacturing-driven economies. In this podcast, Matthias Helble and Ben Shepherd, co-editors of the new ADBI-ADB book Leveraging Services for Development: Prospects and Policies, along with contributor Valerie Mercer-Blackman, explain why such pessimism is misplaced.
How blockchain could revolutionize green finance in Asia Policy makers and researchers recently met at ADBI for a workshop examining green infrastructure investment, policy challenges, and economic implications in Asia. Marco Schletz from the United Nations Environment Program Technical University of Denmark Partnership was among the experts featured at the event. Afterwards, Schletz sat down with Asia’s Developing Future to discuss how blockchain and tokenized securities could revolutionize green finance and inclusive development in the region.
How will the novel coronavirus impact the trajectory of Asian high-speed rail? The novel coronavirus is affecting transportation connectivity worldwide. In this podcast, ADBI’s KE Seetha Ram and Shreyas Bharule, co-editors of the new Handbook on High-Speed Rail and Quality of Life, discuss the sector’s development prospects and socioeconomic effects in the fast-changing and uncertain environment.
Asia’s think tank outlook in an age of shocks There are 8,248 think tanks globally, according to the latest Global Go To Think Tank Index Report from the University of Pennsylvania’s Think Tanks and Civil Societies Program. In this podcast, Asian Development Bank Institute Dean Naoyuki Yoshino explains why think tanks are increasingly important in Asia and the Pacific and keys to ensuring their effectiveness in the fast-changing environment.
T20 lessons for translating policy ideas into global action Asian Development Bank Institute Dean Naoyuki Yoshino, chair of the Think20, or T20, under Japan’s 2019 G20 presidency, described the G20 engagement group’s policy innovation outlook at the T20 Saudi Arabia Inception Conference in Riyadh. In this podcast, we listen to Dean Yoshino’s on-stage remarks in which he discusses new T20 policy implementation breakthroughs and how to more effectively translate research ideas into action that delivers more sustainable and inclusive economies.
Investors need “green” definitions to choose sustainable finance Cecilia Tam, head of the Organisation for Economic Co-operation and Development’s Clean Energy Finance and Investment Mobilisation Programme, describes the importance of creating taxonomies, or definitions, of sustainable finance and the impact it could have for green investment in Asia and the Pacific and beyond.
The future of fintech and inclusive finance is now in Asia and the Pacific Chen Long, Secretary-General of Alibaba’s Luo Han Academy, recently spoke at ADBI on the future of financial services access and use in underserved areas of Asia and the Pacific as digital development accelerates. In this podcast, Chen describes inclusive finance challenges and opportunities in the fintech era and signs of new breakthroughs in the region.
Solid waste build-up challenges Asia’s city planners In this podcast, ADBI Senior Consulting Specialist for Capacity Building and Training Projects, KE Seetha Ram explains the growing pressure on municipal governments to address increasingly large amounts of diverse waste and innovative management approaches that are being adopted in Asia and the Pacific.
Will the People’s Republic of China remain a green bonds leader? The Chinese University of Hong Kong Assistant Professor Hao Zhang discusses why the People’s Republic of China has quickly emerged as a leading green bond issuing country and its policy implications.
ADBI book launch of Central Bank Digital Currency and Fintech in Asia ADBI will launch the new book Central Bank Digital Currency and Fintech in Asia at the 2019 ADBI Annual Conference in Tokyo. In this podcast, ADBI Research Fellow and co-editor, Bihong Huang provides an overview of the book and its unique insights.
ADBI book launch of Achieving Energy Security in Asia ADBI recently launched the new book “Achieving Energy Security in Asia: Diversification, Integration and Policy Implications” at ADBI in Tokyo. In this podcast, co-editor Farhad Taghizadeh-Hesary of Waseda University and Dayong Zhang of Southwestern University of Finance and Economics, a discussant at the launch, provide an overview of the book and its unique insights.
Rethinking engineer training is vital to meeting Asian infrastructure demand
Sudhir Misra of the Indian Institute of Technology, Kanpur discusses the skills gap in civil engineering in India, the importance of overcoming this common challenge to infrastructure growth and sustainable development in the region, and how it can be practically achieved.
Central banks’ changing views on green finance Ulrich Volz of SOAS University of London recently visited ADBI to discuss his survey findings of 18 Asia Pacific central banks and regulatory authorities on the importance of incorporating climate and environmental risk into their operations and its potential role in scaling up green finance.
Papua New Guinea is the forefront of fintech financial inclusion breakthroughs
In this podcast, Bank of Papua New Guinea Governor Loi Bakani discusses how his country is leveraging technology to increase financial services access and use to fight poverty and improve living standards.
Public works, infrastructure spending can offset negative effects of liberalized trade
Lowering trade restrictions makes countries richer and in general, that’s good for everyone. But there are winners and losers from trade, especially as economies adjust to freer trade.
Services important for developing Asia growth, both past and future
When economies across Asia became important players in the supply chains that now dominate global trade, manufacturing boomed. But that is only half the story.
span class="meta">11 September 2019 Where are Asia’s migration trends and attitudes headed? Dr Neil Ruiz of the Pew Research Center in Washington, DC discusses new survey findings on what the public in 27 nations thinks about immigration and provides a demographic analysis of migration patterns.
How to thread the economic and political needle on Asian infrastructure growth
Asian Development Bank Institute Dean Naoyuki Yoshino and renowned political scientist Francis Fukuyama of Stanford University’s Leadership Academy for Development discuss strategies for meeting developing Asia’s surging demand for infrastructure.
How resilient is Southeast Asia in weathering economic volatility? Asian Development Bank Institute Dean Naoyuki Yoshino met with Indonesian Finance Minister Sri Mulyani to discuss the future of trade and economic resiliency in Southeast Asia.
Republic of Korea needs green finance to meet climate change commitments The Republic of Korea has pledged to decrease its greenhouse gas emissions by 37% by 2030 compared with business as usual. Listen to how green financing could make it easier for projects that promote green energy to raise money.
Spillover taxes could help boost green energy projects in Asia Green energy projects need innovative funding methods if they are to succeed in Asia. One option governments could consider is to plow additional taxes generated by green energy projects back into those projects.
