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Emerging Economies in the 2000s : Real Decoupling and Financial Recoupling

Yeyati, Eduardo Levy; Williams, Tomas
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.36%
The paper documents an intriguing development in the emerging world in the 2000s: a decoupling from the business cycle of advanced countries, combined with the strengthening of the co-movements in the main emerging market assets that predates the synchronized sell-off during the crisis. In addition, the paper tests the hypothesis that financial globalization, to the extent that it creates a common, global investor base for emerging markets, could lead to a tighter asset correlation despite the weaker economic ties. While an examination of the impact of alternative financial globalization proxies does not yield conclusive results, a closer look at global emerging market equity and bond funds shows that the latter indeed foster financial recoupling during downturns, reflecting the fact that they trade near their respective benchmarks and respond to withdrawals by liquidating holdings across the board.

How Resilient Were Emerging Economies to the Global Crisis?

Didier, Tatiana; Hevia, Constantino; Schmukler, Sergio L.
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
56.55%
This paper studies the cross-country incidence of the 2008-2009 global crisis and documents a structural break in the way emerging economies responded to the global shock. Contrary to popular perceptions, emerging market economies suffered growth collapses comparable, or even larger, to those experienced by advanced economies during the crisis. With such large financial and real shock, most of the world economy came to a halt when the crisis hit, with most countries resuming their pre-crisis growth rates afterwards. While emerging economies were not able to avoid the crisis collapse, they grew at a higher rate during the post crisis, relative to before and, as usual, to advanced countries. Moreover, emerging economies initiated their recovery sooner. Breaking with the past, emerging economies were able to conduct countercyclical policies, and became more similar to developed countries in softening the impact of the crisis and in their ability to pursue expansionary policies.

Banking Flows and Financial Crisis : Financial Interconnectedness and Basel III Effects

Ghosh, Swati R.; Sugawara, Naotaka; Zalduendo, Juan
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
46.34%
This paper examines the factors that determine banking flows from advanced economies to emerging markets. In addition to the usual determinants of capital flows in terms of global push and local pull factors, it examines the role of bilateral factors, such as growth differentials and economic size, as well as contagion factors and measures of the depth in financial interconnectedness between lenders and borrowers. The analysis finds profound differences across regions. In particular, in spite of the severe impact of the global financial crisis, banking flows in emerging Europe stand out as a more stable region than is the case in other developing regions. Assuming that the determinants of banking flows remain unchanged in the presence of structural changes, the authors use these results to explore the short-term implications of Basel III capital regulations on banking flows to emerging markets.

Global Fiscal Adjustment and Trade Rebalancing : Global Fiscal Adjustment and Trade Rebalancing

McKibbin, Warwick J.; Stoeckel, Andrew B.; Lu, YingYing
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
46.57%
The emergence of substantial fiscal deficits and a large build up of government debt in major advanced economies will inevitably lead to a period of fiscal consolidation in coming years. In an earlier paper, McKibbin and Stoeckel (2010) explored the effects of this fiscal adjustment in advanced economies on the global economic outlook. This paper focuses on the differences between the impacts of fiscal policy in advanced versus emerging economies. In particular, the need for more fiscal spending on infrastructure in emerging economies and the need for fiscal consolidation in advanced economies leads naturally to the question of what this asymmetric fiscal adjustment might do to global trade balances as well as global economic growth over the coming decades. The adjustment needed in both regions is substantial and the asymmetry of the adjustment implies important consequences for trade and capital flows between regions as well as asset price adjustments within and between regions.

