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This is Chapter 1 in the book, edited by Ross Garnaut and Ligang Song, entitled China: Is Rapid Growth Sustainable, Asia Pacific Press, Canberra, 2004

This paper discusses the importance of asset markets and financial flows in general equilibrium models. Asset markets and financial flows play an important role in the adjustment process to economic shocks and policy changes. 

In Sensible climate policy Professor Warwick McKibbin criticises the Kyoto Protocol that had just entered into force in February 2005. He predicts that the policy would not succeed in reducing emissions and argued that it was a mistake to continue to follow the ‘targets and timetables’ approach

This Lowy Institute Paper by Mark Thirlwell assesses the emergence of India as a major new player in today's global economy. 

The prediction of future temperature increases depends critically on the projections of future greenhouse gas emissions. Yet there is a vigorous debate about how these projections should be undertaken and how reasonable is the approach of the Special Report on Emissions Scenarios (SRES) published by

On 8 February Australian Trade Minister Mark Vaile concluded an agreed text for an Australia-United States Free Trade Agreement. This Issues Brief provides a preliminary assessment of the agreement, based on the limited information now available

This Issues Brief suggests that a key theme over the past year has been the management of external imbalances in a world economy that is not only increasingly integrated but which is simultaneously undergoing a sustained geographic shift in the distribution of economic weight towards Asia

Developments including the rise of vertically specialised trade and the growing internationalisation of production, broader and deeper goods and financial market integration, the extension of international trade to the previously “non-tradeable” services sector, and the spread of international

Southeast Asian industrial exports are now facing intense competition from Chinese industrial exports. How much more would competition increase with China's recent accession to the World Trade Organization? Would Indonesia, Malaysia, Philippines and Thailand (the ASEAN-4) de-industrialise and return