The rise of East Asian economies has transformed the world economy. This makes it increasingly important to understand the underlying forces shaping these economies and how they impact on the global economy. Most importantly, the East Asian experience with monetary policy frameworks and exchange rate regimes, banking sector reform and financial liberalization provides a fascinating case for evaluating and improving the state of macroeconomic research. There are important lessons to be learnt from the remarkable degree of resilience of most Asian economies to the recent financial crisis as well as the Japanese experience with weak economic growth, deflationary perils and high fiscal debt.

This informal workshop will discuss these issues. The workshop is the third of its kind and also aims at establishing a network of researchers working in this area.