From Political to Economic Awakening in the Arab World : The Path of Economic Integration - Deauville Partnership Report on Trade and Foreign Direct Investment, Volume 1. Overview Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.38%
The forces unleashed by the Arab political awakening have the power to be transformational. One critical parameter of success will be whether the Arab political awakening is accompanied by a concurrent economic awakening. Economic integration through increased trade and foreign direct investment (FDI) is one key means available in the short to medium term to policy makers to put the Partnership countries on a higher path of sustainable economic growth and in a position to decisively tackle the problem of unemployment, especially youth unemployment. To be sure, skepticism abounds in the region over the merits of trade and FDI and the integrity of the private sector in light of "crony capitalism," where the benefits of past policies are perceived to have accrued only to a well-connected few. Leadership is needed in both Partnership countries and Deauville partners to provide a credible long-term vision and explain the mutual benefits of economic integration. One such powerful vision could be the pursuit of a partnership aimed at gradually promoting four key freedoms in the Mediterranean and beyond: the free movement of goods...

From Political to Economic Awakening : The Path of Economic Integration - Deauville Partnership Report on Trade and Foreign Direct Investment, Volume 2. Main Report

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
46.38%
The forces unleashed by the Arab political awakening have the power to be transformational. One critical parameter of success will be whether the Arab political awakening is accompanied by a concurrent economic awakening. Economic integration through increased trade and foreign direct investment (FDI) is one key means available in the short to medium term to policy makers to put the Partnership countries on a higher path of sustainable economic growth and in a position to decisively tackle the problem of unemployment, especially youth unemployment. To be sure, skepticism abounds in the region over the merits of trade and FDI and the integrity of the private sector in light of "crony capitalism," where the benefits of past policies are perceived to have accrued only to a well-connected few. Leadership is needed in both Partnership countries and Deauville partners to provide a credible long-term vision and explain the mutual benefits of economic integration. One such powerful vision could be the pursuit of a partnership aimed at gradually promoting four key freedoms in the Mediterranean and beyond: the free movement of goods...

Monetary Policy and Macroprudential Regulation : Whither Emerging Markets

Canuto, Otaviano; Cavallari, Matheus
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.33%
Confidence in combining inflation-targeting-cum-flexible-exchange-rate regimes with isolated microprudential regulation as a means to guarantee both macroeconomic and financial stability has been shattered by the scale and synchronization of asset price booms and busts that preceded the current global financial crisis. This paper has a two-fold purpose. On the one hand, it explores the implications and challenges of acknowledging the need for coordination between monetary policies and macroprudential regulation. On the other, it points out specific challenges currently faced by central bankers in emerging economies, as they cope with policy and regulatory coordination in a context of debt overhang and unconventional monetary policies in advanced economies.

Post-Crisis Growth in Developing Countries : A Special Report of the Commission on Growth and Development on the Implications of the 2008 Financial Crisis

