This paper looks at the recent trends of rising inequality in developing Asia, asks why inequality matters, examines the driving forces of rising inequality, and proposes policy options for tackling high and rising inequality. Technological change, globalization, and market-oriented reform have...

The paper discusses key challenges faced throughout the Asia and the Pacific region as a number of its developing economies graduate from low-income status to middle-income status at the same time as the region remains home to the majority of the world's poor people and a number of fragile...

Can a government credibly promise not to bailout firms whose failure would have major negative systemic consequences? Our analysis of the Republic of Korea’s 1997–1999 crisis, suggests an answer: No. Despite a general “no bailout” policy during the crisis, the largest Korean corporate...

This paper studies the effects of US quantitative easing (QE) on Asia by examining capital flows and financial markets. After the global financial crisis (GFC), Asian economies with more open and developed capital markets experienced greater swings in capital inflows. In particular, large...

Contrary to the belief that capital overaccumulation is impossible in an economy with land--i.e., a nonreproducible factor of production--this paper shows that the possibility of dynamic inefficiency depends on the income share of land and examines the historical tendencies of the income share...