During the latter part of 2007 and early 2008, it became obvious that Pakistan's macroeconomic situation was deteriorating rapidly, and that unless immediate measures were taken, the country may slip into a balance of payments crisis. This paper analyzes Pakistan's current macroeconomic economic...

"Nedelyn Magtibay-Ramos, Gemma Estrada, and Jesus Felipe provide an analysis of the business process outsourcing (BPO) industry in the Philippines. The paper provides a profile of the BPO sector; makes comparisons with other large BPO providers; and uses input–output tables to estimate...

We use the real wage–profit rate schedule to examine the direction of technical change in India’s organized manufacturing sector during 1980–2007. We find that technical change was Marx biased (i.e., declining capital productivity with increasing labor productivity) through the 1980s and...

We reinterpret unit labor costs (ULC) as the product of the labor share in value added, times a price adjustment factor. This allows us to discuss the functional distribution of income. We use data from India’s organized manufacturing sector and show that while India’s ULC displays a clear...

Current discussions about the need to reduce unit labor costs (especially through a significant reduction in nominal wages) in some countries of the eurozone (in particular, Greece, Ireland, Italy, Portugal, and Spain) to exit the crisis may not be a panacea. First, historically, there is no...

We forecast average annual GDP growth for 147 countries for 2010–30. We use a cross-country regression model where the long-run fundamentals are determined by countries’ accumulated capabilities and the capacity to undergo structural transformation. -- Capabilities ; forecast ; growth