I. Financial Integration

There has been a limited progress in financial integration in Asia despite the considerable strengthening of trade and direct investment links among economies in the region. Portfolio investment flows and cross-border bank loans within the region have remained becalmed at lower levels compared to those with international market players outside the region. To address relevant issues, this track welcomes papers in the area of financial integration in Asia, both empirical and theoretical, with policy implications or recommendations. The study may treat such issues as:

• Portfolio investment flows in Asia

• Benefits and costs of financial integration in Asia

• Causes of the limited progress in financial integration in Asia

• Future prospects and policy implications of financial integration in Asia

II. Regional Factor Movement and Foreign Direct Investment

Labor migration within Asia has increased dramatically over the past fifteen years. However, the region’s newly industrializing economies still exhibit relatively low levels of foreign labor forces and adopt highly restrictive immigration policies even though they are increasingly dependent on foreign migrants in the low-wage sectors of the economy. Meanwhile, intensifying are intra-regional foreign direct investments initiated by Japanese multinationals in the mid-1980s and followed by multinational firms from relatively high-income economies such as Hong Kong, Korea, Singapore and Taiwan. Yet, an interesting phenomenon in recent years is the rise of outward investments by Chinese and Indian firms. To address relevant issues, this track welcomes papers in the area of regional movement of factors such as labor and capital in Asia, both empirical and theoretical, with policy implications or recommendations.

III. Competitiveness—Business Opportunities and Challenges

In recent years, policy makers in Asia collectively intend to promote regional economic integration by policy initiatives to create free trade areas and form partnerships between economies. This trend should have various implications for economic sectors as well as individual firms in terms of their competitiveness. To address relevant issues, this track welcomes papers in the areas of industry-level analysis, productivity growth and corporate strategies, both empirical and theoretical, with policy implications or recommendations.

IV. Challenges of Sustainability—Growth, Resources, and Environment

Growing economies in Asia are now faced with the challenges of sustainability. The extensive range of sustainability issues need to be addressed in order for the regional economy as a whole to continue to grow in a sustainable fashion and to move toward integration. To address relevant issues, this track welcomes papers in the areas of natural resources management and environmental economics, both empirical and theoretical, with policy implications or recommendations.