“…According to the IMF's World Economic Outlook (October 2018), the share of emerging and developing Asia in world GDP, which was 16.7% in 2000, would be 37.8% in 2023 based on PPP. East Asia now plays a central role in global production networks (see, for example, Ito and Vézina 2016, Helble and Ngiang 2016, Aizenman and Fukuda 2017, and Shepherd 2018. Second, despite the dramatic output and trade growth, financial markets in emerging East Asia have developed at a slower pace and from a lower base until recently.…”