The ASEAN free trade area (AFTA) was created in 1992. This book presents an overview of the mechanisms of AFTA as well as individual country reports of the costs and benefits of membership. The final chapter looks at the potential impact on economic growth.

It seems participation in a regional trade agreement does not necessarily lead to a more liberal import regime.Foroutan explores whether a systematic relationship exists between a developing country`s participation in a preferential regional trade agreement (RTA) and the restrictiveness of its trade regime.The motivation for her study is provided by the current debate about whether regional trading blocs are a stepping-stone toward a more liberal global trading system and whether these blocs have changed over time so that the new blocs differ meaningfully from the old ones in terms of openness to the rest of the world.She restricts analysis to reciprocal RTAs involving developing countries in partnership either with industrial countries (North-South RTAs) or with other developing countries (South-South RTAs).Nearly every developing country belongs to one or more RTAs, so Foroutan develops criteria for distinguishing effective from noneffective regional blocs. She then taps into many sources of data to compare levels of restrictiveness.She finds no evidence that participation in a regional trade agreement necessarily leads to a more liberal import regime.This paper - a product of International Trade, Development Research Group - is part of a larger effort in the group to study preferential trade issues. The author may be contacted at [email protected].

Since 1985, national economies have become increasingly integrated into a global network. At the same time, both population and production in developing countries are becoming concentrated in urban regions. This, in turn, has generated demands for more local autonomy, shifting more decision making to sub-national levels. Globalization is expected to continue leading to greater openness and international mobility of capital and people. There are few reasons to believe that these trends will abate—if anything, they are likely to intensify the focus on cities and sharpen competition among these for international and local resources. This volume underscores the transformative role of globalization and urbanization and shows the interplay between the two forces.

Technological developments in electronic finance have changed the nature and delivery of financial services in recent years, especially through the use of online banking, online trading and brokerage services. This report reviews the developments in e-finance and analyses the implications for consumers, financial service providers and governments. Issues discussed include: the impact on competition within the financial services industry; how financial sector policies in emerging markets are affected; public policy and regulatory requirements.

This book compares the recent evolution of the structure of inputs and expenditure in Armenia's general education with international norms and practice. In the context of the government's sectoral reform strategy, it also outlines various proposals for restructuring the system. The purpose of this study is to clarify what the inefficiencies might mean for future costs and performance of the system, highlight the trade-offs involved, and identify measures needed to overcome constraints to rationalization.

This volume provides two recent analyses of government responses to financial crises; they have been developed in the light of the recent East Asian crisis, but also draw on experiences from other regions. Issues discussed relate to: the tradeoffs involved in public policies for systemic financial and corporate sector restructuring; and the use of cross-country evidence to determine whether specific crisis containment and resolution policies effect the fiscal costs of resolving a crisis. The book also presents information on 113 systemic banking crises that have occurred in 93 countries since the 1970s, as well as 50 borderline or non-systemic banking crises in 44 countries during the same period.