Singapore started well but more is needed to become a green finance hub Singapore wants to be a hub for green finance in Asia. Listen to why this is a laudable goal, but serious work is still required to bring it closer to reality.
The effect of services needs to be updated in economic activity data to avoid bad decisions The idea that manufacturing is superior to services for powering a country’s economy has long been taken as a given.
Peer-to-peer lending could help small firms find funds, but careful handling is needed Small and medium-sized companies have trouble raising money and that’s a problem, since they account for a large part of the global economy. If there was a way to make it easier for them to get cash, everyone would benefit.
Trade in services should be encouraged for sustainable development goals Trade in services, and not just merchandise, needs to be encouraged so that countries can meet the Sustainable Development Goals targeted by the United Nations for 2030.
Routinization's impact on labor shares in developing vs developed Asia Routinization is the process where technological advances become cheap enough that they can be used to replace the routine tasks done by workers. Listen to how this affects developing vs developed Asia.
Japan’s declining labor share attributed to conditions in growing service industries Economists have been trying to figure out why the share of income taken by workers has been declining in many economies. While global growth has continued to make the pie bigger, the share of that pie dished out for labor has shrunk in many places.
T20 delivers recommendations to Prime Minister Abe, informs G20 Summit On the eve of the G20 summit in Osaka, representatives of the Think20, the G20’s research and policy advisory network, met with Japan Prime Minister Abe Shinzo to discuss T20 policy recommendations for consideration by G20 leaders during the proceedings.
T20 Japan ignites a G20 quality infrastructure boom Rapid development is spiking global infrastructure demand and driving policy makers to seek trillions of dollars in funding. Listen to our podcast on why greater productivity, poverty reduction, and inclusive growth hinge on meeting these financing needs and advancing the build-up of quality infrastructure.
T20 Japan tackles the G20’s demographic dividend reversal A growing number of G20 countries are confronted with rapidly aging societies. This demographic transition poses a serious threat to economic stability, as ADBI Deputy Dean Chul Ju Kim, lead co-chair of the T20 Japan task force on population aging, explains.
T20 Japan policy innovations detail keys to digital disruption-ready labor and education Think 20 (T20) is the research and policy advice network for the G20 which in 2019 is chaired by ADBI as part of Japan’s G20 presidency. In this podcast, we look at T20 policy solutions for addressing the Future of Work and Education for the Digital Age.
PPPs and GIBs can be used to effectively finance low-carbon infrastructure to fight climate change Large-scale funding is needed to transform fossil fuel dominated energy markets into a low-carbon energy sector, and that requires private sector participation, both in terms of investment and institution building, especially in Asia, which is the current growth center of the world.
T20 Japan think tanks boost the impact of the G20 In this episode of Asia’s Developing Future, T20 Japan Chair, ADBI Dean Naoyuki Yoshino, explains how the T20’s empirical approach to policy development could do wonders for G20 countries ability to tackle emerging challenges at this critical juncture for the global economy.
Bangladesh needs to act to boost renewable energy as climate change effects loom Fast-growing Bangladesh is getting richer but environmental issues are being left behind. It may be time to take a step back and look at what could and should be done to avert a potential catastrophe.
Malaysia labor income share rises, inequality falls, but it isn’t a good sign The share of national income earned by workers has been falling in most countries, and inequality has been rising as a result. The opposite is true in Malaysia. But what seems to be good news there is masking a worrying trend.
Evidence increasing of link between globalization and declining labor income share The global trend to more open trade and migration has benefited the global economy, but the share of income taken by labor has been declining at the same time.
Viet Nam needs major changes to meet its renewable energy goals Viet Nam has made ambitious commitments to combat climate change under the Paris Agreement, but only by making massive changes will it be able to live up to those plans.
Internal migration rules decrease trade benefits, increase disparity in the PRC Limits to internal migration increase disparity and keep the People’s Republic of China (PRC) from reaping the full benefit of its trade and industry success.
Manufacturing in developing countries benefits from quality service firms Services firms can help manufacturing grow in developing countries. But the quality and technological competence of those companies is what matters most when it comes to positive spillover effects.
More work is needed to help local renewable power projects succeed Liberalizing energy markets so that locally generated renewable energy projects have a chance to compete with big utilities is only the first step in getting those projects off the ground.
A new consumption tax could fund development of necessary low-carbon energy system A general tax on consumption that would fund the development of a low-carbon energy system is the only way greenhouse gas emissions will be reduced in time to benefit future generations. The solutions being tried now are not getting the job done.
Governments should consider local conditions in bank regulations to aid the poor Research has shown that better access to banking can help lift people out of poverty. A recent study in Bangladesh confirms that link. But it also suggests that policy makers should consider the large regional and local differences when applying regulations.
FinTech advances can help farmers in Asia and the institutions that serve them Advances in financial technology can help farmers in Asia raise money to improve their operations and deal with the risks that come from uncertain weather and other factors outside their control.
Indian cities can partner with foreign peers to get ahead Indian cities should establish teams to tap the expertise contained within their global counterparts.
Thailand needs better tax regulations, enforcement to fight “shadow” economy Thailand has been using tax policies to promote growth and encourage foreign investment. Some of those measures have succeeded but more attention needs to be paid to the revenue-raising side of the tax regime.
People’s Republic of China needs to step up property and income tax reforms Increasing the use of property and income taxes in the People’s Republic of China won’t be popular, but it is necessary. Relying more on property and income tax will not only help the China government balance its budget but could smooth income inequality and limit unrestrained urban expansion.
Postal savings banks should be tapped to strengthen financial systems in emerging Asia Postal savings banks should be developed as a key factor of the economies in emerging Asia. Building or rebuilding postal savings banks would help modernize and deepen financial systems that are still vulnerable to the whims of global capital flows, as well as provide financial services to citizens who lack access to them.
Bank of Japan stock buying will be hard to unravel The Bank of Japan’s ongoing purchases of Japanese stocks has warped the country’s equity markets. Every day it continues will make the eventual unwinding of those holdings harder, both for the central bank and for the markets themselves.
Foreign remittances should be a key part of expanding services at postal savings banks Postal savings banks can expand their financial services and bring them to more people, by using foreign remittances as a springboard.