Commission on Growth and Development
Fonte: Washington, DC: World Bank Publicador: Washington, DC: World Bank
EN_US
Relevância na Pesquisa
46.4%
#advanced countries, advanced economies, aggregate demand, arbitrage, Asian Bond Market, Asset Backed Securities, Asset prices, Backed Security, balance sheet, balance sheets, bank balance sheets, bank credit, bank intermediation, banking crises, banking system, banking systems, bond, bond markets, bond yields, borrower, borrowing costs, Budget deficits, budget surplus, budget surpluses, capital accounts, capital controls, capital flows, Capital Formation, capital gains, capital inflows, capital requirements, cash transfers, Central Bank, central banks, channels of credit, co-ordination failure, collateral, collateral for loans, commercial paper, Commodity, commodity price, Commodity prices, conflicts of interest, consumer durables, consumer spending, contingent liabilities, country to country, credibility, credit constraints, credit increases, Credit Line, credit provision, credit quality, credit spreads, credit system, creditors, creditworthiness, Currency, currency mismatches, Debt, debt markets, Debt Obligation, debts, defaults, Deposit, derivative, derivative instruments, derivatives, Developing Countries, developing country, developing economies, Development Bank, disclosure requirements, domestic banks, domestic capital, domestic capital markets, domestic market, Economic Development, efficient markets, emerging economies, emerging markets, equipment, Exchange Commission, exchange rate, exporters, exposure, external financing, Federal Deposit Insurance, Federal Reserve, Finance Corporation, finances, financial assets, financial crises, Financial Crisis, Financial Development, financial fragility, financial instability, Financial Institution, financial institutions, financial instruments, financial liberalization, financial markets, financial risk, Financial Sector, Financial Sector Development, financial sectors, financial stability, financial structure, financial system, Financial Systems, fiscal deficit, Fiscal Deficits, fiscal policies, fiscal policy, fixed exchange rates, floating exchange rate, flow of credit, foreign capital, Global Capital, Global Capital Markets, Global Economy, global finance, global financial system, global market, Globalization, government guarantees, government investment, government ownership, Gross Domestic Product, holding, holdings, home market, household saving, income levels, incomes, indebted households, inflation, inflation risk, inflationary pressure, instrument, insurance companies, Insurance Corporation, insurance premium, International Bank, International Business, International Cooperation, International Development, International Economics, International Finance, international financial institutions, international harmonization, international trade, inventory, investment banks, investment funds, Investment Vehicles, labor markets, liquidity, Loan, local market, long-term interest, long-term interest rates, macroeconomic policy, macroeconomic stability, margin requirements, market economies, market economy, maturity, Monetary Authority, Monetary Fund, monetary policy, Mortgage, mortgage-backed securities, opportunity costs, pensions, Political Economy, price risk, price stability, Private banks, private capital, private capital flows, private credit, public debt, Public Finance, public finances, public investment, regulatory constraints, regulatory standards, regulatory structures, regulatory system, Reserve, reserves, return, returns, safety net, safety nets, Savings, savings accounts, savings rate, self-regulation, shareholders, short-term capital, short-term interest rates, solvency, Stock markets, stocks, swap, Swaps, T-Bill, T-Bills, tax, trade finance, trading, trading system, Treasury, Treasury Bills, volatile capital, volatility, withdrawal, world economy
In May 2008, the Commission released the growth report: strategies for sustained growth and inclusive development. At that time, the financial systems of the United States and Europe were under stress. Commodity prices were also spiking, posing particular difficulties for developing countries because of the impact on the poor and on potential future inflation. But no one foresaw the full magnitude of the crisis that erupted in the fall of 2008, more than a year ago. The crisis was a destructive malfunction of the financial sectors of the advanced economies, which spread rapidly to the real economy and to the rest of the globe. Even countries far from the source of the crisis had to cope with capital volatility, tight credit, and rapidly falling trade. At the request of several members of the Commission, Commission held a workshop on the crisis and its implications for developing countries. Commission followed standard procedure of asking for help and insight from a distinguished group of scholars, analysts, and practitioners. This report is an outgrowth of that process. It is an attempt to look at the crisis and its aftermath from the point of view of developing countries. Commission wanted to assess the impact of these events, and determine if the growth strategies recommended needed major revision...

Chasing the Shadows : How Significant is Shadow Banking in Emerging Markets?

Ghosh, Swati; Gonzalez del Mazo, Ines; Ötker-Robe, İnci
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.36%
Broadly defined as credit intermediation involving entities and activities outside the regular banking system, shadow banking raises important policy concerns. Given significant challenges with data availability, the size, nature and significance of shadow banking in emerging market and developing economies (EMDEs) are even less discussed and understood. Shadow banking in EMDEs generally does not involve long, complex, opaque chains of intermediation, as is often the case in advanced economies. Nonetheless, it can pose systemic risks, both directly, as its importance in the total financial system grows (with the concomitant credit, market, and liquidity risks that its participants undertake), and indirectly through its interconnectedness with the regulated banking system. At the same time, shadow banks also play an important role in channeling alternative funding sources to EMDEs, especially as deleveraging pressures from European banks continue. This suggests that policy makers need to manage trade-offs carefully to ensure that shadow banks provide alternative but safe sources of funding to the private sector without generating additional systemic risks. Based on a snapshot of selected EMDEs in East Asia and in Central and Eastern Europe...

