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| A publication of the Asian Development Bank | No. 3 April 2009 |
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ASIAN DEVELOPMENT BANK
PUBLISHER EDITORIAL AND CREATIVE DIRECTOR MANAGING EDITOR SENIOR EDITOR EDITORIAL ADVISOR ASSOCIATE EDITOR COPY EDITOR ART DIRECTOR GRAPHICS PRESSGROUP HOLDINGS EUROPE S.A. PUBLISHER PRODUCTION COORDINATOR
Development Asia features development issues important to the Asia and Pacific region. It is published four times a year by the Asian Development Bank and Pressgroup Holdings Europe S.A. The views expressed in this magazine are those of the authors and do not reflect the views and policies of the Asian Development Bank. Use of the term “country” does not imply any judgment by the authors or the Asian Development Bank as to the legal or other status of any territorial entity.
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Testing the Strength of Asian Regionalism Ann Quon
(Photo by Richie Abrina) The global economic crisis has swept across Asia and brought into sharp focus attempts by nations to cooperate and to integrate their economies. In many ways, the financial crisis of the late 1990s led to the formation of regional cooperation mechanisms to stabilize markets and currencies in times of turmoil. Now these initiatives are being tested. In the third edition of Development Asia, William Branigin, a Washington Post staff writer and the newspaper’s former Southeast Asia bureau chief for more than a decade, explores the impact of the global economic crisis on Asian economic cooperation. The insights are compelling. In addition, this edition looks at one of the unsung success stories of regional cooperation in Asia: the victory over piracy in the Malacca Strait. What was once one of the world’s most dangerous shipping lanes is now patrolled by coordinated forces from the three nations surrounding the Strait—Singapore, Malaysia, and Indonesia. As a result, only two attempts to plunder booty were reported last year, and both were unsuccessful. Our examination of the issues associated with Asian regional cooperation also includes an analysis of the evolution of the Association of Southeast Asian Nations as a regional grouping, and what Asia can learn from the economic and political integration of the European Union. Jenny Forster, a longtime journalist in Asia, and a new contributor to Development Asia, takes readers on a walk through an Indian slum. Triggered by the huge success of the movie Slumdog Millionaire, slum tourism has been booming. Jenny talks to people on both sides of the contentious issue. This edition also looks at the innovative use of bonds to finance vaccination campaigns in developing countries. This financing method gives investors a good return on their money, while children throughout Asia, Africa, and elsewhere benefit from lifesaving vaccines. Other feature stories include an examination of the impact on development of heart disease and other noncommunicable diseases. From Bangkok, we bring you the story of an unconventional Catholic priest who has transformed a one-room schoolhouse into one of Thailand’s most dynamic development organizations. We hope Development Asia triggers discussion and debate on the critical developmental issues highlighted in this edition. What’s more, we hope you will share your thoughts, observations, and suggestions with us by e-mail at editor@development.asia. Enjoy!
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