A simplified tax system could draw more small businesses to pay tax Regulations need to be stronger, and their implementation needs to be simpler, to bring more small- and medium-sized enterprises (SMEs) into Indonesia’s tax system.
Postal savings banks have served women better but could do more Postal savings banks have a better record than other financial institutions when it comes to giving women access to financial services. But even more could be done if countries expanded the use of postal savings banks, especially if postal authorities were to actively focus on services attractive to women.
Overweight and obesity threaten economic development in Asia and the Pacific Growing populations of the overweight and obese are putting a multi-billion-dollar strain on health costs in developing countries and stifling economic growth.
Tajikistan’s vital remittance income hurt by Russian Federation economic downturn Falling international energy prices, which are causing an economic crisis in the Russian Federation and some other countries in the region, are having major spillover effects on Central Asia. In the economy and financial sector of Tajikistan, remittances from workers have fallen sharply.
Asian think tanks face challenges even as they multiply The number of think tanks in Asia has grown over the last decade and many have become prominent. The 2017 Global Go To Think Tank Index Report records 1,676 think tanks in Asia as of December 2017, almost as many as the 1,872 in the United States, and gaining on the 2,045 that have set up in Europe. The report says there are about 8,000 think tanks globally.
India creates a tool to manage water resources amid crisis Information is power, and that is true as India tries to solve its water crisis. In June 2018, the Government of India acknowledged that it is in the midst of the worst water crisis in the country’s history. By creating a tool that points out where exactly the government is lacking in managing water resources, India has armed itself with the power to fix the crisis.
The four Rs to look for in think tanks With think tanks around the world now numbering 8,000 and counting, how do you pick the best among them? James McGann, senior lecturer of international studies at the Lauder Institute and director of the Think Tanks and Civil Societies Program at the University of Pennsylvania, identified four things a think tank must master.
ASEAN needs to do more to maintain its emergency rice reserves and use them efficiently The Association of Southeast Asian Nations has a long-standing agreement to build and maintain rice reserves to deal with natural disasters and growing food insecurity among its 10 members. The rice reserves are effective, but more needs to be done to streamline funding of and access to the reserves to make sure relief arrives faster.
The “kicker” bond could help kick-start infrastructure projects How can private investors be persuaded to invest in public infrastructure – like new highways, railways, and dams?
In richer economies, the poor are more at risk of becoming obese than the more affluent Economic development can have significant health costs for growing numbers of overweight and obese people, as the example of Indonesia illustrates. This is what a new book by the Asian Development Bank Institute concludes.
Digital technology is essential to better financial services for small businesses Better financial services are needed by micro, small, and medium-sized enterprises (MSMEs), such as secured transaction frameworks, credit information systems, and insolvency regimes.
Obesity “time bomb” ticks away in developing economies Developing countries need to urgently deal with an obesity “time bomb” ticking away in their economies, and which is already dragging down growth and driving up health costs.
Asia has a lot more catching up to do in green investments Asia may have made headway in channeling investments into green projects, but it needs $26.2 trillion between 2016 and 2030 or $1.7 trillion annually to finance sustainable and climate-resilient infrastructure.
Central banks in developing Asia are prepared for uncertain times Lessons learned during the Asian financial crisis leave central banks in developing Asia well-prepared for potentially volatile times as the world emerges from a period of ultra-low interest rates.
Land trusts are the best way to acquire private land for infrastructure Land trusts are the best way for governments in Asia to acquire private land for infrastructure projects. They also increase the likelihood that private companies will help build the roads, bridges, and railways that will keep economies growing.
In the People’s Republic of China, girls now have more schooling than boys Girls now have more schooling on average than boys in the People’s Republic of China, reversing the age-old tradition of sons being better educated than daughters.
More action is needed to achieve fair taxation in the digital economy Innovative financial services and improved ways of doing business have emerged on the back of the rapidly growing digital economy, a field that has been growing exponentially over the past 10 years.
Denying credit to small and medium-sized enterprises may threaten an economy’s growth Small and medium-sized enterprises (SMEs) comprise 99% of nonfinancial businesses in the euro area and employ 67% of the total labor force. In Asia, they account for almost 98% of all businesses and employ about 66% of the workforce. These businesses are vital to a country’s economy.
The New Silk Road and its network of projects could be a “win-win” for all Linking the People's Republic of China with Asia, Africa, and Europe by land and sea can be a win-win for China and its partner countries, if the trillions of dollars China plans to invest in infrastructure will benefit its partners, too. Jean François Gautrin of the Malaysian Institute of Economic Research explains.
Financial inclusion needs to be part of the government’s strategy in the Kyrgyz Republic More than 60% of adults in the Kyrgyz Republic do not have access to financial products and services, and many still prefer to keep their money under a mattress. While a quarter of the adult population have savings, only 3% have money saved in financial institutions.
Different laws reflect a country’s unique culture and can hinder or stimulate innovation Laws in developing countries generally reflect their unique cultures, which may restrict innovation and risk-taking, throwing obstacles in the path to development.
Social networks facilitate informal finance in the People's Republic of China In Chinese culture, as in most other cultures, whom you know is often more important than what you know, and social networks of relatives, friends, or local links are recognized as important to cultivate for help in job hunting, career promotion, or gathering and disseminating information.
Successful urbanization could free developing countries from the middle-income trap Scores of countries have fallen and are falling into the middle-income trap as they strive to develop. And, because of income inequality, aging populations, and a lack of growth impetus, some may never escape.
Stronger credit data systems boost services Timely and accurate credit information is critical to a well-functioning financial industry and essential for any government to maintain financial stability.
Increased monitoring is essential for Asian countries’ smooth economic integration Asia is becoming more integrated than ever before and so requires increased monitoring. While integration has increased overall, the movement of goods, services, and people across borders has grown unevenly across sectors and subregions.
Pacific island countries need to clear many hurdles to get into export markets As the economies of these countries have diversified, their exports have increased to almost three times what they were 2 decades ago. But the gains have been intermittent—and countries need to do more to access Asian markets to boost export revenues further.
Small-scale solar systems would be better for developing countries Developing countries in Asia can leapfrog old fossil-fuel energy systems and promote the use of environment-friendly solar-power systems as their growing economies need more and more energy.