Emerging Players in Global Mining

Humphreys, David
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
EN_US
Relevância na Pesquisa
46.36%
Companies from the emerging economies are a growing feature of the global mining industry. This document looks at who these companies are and the factors behind their growth. The contribution of the emerging economies to the global supply of minerals since 2000 is striking. With their growth in production exceeding that of the advanced economies in almost every commodity, the share of these countries in global mineral production mounted steadily. Several factors have combined to provide a boost to the role and fortunes of emerging economy companies in mining over recent years. Five of the most important are: (i) market liberalization and privatization of state-owned companies; (ii) privileged access of local companies to significant and underdeveloped local resources; (iii) strong financial positions due to the mining boom of 2003-2008; (iv) drive for geographic and commodity diversification, at times with tacit support of respective home governments; and (v) strategic expansion, usually to ensure raw material supplies for their metallurgical operations. The role of the emerging economy countries...

The Post-Crisis Growth Slowdown in Emerging Economies and the Role of Structural Reforms

Qureshi, Zia; Diaz-Sanchez, Jose L.; Varoudakis, Aristomene
Fonte: World Bank Group, Washington, DC Publicador: World Bank Group, Washington, DC
EN_US
Relevância na Pesquisa
46.41%
This paper constructs indicators of structural bottlenecks arising from barriers to open markets, obstacles to business operations, and constraints to access to finance. Empirical evidence from a sample of 30 emerging economies indicates that barriers to open markets and access to finance are significantly associated with differences in total factor productivity growth in the post-global financial crisis period compared with the pre-crisis period -- with countries with fewer barriers showing stronger recovery and resilience. Barriers to access to finance are also associated with differences in the performance of private investment. Reforms to improve the policy framework in these areas, up to the level of the best-ranking countries, could offset the recently observed growth slowdown in emerging economies. These reforms would revitalize potential growth and mitigate the risks from external shocks associated with the global environment in the transition from the global financial crisis.

Financial Inclusion, Productivity Shocks, and Consumption Volatility in Emerging Economies

Bhattacharya, Rudrani; Patnaik, Ila
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Trabalho em Andamento
EN_US
Relevância na Pesquisa
56.43%
How does access to finance impact consumption volatility? Theory and evidence from advanced economies suggests that greater household access to finance smooths consumption. Evidence from emerging markets, where consumption is usually more volatile than income, indicates that financial reform further increases the volatility of consumption relative to output. This puzzle is addressed in the framework of an emerging economy model in which households face shocks to trend growth rate, and a fraction of them are financially constrained, with no access to financial services. Unconstrained households can respond to shocks to trend growth by raising current consumption more than the rise in current income. Financial reform increases the share of such households, leading to greater relative consumption volatility. Calibration of the model for pre- and post-financial reform in India provides support for the model’s key predictions.

How to Avoid Middle-Income Traps?

Flaaen, Aaron; Ghani, Ejaz; Mishra, Saurabh
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Brief
EN_US
Relevância na Pesquisa
46.36%
Malaysias structural transformation from low to middle income has made it one of the most prominent manufacturing exporters in the world. However, in the competitive global economy, like many other middle-income economies, it is sandwiched between low-wage economies on one side and more innovative advanced economies on the other. What can Malaysia do? Does Malaysia need a new growth strategy?

