Using a panel regression approach across 13 developing Asian economies from 1996Q1 to 2019Q4, this paper examines the extent of financial development as a transmission channel for mediating the "allocation puzzle" in capital flows. This puzzle pertains to why capital seems to flow to economies...

This study explores the nexus of digitalization, formalization, and global value chain (GVC) participation, providing critical insights into inclusive growth. Despite the importance of the nexus, common notions regarding the positive effects of digitalization on enterprise formalization and GVC...

The COVID-19 pandemic caused severe losses in the world economy, particularly in emerging market economies (EMEs), which had to withstand the challenges of the pandemic and its domestic repercussions while also facing the deterioration of external demand. Using a panel data model, we estimate...

This paper develops an endogenous growth model that incorporates a frictional inventor market and examines the allocation of inventors across firms, knowledge diffusion, and its impact on growth. In our model, inventors play dual roles: they engage in in-house R&D and transfer knowledge from...