Freer trade can raise living standards and bring down the prices of goods and services The gap between the rich and the poor in Viet Nam has narrowed, thanks to increased imports from the People’s Republic of China. Data collected from 2002 to 2014 show that lower-income groups benefited more than higher-income ones.
Blockchain technology could raise investments for green-energy projects Blockchain technology may be used to finance local renewable-energy projects. The technology, which basically acts as an electronic ledger, allows transactions to be carried out between parties without interference by third parties like banks.
To change the world, tell a good story, says World Toilet Organization founder If you have a good story, you can change the world. If your story makes people laugh, you have an even better chance at success.
Asia and the Pacific need to do more to spur financial inclusion Asia and the Pacific need to ensure not only that more people have access to financial products and services but also that the poor can wield them to build wealth.
The Republic of Korea should help women enter and stay in the workforce The Republic of Korea could improve its citizens’ overall well-being by tackling inequality in the workforce that has left women falling behind their male counterparts.
Malaysia needs to take long, hard look at state-linked firms To be or not to be? That is the question confronting Malaysia’s state-linked companies. Should the government sell its stake in them as they are embroiled in controversy after controversy?
High-speed rail in the People’s Republic of China boosts market access and income The fast growth of a high-speed rail network in the People’s Republic of China has widened market access and boosted incomes. Expanding access to high-speed rail even further would help solve some of the country’s toughest problems.
Regulatory reform, willingness to fail needed for Republic of Korea small businesses Small and medium-sized businesses in the Republic of Korea lag well behind their bigger counterparts in productivity, and the gap is getting wider.
Better financial literacy and inclusion would strengthen Azerbaijan’s financial sector The drop from peak oil prices is testing Azerbaijan’s economy and its people’s ability to adjust to a more modern financial system.
Improve competition, laws, and regulation to lessen role of chaebol in Republic of Korea Big family business groups known as chaebol still dominate in the Republic of Korea, stifling the growth of other businesses and causing investors to look twice before putting money in the country.
Can we make money from waste? By 2050, half the world’s population will live in Asia and the Pacific. Each year, Asian cities’ total population increases by as many as 44 million people. In their wake are millions of tons of solid waste.
Republic of Korea should consider the impact of the minimum wage before hiking it again The Republic of Korea should hold off on increasing the minimum wage for a year or so while it considers the effect of past hikes.
Global outsourcing comes with environmental costs Outsourcing may mean bigger profits for companies seeking cheaper ways to produce goods and services, but it’s not all good news for the host countries.
High-speed railway projects need careful study to ensure success Fifty years after Japan launched its high-speed railway line, there’s no denying it’s been a game-changer. Run by Japan National Railways, the shinkansen cuts travel time between historical economic centers and connects a network of cities.
Will financial liberalization trigger an economic crisis in the People’s Republic of China? Financial liberalization is typically associated with bringing benefits to emerging economies—cutting red tape, boosting growth, expanding trade, and creating jobs and opportunity. Is it just what China needs as the country’s leaders grapple with how to guide it to the next level?
Innovative firms in the People’s Republic of China are redefining manufacturing Since at least the beginning of the 1990s, economists have noted that innovation is indispensable to competitive advantage. But what about for manufacturing? Conventional wisdom has long been hostile to altering proven production methods.
Harnessing innovation is the path to growth in developing countries For ambitious economies that have recently overcome historical economic obstacles and become stable and vibrant engines of growth, the question now is how to make growth sustainable and inclusive.
Five global megatrends are forcing electric utilities to rethink the way they do business Electric utilities around the world are expected to be greatly transformed by deregulation, climate change, the rise of renewable energy, new technologies, declining populations, and changing user needs.
Asia needs better financial monitoring and safeguards as integration increases Asian economies and financial systems are becoming ever more integrated, but their monitoring has not kept pace and better safeguards are needed. This is especially true for cross-border issues.
Solar energy use is growing fast as production costs plunge Solar energy is growing fast as total capacity worldwide surges with the decline of solar-panel prices. It’s cheap and it works.
Democratic People's Republic of Korea could become a market economy in 20 to 25 years The People’s Republic of China’s integration into the global economy and East and West Germany’s reunification show the Democratic People's Republic of Korea — or the DPRK — how it might become a market economy within 20 to 25 years.
So far, so good, for emerging Asia but financial, monetary challenges remain Asian emerging market economies adopted a range of measures after the Asian financial crisis in the late 1990s to shelter themselves from economic and financial contagion. So far, those moves have succeeded. But with new challenges rising, some of the tools they turned to may need readjusting so that they don’t cause more problems than they cure.
Economic models show PRC yuan shift, Malaysia–Singapore reactions, were best options The People’s Republic of China’s gradual shift from a currency policy pegged to the US dollar to one that tracks the movements of a range of currencies was the correct choice given the challenges, and neighbors Malaysia and Singapore were best served by reacting in a similar way.
Steel trade war threatens to bring back “dark ages” in world commerce A brewing trade war over steel is threatening to bring the world back to the economic “dark ages” when countries used trade curbs to retaliate politically against rival governments.
Trade opening transformed Indian industries When India started opening its markets to international trade in the 1990s, what impact did it have on manufacturing and labor’s share of income? The answer lies in an analysis of plant-level data, which requires classifying industries as labor, human capital resource, or technology intensive. But first, what pushed India to open its doors?
Using diversified energy in agriculture can protect food security Energy price shocks—negative and positive—can have a powerful economic knock-on effect, especially on food prices where food is scarce. Even though great strides have been made since 1945 in feeding Asia’s huge populations, more than 500 million people still face food insecurity. Of the world’s undernourished, almost 65% live in Asia.
Global and Asian financial oversight needs updating before the next crisis hits Recent financial crises have highlighted the need to update the global institutions for financial and economic oversight that were founded more than 70 years ago, and their Asian counterparts that have been developing over the last 20 years.
Crisis to opportunity—Asia and the Pacific are more integrated since 2008 Asia and the Pacific have deepened economic integration through trade and foreign direct investment since the early 1990s. But financial market integration within the region has not progressed as quickly.
Lessons from the Asian contagion helped the IMF tackle global financial crisis The International Monetary Fund learned a thing or two from the 1997 Asian financial crisis, which helped it respond better to the 2008 global financial crisis.
