This paper studies the impact of tax-financed universal health coverage schemes on macroeconomic aspects of labor supply, asset holding, inequality, and welfare, while taking into account features common to developing economies, such as informal employment and tax avoidance, by constructing a...

This paper studies the impact of tax-financed universal health coverage schemes on macroeconomic aspects of labor supply, asset holding, inequality, and welfare, while taking into account features common to developing economies, such as informal employment and tax avoidance, by constructing a...

In this paper, we employ stochastic dominance (SD) analysis on household unit records to measure relative welfare levels and investigate sources of inequality in the Philippines from 2000 to 2012. Using SD techniques developed in Chow, Valenzuela, and Wong (2016), we test for richness and...

This paper studies how an aging population affects economic performance and the effectiveness of fiscal and monetary policies. We develop a New Keynesian dynamic stochastic general equilibrium model with heterogeneous households, workers, and retirees. We demonstrate that an increase in the...

Public pension burdens in most emerging Asian economies are still relatively small. However, there are a number of reasons to believe that they will increase markedly in the coming years. First, many Asian economies will face rapidly aging populations, which will raise pension and other...

Despite a growing literature on population aging, empirical studies exploring mechanisms between aging and income inequality are scarce. This paper estimates the impact of aging on inequality via the perspective of labor income share, based on cross-country information covering the period...

Population aging has significant economic and social costs, and this paper studies its impacts on inequality, both theoretically and empirically. First, we build a two-period overlapping-generation model with an uncertain lifetime and find that population aging has the overall effect of...

During decades of market development, the individual financial markets of the member economies of the Association of Southeast Asian Nations (ASEAN) have been progressively incorporated into regional and international markets. The aim of this study is to explore and measure the strength and...

The aftermath of the global financial crisis of 2007-08 underlined the importance of maintaining fiscal space and fiscal sustainability. Even though many Asian economies implemented fiscal stimulus policies during the crisis period, their fiscal conditions generally improved rapidly thereafter,...

Based on the variable rate of gross domestic product per capita growth and its sources, this paper first identifies five phases of economic development that are common to China, Japan, and Korea: M (Malthusian), G (government-led), K (à la Kuznets), H (human capital based) and PD (post...