A widely agreed proposition in modern economics is that policy rules have greater advantage over discretion in improving economic performance. Simple monetary policy instrument rules are feasible options for developing countries lacking the pre-requisites for more sophisticated targeting rules....

This essay provides a game-theoretic, endogenous view of institutions, and then applies the idea to identify the sources of institutional trajectories of economic development in China, Japan, and Korea. It stylizes the Malthusian-phase of East Asian economies as peasant-based economies in which...

This essay provides a game-theoretic, endogenous view of institutions, and then applies the idea to identify the sources of institutional trajectories of economic development in China, Japan, and Korea. It stylizes the Malthusian-phase of East Asian economies as peasant-based economies in which...

In the relatively new body of ideas dubbed new economic geography and spatial economics, we find insights on the potentials of industrial agglomeration for regional and national economic development. This paper looked into the evolution of industrial development in the country as a means of...

The rise of China is a major episode in world economic history. From the late 1970s, China pursued market-oriented reforms and open policy. During the past two decades, China experienced extraordinary growth. Since 1978, GDP growth rates have averaged 10 per cent a year, and 10.7 per cent in the...

With booming economic growth Asia will play increasingly important role in global economic and energy matters. World primary energy consumption is projected to expand at an average annual growth rate of 2.1 percent by 2020. About 70 percent of the increase would be accounted for by non-OECD...

This paper establishes a simple model of long run economic and political development, which is driven by the inherent technical features of dierent production factors and the political con.icts among factor owners on how to divide the outputs. The main production factor in economy evolves from...