Australia, New Zealand have “green” policies but neither has reached its renewable-energy potential Strong and consistent incentives and greater policy stability and coordination between levels of government are needed to engender green energy financing in New Zealand and Australia, according to the Asian Development Bank Institute.
The People’s Republic of China (PRC) may be about to repeat the financial mistakes of Japan in the 1980s The PRC’s financial system is developing rapidly, swelling the country’s bank assets to become the largest in the world, and there are worrying similarities with the global dominance of Japan’s banks in the late 1980s.
Tighter immigration rules threaten India’s IT talent exports One of India’s major exports can readily be seen in computer science faculties, at information technology events, or among programmers and developers in most parts of the world—the IT professional.
Good credit markets and banking can drive innovation in developing economies Developing economies often lack sophisticated equity markets, meaning that firms that are focused on innovation must rely on bank lending, but tight bank policies can undermine the culture of innovation that is essential to growth.
Financial regulators hold the key to climate change Central banks and regulators should be on the frontline of fighting the carbon emissions driving climate change, and a more proactive approach can address the visible side effects in Asia, such as the annual choking smoke haze that envelops parts of the region.
Better indicators are needed to track the well-being of elderly in developing countries With aging becoming a pressing issue in many countries, especially in Asia, governments need better indicators that track the well-being of the elderly to craft policies to better meet the needs of the aged.
Intangible capital of technology and know-how matters more for profit than production Businesses around the world need to pay closer attention to technology, design, branding, and other forms of intangible assets, if they want an edge over their competitors in keeping customers interested.
Financial technology will help lower remittance costs for Asia Fintech or, more fully, financial technology, is the buzz word in the startup world. But while the winners in this revolution are entrepreneurs and investors, there are clear benefits for the developing world.
World oil prices have multiple effects on an energy-exporting economy World oil price volatility affects the economies of the Organization of Petroleum Exporting Countries as well as their non-OPEC counterparts, but little attention is paid to non-OPEC economies, which don’t have a formal bloc to lobby for them.
Migrant workers add huge value to the countries where they work As parts of the developed world tighten foreign worker laws and maintain a hostile rhetoric against “immigrants” and “refugees,” a new report shows Asian migrant workers add economic value to their new countries.
Revamped Pacific trade pact is an important step forward for development Headlines about the rebirth of a trans-Pacific trade pact in Santiago, Chile in March have concentrated on the absence of the United States from the 11-nation agreement, or the trade gains expected for each of its signatories.
Attempts to slow the People’s Republic of China’s housing construction expose other problems Ghost cities full of empty apartment blocks are evidence of the central government’s failure to slow booming house construction in the People’s Republic of China.
PRC’s trade and investment slowdown could hamper developing Asia A growth slowdown in the People’s Republic of China causing a decline in trade would be felt across Asia, with commodity exporters and trade partners closest to the country hit hardest.
PRC can sustain long-term growth, with a few changes at home Domestic structural change is necessary if the People's Republic of China is to sustain economic growth of as high as 8% a year over the next 10 years.
PRC’s declining growth is structural, not a cyclical downturn The nature of the People’s Republic of China’s growth slowdown is a key question for the global economy. If it’s a bump in the road, growth in China should soon return to a high rate that can help support global growth.
Asia should promote domestic demand and lessen its reliance on electronic exports The bulk of Asia’s exports runs through, rather than to, the People’s Republic of China, leaving the region more exposed to downturns and anti-trade sentiments in developed countries than to a domestic slowdown in China.
PRC is facing many of the problems Japan encountered as it strives for growth The People’s Republic of China needs to refocus its economy to avoid slipping into an economic downturn that could be worse than the one Japan has suffered for more than the past 2 decades.
Indonesia rice subsidy program improves children’s health Hundreds of thousands of children in Indonesia are growing taller and heavier thanks to the government’s rice subsidy program, which ensures better nutrition despite flaws in the scheme.
Green bonds offer a sustainable alternative for Asian development funding Green bonds, which first appeared in 2007, finance projects that deliver environmental or climate benefits such as climate change mitigation and adaptation investments.
Japanese investors are looking overseas for returns, but avoiding developing Asia Negative interest rates in Japan are leading banks, pension funds, and other investors to look overseas for better returns, but they are mostly ignoring developing Asia, and with rates rising in the US and Europe, that is unlikely to change.
Central banks are losing power to influence markets as interest rates hit zero Central banks are running out of wiggle room, having lowered interest rates, in some cases to zero or negative, and are losing influence over markets becoming accustomed to a low-rate regime.
Low rates are hurting developing countries, says Bank of Thailand head Ultra-low or negative interest rates in Japan, the United States, and Europe placed a difficult burden on other central banks and may threaten their independence in the future.
Commodity price shocks hurt credit growth in developing countries Big swings in global commodity prices unnerve governments in developing countries reliant on such export revenue, and curb credit growth as banks tighten lending during price volatility.
The global agenda is evolving, and big players need to change the rules Global governance has undergone significant change since the late 1990s, with the number of global players in health, trade, and development finance rapidly increasing, mobilizing more funds for health and development in developing countries, and spurring global trade.
Investors want flexibility in the law and its cultural drivers, which leads to innovation Laws in developing countries generally reflect their unique cultures, which may restrict innovation and risk-taking, throwing obstacles in the path to development. Strong legal mechanisms, including intellectual property rights and patent protection, allow innovation to thrive.
A crisis is coming in trade and water, part 2 Water may be saved through trade provided it moves from countries that use water wisely to those lacking water, as a coming water crisis—driven by climate change, neglect of infrastructure, and misguided policies—threatens global economic growth in countries struggling to develop, and in developed countries.
PRC’s “shadow banking” after the 2007 global crisis yields unexpected results PRC’s 2009 economic stimulus program after the global financial crisis led to the growth of shadow banking as local governments scrambled to pay off their obligations under the program.
A crisis is coming in trade and water, part 1 A coming water crisis, driven by climate change, neglect of infrastructure, and misguided policies, is threatening global economic growth in countries struggling to develop, and in developed countries, too.
