Regional Financial Integration in East Asia against the Backdrop of Recent European Experiences

This article discusses recent trends in regional financial integration in East Asia and current efforts of the Association of Southeast Asian Nations (ASEAN) member countries to foster regional financial integration against the backdrop of three decades of experience with financial integration in Europe. It reviews the two major crisis episodes of the recent European financial history to illustrate the risks associated with comprehensive capital account liberalisation and financial integration without commensurate supervisory structures. The article highlights the importance of targeted macroprudential policies and the development of an adequate region-wide regulatory and supervisory framework to reduce the risks associated with regional – and hence international – financial integration

Rural poverty reduction strategy for South Asia

Roughly 40 percent of the worlds poor live in South Asia, where poverty is basically a rural problem. Therefore, a significant gain in rural poverty reduction in this sub-region will be crucial to reach the international poverty reduction target. Based on the analysis and experience of the International Fund for Agricultural Development (IFAD), this paper argues that to be successful, poverty reduction policies in South Asia must focus on the less-favoured rural areas and on most disadvantaged sections of the rural poor (mainly women, the landless and indigenous peoples). In order to overcome disadvantages arising from remoteness, lack of social services, insecure and unproductive jobs, and discrimination as women or ethnic minorities, the rural poor need legally secure access to productive assets (mainly land, forests and water); sustainable or regenerating agricultural technology; access to markets; opportunities to participate in decentralized resource management; and access to financial services

Culture in sustainable infrastructure

The high failure rate of infrastructures around the world is alarming, most especially when such failures constrain economic growth and development. In most cases, existing institutions or strategies designed to maintain and reproduce effective infrastructures in areas that lack them have been mostly unsuccessful, particularly in sub-Saharan Africa. A carefully conducted survey covering the six geopolitical zones in Nigeria confirms the low-level stability, supply, quality and maintenance of infrastructure and its services. Using the severity index in matrix order model developed in this study, major factors responsible for unsustainable infrastructure delivery and failures are identified. The paper further argues that these major factors are interrelated rather than being peculiar to Nigeria or sub-Saharan Africa. Suffice it to say that the effects of these problems are widespread and of global impact. However, what cuts across all the major factors responsible for unsustainable infrastructure delivery and high failure rates are gross institutional lapses. In view of the fact that sustainable infrastructure is essential for sustainable development, this paper emphasises the uniqueness of the recipients' cultures and values alongside the integration of indigenous communities and infrastructure users: from conceptualisation to delivery within the framework for institutional building and sustainable infrastructure provision