How to Avoid Middle Income Traps : Evidence from Malaysia

Flaaen, Aaron; Ghani, Ejaz; Mishra, Saurabh
Fonte: World Bank, Washington, D.C. Publicador: World Bank, Washington, D.C.
EN_US
Relevância na Pesquisa
46.43%
#Accelerator, accounting, accounting framework, ADB, advanced economies, advanced economy, agriculture, American Economic Review, asset prices, audits, average growth rate, average growth rates, benchmark, business cycles, Business Opportunities, capita growth, capital accumulation, capital flows, capital inflows, capital markets, collateral, commodities, commodity, communication technology, communications infrastructure, comparative advantage, competitive markets, competitiveness, consumers, cost differentials, cost of capital, country markets, country to country, critical mass, current account balance, current account surplus, data quality, Debt, developed countries, Developing countries, development path, development policy, domestic consumption, domestic demand, drivers, durable goods, Economic Activity, economic development, economic downturn, economic efficiency, economic growth, Economic history, Economic Management, economic performance, economic recovery, Economic Theories, elasticity, emerging economies, emerging markets, employment growth, entrepreneurship, excess supply, Export Growth, export markets, exports, exposure, external finance, external financing, externalities, financial crisis, financial institutions, financial markets, Financial Services, foreign capital, foreign capital flows, Foreign Direct Investment, foreign direct investments, foreign financing, foreign firms, foreign ownership, future growth, GDP, GDP per capita, global business, global economy, Globalization, Government Debt, growth rate, growth rates, high income, high wages, human capital, Income, income elasticity, income levels, increasing returns, industrial countries, industrialization, information services, innovation, innovations, insurance, International Comparisons, international competition, International cooperation, international financial markets, international markets, International Monetary Fund, INTERNATIONAL TRADE, job creation, labor force, labor market, labor markets, labor mobility, labor productivity, labor-market, Labour, level of development, liberalization, low income, low-income countries, Macroeconomics, manufacturing industries, marginal productivity, marginal products, market share, Middle Income, middle income countries, middle income country, middle-income countries, middle-income country, middle-income economies, middle­income, migration, national accounts, network externalities, occupations, open economy, outsourcing, per capita income, per capita incomes, power parity, price levels, production function, production process, productivity, productivity growth, productivity increases, purchasing power, purchasing power parity, rapid economic growth, rapid expansion, rapid growth, rate of growth, real estate, real GDP, real wages, Regulatory Restrictions, remittances, risk aversion, risk sharing, savings, skilled labor, skilled workers, social cohesion, social entrepreneurs, structural change, structural transformation, tax, tax revenues, technological advances, technological change, technological changes, technological innovations, technology transfer, telecommunications, total factor productivity, total output, track record, trade flows, transport, unemployment, urbanization, value added, volatility, wage increases, wages, wealth, World Development Indicators, WTO
Malaysia's structural transformation from low to middle income is a success story, making it one of the most prominent manufacturing exporters in the world. However, like many other middle income economies, it is squeezed by the competition from low-wage economies on the one hand, and more innovative advanced economies on the other. What can Malaysia do? Does Malaysia need a new growth strategy? This paper emphasizes the need for broad structural transformation; that is, moving to higher productivity production in both goods and services. This paper examines productivity growth for Malaysia at the sectoral level, and constructs several measures of the sophistication of goods and services trade, and puts these comparisons in a global context. The results indicate that Malaysia has further opportunities for growth in the services sector in particular. Modernizing the services sector may provide a way out of the middle income trap, and serve as a source of growth for Malaysia into the future.

Ascent after Decline : Regrowing Global Economies after the Great Recession

Canuto, Otaviano; Leipziger, Danny M.
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication; Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
46.42%
This volume combines the analyses of leading experts on the various elements affecting economic growth and the policies required to spur that growth. Ascent after Decline: Regrowing Global Economies after the Great Recession identifies the main challenges to the economic recovery, such as rising debt levels, reduced trade prospects, and global imbalances, as well as the obstacles to growth posed by fiscal conundrums and lagging infrastructure. It also examines the way forward, beginning with the role of the state and then covering labor markets, information technology, and innovation. The common thread throughout the book is the view that economic re-growth will depend in large measure on smart policy choices and that the role of government has never been more crucial than at any time since the great depression. As members of the World Bank community, these issues are of particular importance to us, since without a resurrection of strong economic growth in major economies, the likelihood of rapid economic development in poorer developing countries is dampened. This is troubling because we have seen progress in many parts of the globe in the past decade...

Capital Account Liberalization : Does Advanced Economy Experience Provide Lessons for China?

