It has become increasingly common to allocate highway franchises to the bidder that offers to charge the lowest toll. Often, building a highway increases the value of land held by a small group of developers, an effect that is more pronounced with lower tolls. We study the welfare implications...

This paper suggests that area studies and economics have a better chance to be married successfully if we shift our attention from the exclusive emphasis on economic growth towards improvements in human development, especially the much broadened version of that concept. Different areas are shown...

We show empirically using panel data at the plot and farm level and based on a model incorporating supervision costs, risk, credit-market imperfections and scale-economies associated with mechanization that small-scale farming is inefficient in India. Larger farms are more profitable per acre,...

This paper analyzes Taiwan's post-World War II development success as a consequence of the mutually beneficial interactions between its export performance and domestic growth. Not only does trade stimulate growth, but the reverse causality also holds true. Growth enhances trade performance by...

I evaluate India's transition from an inward-oriented development strategy to greater participation in the world economy. While tariff rates have decreased significantly over the past decade, India is still one of the more autarkic countries. Despite improvement over the past in export...

Life cycle savings is proposed as one explanation for much of the increase in savings and economic growth in Asia. The association between the age composition of a nation's population and its savings rate, observed within 16 Asian countries from 1952 to 1992, is re-estimated here to be less than...

Recent research has shown that there appears to be real opportunities for less developed countries to obtain high yields to their investments in technoogy licensing agreements. Using a unique data set on all foreign technology licensing agreements entered into by India's largest 485 private...

While economic growth raises income and wealth and promotes financial intermediation, financial intermediation facilitates economic growth, since it raises the returns to investment. In this article we study the development of an important informal financial intermediary in Japan, the rotating...

This paper discusses the theoretical and policy debate on the crisis in Southeast Asia. After contrasting competing interpretations of the crisis, the paper presents stylized facts about fundamental imbalances in the economies of the region before the currency collapse. Then, it reviews current...