This paper examines the impact on employment and wages of liberalization in selected services subsectors (banking, distribution, and telecommunications) in the Philippines from 1991 to 2004. On the assumption that value-added effects arise from service liberalization that subsequently increase...

For United States annual data that include World War II, the estimated multiplier for temporary defense spending is 0.4-0.5 contemporaneously and 0.6-0.7 over 2 years. If the change in defense spending is “permanent” (gauged by Ramey's defense-news variable), the multipliers are higher by...

Economic theory suggests that sound and efficient financial systems - banks, equity markets, and bond markets - which channel capital to its most productive uses are beneficial for economic growth. Sound and efficient financial systems are especially important for sustaining growth in developing...

Lax monetary policy in the United States has been pointed out as one of the responsible factors behind the recent global crisis. Similar loose monetary conditions also prevailed in many European countries before the crisis and were argued to be among the accommodating factors behind the run-up...

While developing Asia has recovered strongly from the global crisis, the region faces the medium- and long-term challenge of sustaining growth beyond the crisis. The central objective of this paper is to empirically investigate the sources of economic growth in 12 developing Asian economies...

This paper derives a Frankel-Romer instrument from a global trade matrix of 157 countries over the period 1990-2007, and deploys it to assess the relationship between international trade, domestic market potential, and income for the case of developing Asia, compared to the world average. The...

This paper examines key determinants of class status and the relationship between class status and values. We show that class status is largely determined by factors related to higher incomes, but is highly divergent among regions. Higher class status is significantly correlated with values that...

This paper investigates the determinants of past changes in the labor force of 12 emerging Asian countries, and attempts to make projections of the labor force in those countries for the period 2010-2030. Results from the regression analysis indicate that the labor force has grown faster than...

Measuring the equity of opportunity in a given society is an essential ingredient in the formulation of policies and programs that promote inclusive growth. In this paper, equity of opportunity is defined and measured through the theoretical framework of the social opportunity function, a...

The paper develops a method to map global networks of production sharing and processing trade. Relying on highly detailed bilateral trade data across a matrix of 75 countries, a network index gauges countries' interdependence according to the extent of trade in parts and components for further...