Surfing the Waves of Globalization: Asia and Financial Globalization in the Context of the Trilemma
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This paper was initially prepared as a background material for the Asian Development Bank's (ADB) Asian Development Outlook 2009 Update (available at www.adb.org/Economics/). The authors thank Akiko Terada-Hagiwara and Jong-Wha Lee for valuable comments. Ito thanks the ADB Institute for its hospitality during his stay as a visiting scholar, during which time part of this paper was completed. The financial support of faculty research funds of Portland State University is also gratefully acknowledged. The views expressed herein are those of the authors and not necessarily those of ADB or ADB Institute. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.