A major side effect of globalization is the erosion of the tax base due to the growing mobility of capital and the consequent international tax competition for capital. The potential loss of revenues is encouraging developing Asia's governments to look for alternative, nonconventional, nontax...

The paper empirically investigates the relationship between productivity and employment in Republic of Korea using structural vector autoregression (VAR) models. Productivity-enhancing technology shocks significantly increase hours worked, which lends support to the real business cycle theory....

This paper empirically examines the relative importance of different sources of inflation in developing Asia. In particular, it tests the widely held view that the region's current inflation surge is primarily the result of external price shocks such as oil and food shocks. In addition, this...

"Joseph Dennis Alba and Donghyun Park write that the exchange rate peg to the United States dollar is widely believed to have been a major cause of the Asian financial crisis of 1997–1998. Rigid exchange rates may have invited massive capital inflows into East Asia by creating a false sense of...

The Republic of Korea is widely seen as a classical example of East Asia's export-driven economic growth. The focus in the literature on exports in the economy's growth has led to an almost complete neglect of the role of imports. This study investigates the relationship between exports,...

Dong Hyun Park finds evidence strongly supportive of popular opinion that developing Asia should manage its foreign exchange reserves more actively. The analysis indicates that, contrary to popular opinion, the region's reserves are not a free fiscal asset but the income from investing them...