As the global crisis hit developing Asia, several countries instituted fiscal stimulus measures to create domestic demand. With the region returning to normal times, in this paper we draw lessons using historical data from 10 developing Asian countries to examine if countercyclical fiscal policy...

This paper assesses the effects of fiscal policy on both equity and growth, specifically whether it is possible to design fiscal spending so that it enhances equity without sacrificing economic growth and vice versa. A cross-country panel vector autoregression (PVAR) using the World Development...

Developing Asia has weathered the global economic crisis well and is experiencing a rapid, robust V-shaped recovery. According to conventional wisdom, the fiscal stimulus packages put in place by the region's governments played a key role in the region's superior postcrisis performance. The...

Rebalancing growth toward domestic demand has emerged as a key postcrisis challenge for sustaining developing Asia's rapid growth in the medium and long term. The central objective of this paper is to explore the role of fiscal policy in the region's rebalancing process. What matters most for...

Due to population aging, weakening of family-based support, and other factors, old-age income support is becoming an issue of growing importance throughout Asia. This is especially true in East Asia and Southeast Asia where the demographic transition is already well under way. This paper...

Technological progress may be less beneficial for older workers than younger workers. In this paper, we empirically examine the impact of technological change on the wage share of older workers. More specifically, we look at five different types of technological advancement using data from 30...

The coronavirus disease (COVID-19) pandemic placed health-care systems around the world under great stress. The sharp increase in demand for health care highlighted the importance of efficient health spending. The negative impact of the pandemic on global economic growth further strengthened the...

We investigate the impact of electrification on the economic, educational, and environmental outcomes of the Lao People's Democratic Republic (Lao PDR). We use household-level data and a novel identification scheme, whereby we instrument the electrification status with the proportion of...

The financial markets of members of the Association of Southeast Asian Nations (ASEAN) have become increasingly integrated with regional and global markets. ASEAN economies also exhibit strong trade connectedness and interdependence with regional and global business cycles. Such connectedness...