Who would have thought that punctuation could influence borrowing and lending? Peer-to-peer or P2P lending is a way of financing debt online so that people can borrow and lend money without going through a financial institution, like a bank. P2P, also known as social lending or crowd lending, has no need for a middleman and has emerged as an alternative to traditional lending institutions around the world.
Developing countries need to fix domestic problems to best benefit from globalization Developing countries can benefit from globalization if they fix potential problems at home before opening their economies. Failing to do so can multiply local problems as money streams across borders, suggests ADBI research.
Urbanization in India, lessons from Republic of Korea, food insecurity, US trade imbalance, inequality in the PRC Listen to stories on urbanization in India, how the Republic of Korea won back investors after the 1997 financial crisis, food insecurity in Asia, another way to view US trade, and widening income inequality in the PRC.
Better sanitation systems lead to economic growth Providing total and improved sanitation services is a challenge across Asia, as population growth—up 5.7% on average in the past two decades—overwhelms existing infrastructure and outpaces planning.
SMEs in Asia need easier access to credit Small and medium-sized enterprises are the backbone of Asia’s economies. The Asian Development Bank’s most recent SME survey covered 20 countries in Central, East, South, Southeast Asia, and the Pacific and showed that SMEs accounted for an average of 96% of all enterprises and 62% of the national labor force.
Community sanitation can be cheaply improved with money-making technology
Basic household sanitation has long been outside the reach of cost-effective comprehensive solutions, especially in communities dependent on septic rather than sewage systems. But this is changing.
Women business owners surf the Internet to access credit Women who own small businesses are increasingly turning to digital platforms to source capital for growth as they battle discrimination from formal channels.
Burgeoning migrant labor is changing economic structures worldwide Recent demographic and societal changes in both developing and developed countries have affected the employment of migrant workers in economies worldwide, and few sectors illustrate the international impact of these changes more than domestic work and home-based care.
Emerging economies can learn a lot from how Republic of Korea faced down financial crises Emerging economies can learn a lot from how the Republic of Korea faced down the financial crises of 1997 and 2008, and emerged from hard economic slowdown stronger than ever.
Inequality will worsen as people in the PRC get older An already widening gap between rich and poor in the People’s Republic of China is likely to worsen due to its rapidly aging population.
Corruption is starving the poor in developing economies Robust institutions and low levels of corruption are more important to reducing hunger than population size or the state of a country’s natural resources.
Will India and the People’s Republic of China have enough to eat? India and the People’s Republic of China must act quickly if they are to have enough to eat over the coming decades.
Trade imbalance data is better than it looks Trade deficits are considered bad news for economies, and for an economy the size of the United States, a deficit of $745 billion in 2015, the largest seen in decades, would be cause for alarm.
Economic growth can be measured by counting tax revenue It can be hard to measure the effects of infrastructure investment on an economy. Knowing whether an investment worked means somehow identifying the revenue it generated amidst the noise of an economy in full swing.
Asia trade needs to get ready for the impact of Brexit and the US undoing of NAFTA Brexit and a potential US withdrawal from the North American Free Trade Agreement could have large ripple effects on trade in Asia, helping some countries and hurting others, according to prominent trade economist Ben Shepherd. What’s more, Asia’s tightly integrated supply chains could be disrupted in the aftermath.
A simple change in transport infrastructure thinking can have wide social effects Improved transportation links help communities prosper financially, but there’s an unexpected social dividend that can compound that prosperity—lower rates of smoking and drinking and higher levels of school attendance.
India’s cities are encouraging manufacturing to promote growth Urban areas contribute nearly two-thirds of India’s gross domestic product, even though they account for only 31 percent of the country’s population. They are India’s growth engines.
The world is facing a new nexus between urbanization, development, environment, and inequality Urbanization is associated with economic growth, but it’s a fine balance before rural poverty simply shifts to the cities and the cities become too big to sustain development, sucking growth out of gross domestic product.
Governments should prepare for migration surges by providing housing, schools, roads, transport Urbanization has accelerated in the past few decades as thousands daily move to towns and cities in search of a better life, or better education opportunities for their children. Economic development is a natural spur to internal migration, but other factors may be may be in play in recent rapid demographic shifts, not least wider access to information over the Internet.
Developing Asia urgently needs to examine who should pay for the elderly Developing Asian countries must introduce more comprehensive public welfare programs for the elderly as their economies transition from traditional filial altruism and the extended family to parental altruism and the nuclear family.
Asia shows unconventional monetary policy works in crisis Hit by the 1997–1998 Asian financial crisis, economies in Southeast Asia adopted unconventional monetary policy measures to ride out the financial storm, and were the stronger for it, teaching a few unorthodox lessons to developed economies left reeling by the global crisis a decade later.
Rapid economic growth breeds inequality in Indonesia Indonesia’s economy grew rapidly over the past 30 years, in large part due to sweeping political and institutional reforms, the right mix of economic policy packages, and the development of fairer economic institutions, but progress made in reducing poverty and income inequality is faltering.
PRC slowdown offers a chance to readjust trade priorities Around the world, researchers and analysts are closely watching the economic performance of the People’s Republic of China in the wake of its recent slowing growth and the possible impact of that downturn on developed and developing economies.
Developing countries have chance to start green energy development Developing countries are relatively well positioned as they expand their energy capacity, with a banquet of climate-clean, sustainable, and renewable sources to choose from, while developed countries try to overcome centralization and replace long-established fossil and fissile sources bound up in laws and regulations, a French energy expert says.
Emerging Asia’s integration has pluses and minuses Since the early 20th century, emerging Asia has been subjected to the ebb and flow of lending from advanced economies. Since then the region has become more integrated into the global financial market, which has been exposed to the risk of capital flow reversals.
In Asia, aging parents get more help from daughters than sons Parents in developing Asia tend to spend more on sons but receive higher returns from daughters, turning on its head an age-old belief that sons—not daughters—take care of their aging parents.
India’s elderly poor are being left behind Poverty among the elderly in developing countries such as India is on the rise as the traditional extended family unit dissolves, fertility rates decline, migration to urban jobs rises, and government attempts to improve aged care have left many falling through the gaps.
