This paper explores episodes of financial crises and recessions experienced by the economies in Southeast Asia: the global debt crisis and the commodity price collapse in the 1980s, the Asian financial crisis in the 1990s, and the burst of the dot-com bubble and the global financial crisis in...

When India became a republic in 1950, the economy was primarily agrarian, with threefifths of output originating from agriculture. In the sixty years since independence, there has been a significant transformation of economic activity away from agriculture, with less than one-fifth of output now...

The paper argues that Thailand's economic and social development from the late 19th century to the early 21st century presents a puzzle. For much of the period from 1870 to 1940, the country's economic growth was slow, and the economy remained agricultural, with little diversification into...

China's rise has been the economic success story of the past four decades but economic growth has been slowing and domestic imbalances have widened. This paper analyses the recent evolution of China's imbalances, the risks they pose to the economic outlook and the potential impact of a...

To investigate the causes of Korea’s growth slowdown over the past thirty years, we estimate the contributions of major developmental factors, including i) demographic factors (changes in population growth and workforce age due to the demographic transition), ii) quality-of-life-related choice...

During the post independence era, India was well known as an agrarian economy with a weak industrial base, very low level of employment opportunities and serious regional imbalances. The public sector was forced to play a dominant role in developing the economy because the private sector neither...

Japan’s remarkable postwar growth spurt in the 1960s would not have been possible without Japan’s alliance with the United States. Policy makers, political scientists, economists, historians, and journalists on both sides of the Pacific have made this claim, but no study has yet tested it...

Just when China's leaders receive conflicting signals of "overheating" and "below-potential growth", they encounter tremendous external pressure to revalue the Renminbi (RMB) substantially. Our conclusion is that the major macroeconomic challenges have their roots in China's inadequate...