Through an economic lens, what is Asia? At first blush, the answer seems simple: Asia is the locomotive of the world economy, posting impressive growth numbers for the past several decades. But a closer look reveals stunning diversity. Once you get past the headlines, the picture is complex and richly textured. This issue of F&D looks at Asia from a variety of angles, seeking to provide insight into the region's economic present - and future. Changyong Rhee argues that Asia will need to deal with five important challenges if the region is to continue on its amazing economic journey in "Asia: Achieving Its Potential." In "Sino Shift," David Dollar looks at the rebalancing of China's economy - from investment toward consumption - and the implications of that shift for developing economies in the region. Shikha Jha and Juzhong Zhuang examine the role strong institutions and good governance can play in Asia's future in "Governance Unbundled." In "Asian Style," Alan Wheatley explains how cultural products are playing an increasing role in the region's economy as disposable incomes rise. Malaysian central bank governor Zeti Akhtar Aziz offers her view on Asia's resilience and how the region can cope with financial and economic transitions in the rest of the world. Articles on Australia, kimchi (the Korean staple), and the global reach and the future of Asian finance round out the package. Also in this issue, the costs and benefits of pegged exchange rates are tallied; the relationship between economics and virtue is explored; and researchers examine the point at which a nation's debt compromises its medium-term growth. Finally, F&D's People in Economics series profiles Christopher Pissarides, whose pioneering work on unemployment and labor markets earned him the Nobel Prize in 2010