Ways to jumpstart global productivity It’s been nearly a decade since the 2008 global financial crisis, and world economic growth rates are almost back where they were after a long, painful but instructive haul, and both developed and emerging economies have added a lot to their financial tool kits.
Peer-to-peer lending opens capital access to start ups, but at a risk—David Storey, ADBI analyst Peer-to-peer lending is an emerging form of finance enabled by the Internet, matching investors with borrowers to get around rigid bank requirements faced by small and medium-sized enterprises—SMEs—and start-ups.
Housing lessons from Hong Kong, China, Republic of Korea, Singapore Asia and the Pacific are home to 4.3 billion people, and half the world’s urban population, with 120,000 people moving to cities every day, creating daily demand for 20,000 affordable homes.
Trade creates jobs in Viet Nam but technology might be harming low-skilled workers Low-skilled workers in Viet Nam are hardest hit by market reforms and technology, with efficiency coming at the cost of jobs. Exposure to foreign markets and access to digital technologies raise demand for different types of skills, and while it has been good for the economy, more and more workers are being left behind.
How demographics affected the fortunes of Japan’s private railways—ADBI Dean The idea of sharing future tax revenues with private investors is being promoted by the Asian Development Bank Institute—the ADBI—in Tokyo to help finance the region’s huge demand for infrastructure. But Naoyuki Yoshino, the dean of the institute, warns that future revenues need to be sustained for such financing to succeed in the longer term.
Remittances reduce poverty in Asia Remittances to developing countries in Asia help improve their economies with the net gains from exporting labor, and improve the lives of the poor people forced to work overseas—often for decades—because jobs are lacking at home.
Economic corridors are looking good for Greater Mekong Economic corridors forming around the Greater Mekong Subregion have opened the way to greater development as better infrastructure leads to improved roads and bridges between neighbors.
Ha Noi can offer more attractive terms to private investors in a new ring road—ADBI Dean Ha Noi, the Vietnamese capital, is renowned for its congested traffic. The government wants to build a third ring road around the city. But it doesn’t have enough money for such a major project, with two other ring roads already under way. Some of the construction is being funded on a BOT basis—build, operate, transfer, whereby the investor constructs and maintains the ring road and gets the toll revenue for a certain period before handing it back to the public—and official development assistance from the Japan International Cooperation Agency.
Beyond speaking truth to power—Adam Posen, head, Peterson Institute for International Economics Think tanks try to influence the powerful—people who hold government office and make decisions—by independently speaking the truth and not being afraid to do so. Adam Posen, president of the Peterson Institute for International Economics, a Washington think tank, says that doesn’t seem to be enough these days.
Japan's banks are transmitting lower interest rates to Asia—Robert McCauley, BIS Japanese banks, insurance companies, and pension funds are investing in the US and other financial markets, due to the low or even negative interest rates at home. But their demand is pushing up the price of hedging, so when their dollars get converted back into yen, they lose money along the way.
Some positive lessons from the Asian financial crisis—Hyun-Song Shin, BIS Developing country economies are proving to be a competitive market for investment in local bonds because they offer relatively high yields and long maturities, which limit the risk of fluctuations in the US dollar, although not the risk to the developing economy.
Obesity and overweight cost about US$166 billion in Asia and the Pacific Obesity and overweight are among the main risk factors of noncommunicable diseases that kill millions of people worldwide. How much do these diseases cost health systems and economies?
The People’s Republic of China is exporting industrial capacity and financial risk As the People’s Republic of China — the PRC — develops its “Go Global” suite of policies, it has expanded international capacity cooperation as a way to adjust to the “new normal” of low industrial growth.
Northeast India can get private firms to fund roads with the promise of spillover effects—ADBI Dean Spillovers are the additional economic activities created by new infrastructure. A new highway will often attract new businesses and create jobs. As a result, governments will receive more revenue from property taxes, corporate taxes, income taxes, and sales taxes. So, to attract private companies with higher returns, governments need to share those future tax revenues with investors. ADBI Dean Naoyuki Yoshino explains further in this episode.
Pension crisis looms in emerging Asia Many emerging Asian economies will likely face a pension fund crisis by 2030 if they fail to set aside sufficient money in a gradually aging region to care for their elderly.
ASEAN is banking on “clean” coal in the absence of an alternative Coal as an energy source in power plants will continue to increase in ASEAN and East Asia in the coming decades in the absence of a viable energy alternative, stoking fears of an upsurge in carbon dioxide emissions and greenhouse gases.
Cambodian banks are looking at a deposit-insurance system It’s been almost 2 decades since the central bank moved to clean up the country’s private banks. Back then, Cambodia didn’t have a single ATM. Today, branches with ATMs are common in provincial areas, deposits have increased, and credit has grown quickly. Minimum capital requirements have been raised. And in a country where cash was once king, electronic payments are now widespread.
US exit from Trans-Pacific Partnership paves way for greater PRC influence in Asia-Pacific “The US exit from the Trans-Pacific Partnership (TPP) has paved the way for the People’s Republic of China (PRC) to dominate and have a greater influence in the Asia-Pacific region,” said Geethanjali Nataraj of India’s Institute of Public Administration at a recent Asian Development Bank Institute seminar.
Can trade create jobs globally? Win-Win—How International Trade Can Help Meet the Sustainable Development Goals was recently published by ADBI and edited by ADBI senior economist Matthias Helble and Ben Shepherd, principal at Developing Trade Consultants.
“Everyone is born an entrepreneur.” M. Yunus, Grameen Bank, Nobel laureate Muhammad Yunus believes the world must look again at what banks should be—and what they should do. The Bangladeshi Nobel laureate and founder of Grameen Bank also wants to upend our thinking about jobs and entrepreneurship.
The sharp rise in overweight and obesity in Asia and the Pacific threatens their prosperity Obesity has reached world-wide epidemic proportions. Overweight and obesity weaken the body, hamper lower-body mobility, and impede daily activities. In older people, they cause physical dysfunction and increase the risk of disability. Overweight and obesity also raise the risks for ischemic heart disease, hypertension, stroke, diabetes, and certain cancers.
How does exchange rate volatility influence exports? The debate about the influence of exchange rates volatility on trade is intensifying, as US President Donald Trump attempts to blame the People’s Republic of China’s exchange rate policy for the US current account deficit.
