From 1962 to 2013, the People’s Republic of China’s (PRC’s)agricultural employment share declined from 82% to 31%. The transfer of workers out of low-productivity agriculture is a fundamental pillar of the PRC’s aspirations to progress and eventually become a high-income economy. We...

The paper provides a review of the literature that links housing, housing finance, and economic development. The housing sector may support poverty reduction and inclusive growth in two general ways. First, housing construction contributes to economic output, creates employment, and generates a...

We estimate the People’s Republic of China’s (PRC’s potential growth rate in 2012 at 8.7% and at 9.2% for the average of 2008–2012, about the same as the average actual growth rate for this period. This rate is the natural growth rate, that is, the rate consistent with a constant...

This paper develops a framework to assess the growth and distribution effects of fiscal resources. Resources are classified as debt, other capital receipts, foreign aid and other unilateral grants, non-tax revenue, including resource rents, seigniorage, and taxes. The framework is used to assess...

The service sector is the largest and fastest growing sector in India and has the highest labor productivity, but employment has not kept pace with the share of the sector in gross domestic product and has not produced the number or quality of jobs needed. There is no policy leading to inclusive...

There is a widespread perception that the Republic of Korea’s service sector lags behind its dynamic world-class manufacturing sector. We empirically analyze the past performance of the Republic of Korea’s service sector in order to assess its prospects as an engine of growth. Our analysis...

The development of the service sector in the People’s Republic of China has not kept pace with the country’s overall economic development. The share of employment in services is still lagging behind that of output and is also below the international norm. Moving from traditional services to...

The underdeveloped service sector in Asia has the potential to become a new engine of economic growth for developing Asia, which has traditionally relied on export-oriented manufacturing to power its growth. The central objective of this paper is to empirically analyze the prospects for the...