In this paper, we examine the effects of introducing constraints on government borrowing using a continuous-time overlapping generations model of a small open economy. We consider government placing constraints on the amount of government bonds outstanding by establishing an upper limit, or...

Over 10 years after the currency crisis, the degree of exchange rate misalignment is still an issue of contention for East Asian countries. This study evaluates the degrees of currency misalignment of Korea, China, Malaysia, Thailand, the Phillipines, and Indonesia by examining absolute...

Looking back around half a century, Thailand has been one of the fastest growing economies in the world. lt also possesses an impressive record in term of poverfy reduction' Whether the two phenomena are related and, if so, how, are of great interest to academic and policymakers. This paper...

Narrowing the digital divide is an important goal of any ICT policy. It must promote on one hand a high degree of accessibility to the infostructure by promoting competition, interconnection and convergence in the ICT sector. On the other hand, policies must also seek to increase the...

Some social scientists argue that the widespread of cooperation within societies is the fact that modern economics theory fails to capture. Fukuyama, for example, argues that economics fails to take into account cultural factors affecting individual behaviors (Fukuyama 1995). Trust, as he...

Public agricultural extension systems face increasing pressure resulting from diverse demands for services coupled with problems in declining funds. This study explores the role of a municipal agricultural extension system in the development of a robust agriculture-based municipality and their...

This paper endogenizes the market structure of an economy with heterogeneous agents who want to form bilateral matches in the presence of search frictions and when utility is non-transferable. We depart from standard matching models where all agents are assumed to be in a unique meeting place by...

East Asia is emerging as a hub of technological innovation. This paper investigates the extent to which East Asia has become a source of international knowledge diffusion and whether such diffusion is localized to the region. Using citations made by U.S. Patent and Trademark Office (USPTO)...

In an information transmission situation, a senders concern for its credibility could endow itself with an invisible power to control the detected. In this case, the sender can achieve its favored outcome without losing its credibility, which stays true even when the sender and the receiver have...

A key lesson of the 2007–2009 global financial crisis (GFC) was the importance of containing systemic financial risk and the need for a “macroprudential†approach to surveillance and regulation that can identify system-wide risks and take appropriate actions to maintain...