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This paper analyzes the factors driving house prices in Australia from a cross-country perspective using several approaches. It uses a cointegration technique to estimate the long-run equilibrium house prices in Australia, New Zealand, and Canada and assesses the extent of a possible disequilibrium. It also presents an event analysis to shed some light on the link between house prices, capital inflows and the terms of trade. The econometric analysis suggests an overvaluation of 5-10 percent depending on the model specification. Event analysis indicates that terms of trade shocks were associated with larger increases in house prices in Australia, than in the case of strong capital inflow episodes.

Exports and Imports --- Infrastructure --- Macroeconomics --- Real Estate --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) --- International Investment --- Long-term Capital Movements --- Housing Supply and Markets --- Empirical Studies of Trade --- Price Level --- Inflation --- Deflation --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Property & real estate --- International economics --- Housing prices --- Terms of trade --- Capital inflows --- Asset prices --- Prices --- International trade --- Balance of payments --- National accounts --- Economic policy --- nternational cooperation --- Capital movements --- Saving and investment --- Australia --- Nternational cooperation

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Is the recent proliferation of Regional Trade Agreements (RTAs) in Asia a healthy development, or runs the risk of turning into an unmanageable "noodle bowl" in the future? The goal of this paper is to shed some light on this question. The results show that membership in the Asian RTAs considered in this study have not, to date, occurred at the expense of trade with nonmembers, as most Asian countries' integration with the global economy preceded regional integration. However, looking forward, given their discriminatory nature, a proliferation of RTAs, which is not accompanied by continuing unilateral and multilateral liberalization, could run the risk of leading to costly trade diversion.

Exports and Imports --- Trade Policy --- International Trade Organizations --- Empirical Studies of Trade --- Trade: General --- International economics --- Trade balance --- Trade agreements --- Imports --- Customs unions --- Trade liberalization --- Balance of trade --- Commercial treaties --- Protectionism --- Commercial policy --- Lao People's Democratic Republic --- Trade blocs --- Southeast Asia --- Commerce. --- Commercial policy.

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Vessel traffic data based on the Automatic Identification System (AIS) is a big data source for nowcasting trade activity in real time. Using Malta as a benchmark, we develop indicators of trade and maritime activity based on AIS-based port calls. We test the quality of these indicators by comparing them with official statistics on trade and maritime statistics. If the challenges associated with port call data are overcome through appropriate filtering techniques, we show that these emerging “big data” on vessel traffic could allow statistical agencies to complement existing data sources on trade and introduce new statistics that are more timely (real time), offering an innovative way to measure trade activity. That, in turn, could facilitate faster detection of turning points in economic activity. The approach could be extended to create a real-time worldwide indicator of global trade activity.

Exports and Imports --- Information Management --- Empirical Studies of Trade --- Trade: General --- Retail and Wholesale Trade --- e-Commerce --- Large Data Sets: Modeling and Analysis --- International economics --- Data capture & analysis --- Trade balance --- Trade in goods --- Imports --- Big data --- Exports --- International trade --- Technology --- Balance of trade --- Malta --- E-Commerce

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The small states of the Asia and Pacific region face unique challenges in raising their growth potential and living standards relative to other small states due to their small populations, geographical isolation and dispersion, narrow export and production bases, exposure to shocks, and heavy reliance on aid. Higher fixed government costs, low access to credit by the private sector, and capacity constraints are also key challenges. The econometric analysis confirms that the Pacific Island Countries (PICs) have underperformed relative to their peers over the last 20 years. Although these countries often face more limited policy tools, policies do matter and can further help build resilience and raise potential growth, as evidenced in the recent business cycle. The Asia and Pacific small states should continue rebuilding buffers and improve the composition of public spending in order to foster inclusive growth. Regional solutions should also continue to be pursued.

States, Small --- Small economies --- Economic conditions. --- Asia --- Banks and Banking --- Exports and Imports --- Macroeconomics --- Demography --- Environmental Economics --- Economic Integration --- Open Economy Macroeconomics --- International Policy Coordination and Transmission --- Economic Growth of Open Economies --- Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation --- Aggregate Factor Income Distribution --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Empirical Studies of Trade --- Macroeconomics: Consumption --- Saving --- Wealth --- Demographic Economics: General --- Climate --- Natural Disasters and Their Management --- Global Warming --- Banking --- International economics --- Population & demography --- Climate change --- Income --- Terms of trade --- Government consumption --- Population and demographics --- National accounts --- International trade --- Environment --- Banks and banking --- Economic policy --- nternational cooperation --- Consumption --- Economics --- Population --- Climatic changes --- Marshall Islands, Republic of the --- Nternational cooperation

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Pacific island countries face unique challenges to realizing their growth potential and raising living standards. This book discusses ongoing challenges facing Pacific island countries and policy options to address them. Regional cooperation and solutions tailored to their unique challenges, as well as further integration with the Asia and Pacific region will each play a role. With concerted efforts, Pacific island countries can boost potential growth, increase resilience, and improve the welfare of their citizens.

E-books --- Economic development --- Islands of the Pacific --- Economic conditions. --- Development, Economic --- Economic growth --- Growth, Economic --- Economic policy --- Economics --- Statics and dynamics (Social sciences) --- Development economics --- Resource curse --- Pacific Islands --- Pacific Ocean Islands --- Aggregate Factor Income Distribution --- Banking --- Banks and Banking --- Banks and banking --- Banks --- Climate change --- Climate --- Currency --- Deflation --- Depository Institutions --- Environment --- Expenditure --- Expenditures, Public --- Exports and Imports --- Fiscal Policy --- Foreign Exchange --- Foreign exchange --- Global Warming --- Income --- Inflation --- International economics --- Macroeconomics --- Micro Finance Institutions --- Mortgages --- National accounts --- National Government Expenditures and Related Policies: General --- Natural Disasters and Their Management --- Natural Disasters --- Natural disasters --- Price Level --- Prices --- Public finance & taxation --- Public Finance --- Public financial management (PFM) --- Papua New Guinea