Chelsky, Jeff
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
56.41%
The initial post World War II pursuit of capital account liberalization (CAL) by advanced economies was Europe-centric, with roots in a broader political rather than economic agenda of greater European integration. In continental Europe, CAL was addressed mostly through the adoption of multilateral instruments and codes. In contrast, CAL by the United States and United Kingdom was pursued unilaterally, motivated by their status as global reserve currency issuers and global financial centers. China's situation is fundamentally different. China today has no equivalent to the European political motivation for CAL or the domestically driven financial motivation of the United States or the United Kingdom. And while China may have long-term aspirations to be a global reserve currency issuer, the extent to which it internationalizes its currency is constrained by powerful domestic economic and political interests that continue to benefit from an export-led growth model underpinned by a pegged and undervalued exchange rate...

Toward a Switchover of Locomotives in the Global Economy

Canuto, Otaviano
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
46.44%
The recovery in advanced economies is now exhibiting several signs of fragility and the medium-term growth prospects for these economies also look difficult. Could developing economies 'switch over' to become locomotives in the global economy, providing a countervailing force against downward trends? The view taken here says, yes, as long as appropriate domestic policies and reforms are pursued in developing countries.

East Asia and Pacific Economic Update, November 2009 : Transforming the Rebound into Recovery

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
46.36%
A vigorous economic rebound is under way in East Asia since the second quarter of 2009, following the sharp impact from the financial crisis and the global recession that began in late 2008. As much as the reduction in exports and industrial production across the region in the fourth quarter of 2008 and the first quarter of 2009 was unexpectedly swift and deep, so is the strength of the rebound, with doubts about green shoots dispelled in a matter of months and replaced by near-consensus views of a synchronized global rebound led by emerging East Asia. The robust rebound is due to a combination of timely and large fiscal and monetary stimulus in most countries in East Asia, notably in China, and a powerful process of inventory restocking that began after mid-2009. Globally, the advanced economies joined the rebound trend in the third quarter of 2009, and their contributions to global industrial production notably driven by inventory accumulation have begun to outpace the contribution from the East Asia region. These developments are set against a background of solid macroeconomic fundamentals...

The New Financial Landscape : What It Means for Emerging Market Economies

Canuto, Otaviano; García-Kilroy, Catiana; Caputo Silva, Anderson
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
56.39%
As the year 2012 unfolds, its main legacy will be its game changing impact on global financial markets. Waning global growth along with central banks' bold monetary easing policies in advanced economies (AEs) to try to reverse it are changing market dynamics in unexpected ways, across both AEs and emerging market economies (EMEs). The combination of monetary stimulus, fiscal austerity and hesitant structural economic policy reforms in AEs, particularly in Europe, is taking the global financial system into increasingly uncharted territory. How the European Union will address the future of the euro zone, including uncertainties over its banking sector, as well as how the United States handles its Fiscal Cliff, will weigh heavily on economic balances across all economies worldwide. This seems to be a significant point of inflection on the speed of the rebalancing of economic relevance of AEs in favor of EMEs taking place over the last 12 years. Under this scenario, the ability of EMEs to handle their own fiscal...

World Bank East Asia and Pacific Economic Update 2010, Volume 1 : Emerging Stronger from the Crisis

World Bank
Fonte: World Bank Publicador: World Bank
Tipo: Publications & Research :: Publication
ENGLISH
Relevância na Pesquisa
46.43%
East Asia has recovered from the economic and financial crisis. Largely thanks to China, the region's output, exports and employment have mostly returned to the levels before the crisis. Leading the global economy, real gross domestic product (GDP) growth in developing East Asia is poised to rise to 8.7 percent in 2010 after slowing from 8.5 percent in 2008 to 7.0 percent in 2009. This report also identifies two common regional agenda items for the medium term. First, the process of regional integration, driven by Association of South East Asian Nations (ASEAN) commitments to creating a single economic area, will need to continue. Deeper regional economic integration is now even more important, given prospects for slower growth in advanced economies. Behind-the-border trade barriers must be lowered, even in the face of incipient protectionist pressures around the world, including in the region. Deeper integration will encourage agglomeration economies and intra-industry trade, support sustainable urbanization...