It will be interesting to see how the present banking and other financial services change when a single market for goods and services is formulated in ASEAN. I hope the Governors can provide us with insights into developments of the AEC. With the globalization of the world's financial markets, large capital flows will continue to have a strong impact on open economies.
589–610; and Alberto Alesina (1987), “Macroeconomic Policy in a TwoParty System as a Repeated Game,” Quarterly Journal of Economics, vol. 102 (August), pp. 651–78. 12 See Kenneth Rogoff (1985), “The Optimal Degree of Commitment to an Intermediate Monetary Target,” Quarterly Journal of Economics, vol. 100 (November), pp.