Developing Asia has undergone a dramatic shift over the past 5 decades from a region of mainly low-income economies toward one that is largely middle income. Compared with world aggregate data, developing Asia now has a much greater proportion of middle-income economies. The region faces the...

We review the growth experience of middle-income countries. Economic factors associated with growth appear to differ between middle income and other countries. The efficiency of the financial system is importantly related to the growth rate in low- and middle-income countries, but appears to...

The Chinese economy is slowing down and, at the same time, it is in the midst of a structural transformation from an export- and investment-led economy to a domestic demand- and consumption-led growth paradigm. While there are widespread concerns in the People's Republic of China's (PRC) trading...

A sound and efficient financial system is an indispensable ingredient of economic growth. It consists primarily of banks and capital markets, which channel savings into investments and other productive activities that contribute to economic growth and augment the economy's productive capacity....

Recent key challenges highlight the need to revisit Asia's financial development. These include the region's growth slowdown since the global crisis, compounded by a less benign external environment; internal structural challenges, such as population aging; and the maturing of much of the region...

Developing Asia has exhibited rapid growth while saddled with relatively backward financial systems. One might conclude that the coexistence of sustained rapid growth and financial underdevelopment in developing Asia implies that an efficient financial sector is not indispensable for economic...

In this paper we empirically explore the relationship between fiscal policy and economic growth in developing Asia. The region's overall level of taxes and government spending are substantially lower than those prevailing in advanced economies. Nevertheless, there are conceptual grounds why...

Broadly speaking, developing Asia and Latin America are at similar income and development levels. Relative to the advanced economies, economic growth and development are much more urgent priorities for both, yet Latin America has significantly more experience in using fiscal policy to tackle...

Developing Asia has exhibited rapid growth while saddled with relatively backward financial systems. One might conclude that the coexistence of sustained rapid growth and financial underdevelopment in developing Asia implies that an efficient financial sector is not indispensable for economic...

We use data from the Groningen Growth and Development Centre (GGDC) database to perform preliminary empirical analysis of the interplay between quality and quantity of finance in accounting for the output growth of ten sectors. We review the existing literature and some salient open questions...