This paper argues that the single most important factor that explains East Asia's development success was its fast structural transformation toward industrialization, manufacturing in particular. Workers moved out of agriculture into manufacturing, and the sector diversified and upgraded its...

This paper argues that the single most important factor that explains East Asia's development success was its fast structural transformation toward industrialization, manufacturing in particular. Workers moved out of agriculture into manufacturing, and the sector diversified and upgraded its...

The paper analyzes the link between firm characteristics and labor market regulation in five Asian economies — Bangladesh, Indonesia, Pakistan, the Philippines, and Viet Nam. Labor market policies and labor standards do not only affects workers, but also influence firms' investment and...

This study examines the effects of capital account restrictions on capital flows in nine Asian economies over the period 1995-2005 using panel regressions with fixed effects. The results show that capital controls significantly affect capital flows when such flows are disaggregated by asset type...

This paper presents the state of infrastructure in developing Asian countries. It applies two distinct approaches (growth regressions and growth accounting) to analyze the link between infrastructure, growth, and productivity. The main conclusion is that a number of countries in developing Asia...

Liquidity commonality is defined as liquidity co-movements across assets or markets. In the current literature, it is measured relative to a single factor, i.e., the average liquidity across assets or markets. However, liquidity co-movements may not be fully captured by this single factor. Other...

While developing Asia has recovered strongly from the global crisis, the region faces the medium- and long-term challenge of sustaining growth beyond the crisis. The central objective of this paper is to empirically investigate the sources of economic growth in 12 developing Asian economies...

This paper derives a Frankel-Romer instrument from a global trade matrix of 157 countries over the period 1990-2007, and deploys it to assess the relationship between international trade, domestic market potential, and income for the case of developing Asia, compared to the world average. The...

In this paper, we analyze the determinants of the domestic saving rate in developing Asia during 1966-2007 and find that the main determinants appear to be the aged dependency ratio, income levels, and level of financial development. We project future trends in domestic saving rates in...

This study reviews and analyzes the changes in total factor productivity (TFP) growth in 12 Asian economies – the People's Republic of China; Hong Kong, China; India; Indonesia; the Republic of Korea; Malaysia; Pakistan; the Philippines; Singapore; Taipei, China; Thailand; and Viet Nam – for the...