Keynote Speech, 6th Convention of the East Asian Economic Association <p>4-5 September 1998, Kitakyushu, Japan

November 2001 <p> Household expenditure surveys are used to examine the effects of the Mexican peso crisis on household consumption and employment. The crisis is seen to have caused income and consumption to decline for all groups of society, although the relative impact differed by the education,...</p>

This paper develops a simple model to analyze the "dual-track" approach to market liberalization as a mechanism for implementing efficient Pareto-improving economic reform, that is, reform achieving efficiency without creating losers. The approach, based on the continued enforcement of the...

March 1996 <p>This paper undertakes a review of the existing academic work on tax incentives and personal saving. Its central conclusions are as follows. First, the traditional life cycle hypothesis has had an excessive influence on the design and conceptualization of empirical investigations...</p>

March 2000 <p> Diamond and Mirrlees (1971) provide sufficient conditions for a second-best Pareto efficient allocation with linear commodity taxation to require efficient production when a finite set of consumers have continuous single-valued demand functions. This paper considers a continuum...</p>

Using original data on gifts and loans, this paper investigates how rural Filipino households deal with income and expenditure shocks. Results indicate that gifts and informal loans are partly motivated by consumption smoothing motives but do not serve to efficiently share risk. Certain shocks...

March 29, 1997, Version 1.0 <p>The post-World War II period has seen substantial changes in the distribution of GDP per worker around the world. In the upper half of the distribution, a number of countries have exhibited large increases in income relative to the richest countries. In the bottom...</p>

Households in the west African semi-arid tropics face substantial risk -- an inevitable consequence of engaging in rainfed agriculture in a drought-prone environment. It has long been hypothesized that these households keep livestock as a buffer stock to insulate their consumption from income...