This paper empirically investigates the macroeconomic effects of demographic changes, focusing on saving rates and current account balances. The econometric investigation based on the panel VAR model shows substantial demographic effects on national saving rates and current account balances in...

Using a growth accounting framework, we find that developing Asia grew rapidly over the past three decades mainly due to robust growth in capital accumulation. The contributions of education and total factor productivity in the region's past economic growth remain relatively limited. We also...

Emerging Asian economies have made strong progress in improving educational capital in the past 40 years. High educational attainment, especially at the secondary level, has significantly improved emerging Asia's educational achievement. Regressions show that better parental education and...

Focusing on technology spillover from foreign direct investment (FDI) inflows, this paper investigates the welfare implications of financial integration. Calibrations of a neoclassical growth model with international technology diffusion show that when technology catch-up due to FDI inflows is...

We investigate full prepayments of Japanese residential mortgages during a ten-year period from 1996 to 2005. This investigation is important because the amount of mortgages outstanding in Japan is huge, yet the study on their prepayments is very limited. This period from 1996 to 2005 was...

This paper presents a model economy where small changes in exogenous variables produce much larger impacts on macro variables including asset prices of countries with a poor corporate governance system. These exogenous variables include world interest rates (or market discipline), the initial...