Think tanks should look beyond economics to cultural and societal values. Guntram Wolff, Bruegel With the United States walking away this year from multilateral deals like the Trans-Pacific Partnership and the Paris Agreement on climate change, is globalization doomed? Guntram Wolff, the director of Brussels-based economic think tank Bruegel, thinks not, given the importance of Europe and Asia.
Information and communication technology empowers women Women in emerging Asian economies will be big winners in e-commerce and online trade, which will help them overcome geographic isolation and limited access to information and financing. But obstacles remain.
Lack of infrastructure, rules hamper developing Asia’s digital trade A fast-growing digital economy is opening new opportunities for small and large businesses, but developing Asia is hampered by a lack of infrastructure and outmoded regulations.
Asian financial crisis—looking back, looking forward. M. Ayhan Kose, World Bank Asia’s emerging economies are becoming more focused on the region and less dependent on global markets, but they need to protect themselves from risks of becoming too reliant on the emerging giants such as the People’s Republic of China
Will 2025 be the final deadline for the ASEAN Economic Community? The Association of Southeast Asian Nations (ASEAN) has delayed establishing an ASEAN Economic Community (AEC) by a decade as it strives to emulate the European Union and promote collective growth.
Grassroots funding boosts green energy projects in Japan Local communities in Japan are taking sustainable energy into their own hands, with small investors backing wind and solar projects instead of waiting for the government to act. Hometown investment trust funds are using the Internet to tap local investors for 100 dollars to 5,000 dollars to fund projects where they live.
E-commerce is changing how the world does business E-commerce is increasingly leading the way in the global marketplace, taking a bigger share of world trade, creating more jobs, and pushing economic growth, but also challenging Asia's developing economies.
Path to financial inclusion is better financial education, literacy As finance becomes more inclusive, financial services will reach people who have no experience with formal finance structures, and they may fail to use the services fully or properly. Financial education is a crucial component of successful financial inclusion. Even in advanced economies, significant gaps remain in financial literacy.
Financial regulations need to adapt to digital finance Digital financial services are being used to draw more people into the global financial system. Digital financial services must therefore be developed and regulated to safeguard against risk and to secure consumer protection.
Pointers from Asia for urbanization in Africa Africa and Asia are latecomers to urbanization. In these two continents, less than half live in urban centers, while elsewhere, more than 70% of people do. But Africa and Asia are now rapidly urbanizing, with Asian cities growing at an average of 1.5% per year and Africa’s at 1.1% per year.
Trade is ripe for disruption because it’s inefficient and not particularly inclusive. Alisa DiCaprio Digital technology can speed up economic growth, but only if people have the right skills, said the panelists at the Asian Development Bank annual meeting in May. ADBI research fellow Alisa DiCaprio told Devex that the bank can advance technology diffusion and adoption, and should invest in information and communication technology or ICT where progress has not benefited the many.
Central Asia and the Caucasus farm sector needs a boost Agriculture in Central Asia and the Caucasus not only ensures the food supply, but also supports the majority of the rural population and creates jobs. Although agriculture’s share of gross domestic product or GDP has declined since 2000, it still accounts for a large proportion of GDP in several countries. Tajikistan’s agriculture sector makes up over one quarter of GDP. Armenia accounts over a fifth of GDP to agriculture, while and Uzbekistan and the Kyrgyz Republic have a little under a fifth.
Blockchain pilots making waves in developing Asia In a blockchain, each block is “chained” to the previous one in a peer-to-peer data sharing network. We’ve all heard the buzz about the potential applications of blockchain technology. But what’s actually happening in developing countries in Asia and the Pacific?
Postal savings accounts benefit women, the poor, and rural people the most Putting savings to work is crucial for Asia’s developing economies. In developing Asia, however, access to credit, savings and payment services remains limited. In 2014, only 36 percent of adults in East Asia and the Pacific had formal savings accounts and only 11 percent had access to formal credit.
Farms in Central Asia and the Caucasus face hurdles Farms need the right policies, regulations, and institutions backing them. They need access to credit and adequate market infrastructure, support for technology and innovation, and greater opportunities for private sector investment.
Post offices can serve those who can’t access banks but must be regulated so they’re accountable Post offices can deliver financial services to people who don’t have access to traditional banks. But developing efficient postal finance isn’t easy.
Viet Nam shows how to integrate an agricultural value chain In 2010, Viet Nam launched a public–private partnership project called the Partnership for Sustainable Agriculture, which drew interest from big companies.
What can governments in Asia do to help SMEs succeed in export markets? The SME Competitiveness Outlook of the International Trade Center helps governments understand the challenges that SMEs face in their quest to either penetrate the export market or expand export shipments.
Education, jobs, SMES needed to spread wealth. Haruhiko Kuroda, Bank of Japan governor Despite remarkable growth in per capita GDP over the past 50 years, poverty remains widespread in Asia, says Haruhiko Kuroda, governor of the Central Bank of Japan and former president of the Asian Development Bank.
SMEs need financial education; post offices can go where banks can’t. Naoyuki Yoshino, ADBI dean Naoyuki Yoshino, dean of the Asian Development Bank Institute, told VTC10–NETVIET in Ha Noi, Viet Nam, that small business owners need education to be able to access finance.
Negative interest rates to remain important. Narayana Kocherlakota, former Minneapolis Fed CEO Negative interest rates will likely remain important, says the University of Rochester’s Professor Narayana Kocherlakota, former president and CEO of the Federal Reserve Bank of Minneapolis.
Global micro insurance can help reduce poverty Micro insurance could potentially reach 3 billion people and earn the industry up to $30 billion from insurance premiums. But only about 5% of the total market in Asia, Africa, and Latin America is covered, and only about 20% of micro insurance is being distributed by microfinance institutions globally.
Training, info, women’s involvement can bolster fragile states. Patrick Safran, ex- ADB official Fragility and conflict are interlinked, particularly in states, as conflict is usually the result of fragility reaching a climax, says Patrick Safran, a senior official of the Asian Development Bank when he spoke at ADBI.
SMEs need help with rules and entering export markets. Arancha Gonzales, ITC executive director Standards and regulations for export companies are multiplying, and for a small company the challenge of complying can be daunting.
