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...

Population aging is a global phenomenon but what sets Asia apart is the sheer scale and speed of its aging. Pension systems will have to play a bigger role but in most Asian countries pension systems are still underdeveloped, fragmented, and poorly financed. Asian countries need to embark on...

While structural transformation, driven by technological progress, productivity growth, and capital deepening, has contributed to Asia's sustained rapid growth, its effect on income inequality is uncertain. The central objective of our paper is to empirically examine the effect of structural...

The central objective of this paper is to empirically examine the issue of fiscal sustainability in developing Asia. To do so, we first diagnose the region's public finances by analyzing the evolution of key fiscal indicators over time and across subregions. We then estimate fiscal policy...