In a reply to Felipe and McCombie (2010a), Temple (2010) has largely ignored the main arguments that underlie the accounting identity critique of the estimation of production functions using value data. This criticism suggests that estimates of the parameters of aggregate production functions...

This paper provides a working definition of what the middle-income trap is. We start by defining four income groups of GDP per capita in 1990 PPP dollars: low-income below $2,000; lower-middle-income between $2,000 and $7,250; upper-middle-income between $7,250 and $11,750; and high-income above $11,750....

The year 2023 commemorates the 30th anniversary of the publication of the influential, yet controversial, study The East Asian Miracle report by the World Bank (1993). An important part of the report's analysis was concerned with the sources of growth in East Asia. This was based on the...

The main gateway for the Philippines to develop and become an upper-middle-income economy—and eventually, a high-income economy—is to expedite the shift of workers out of agriculture and to produce and export more complex products with a higher income elasticity of demand. The actual growth...

The main gateway for the Philippines to develop and become an upper-middle-income economy - and eventually, a high-income economy - is to expedite the shift of workers out of agriculture and to produce and export more complex products with a higher income elasticity of demand. The actual growth...

Over the last few years economists have started referring to the existence of “global payments imbalances”, reflected in the growing current account surpluses and deficits among different regions of the world (surpluses mostly, but not only, by a number of Asian countries; deficits mainly by...

In recent years, some developing Asian countries claim to have started shifting emphasis from export-led to domestic demand-led growth policies with a view to achieving a more balanced growth strategy. This paper evaluates empirically how far this shift has gone. The evaluation - based on an...

The Asian Development Bank COVID-19 Policy Database recently added an entry on sector financial balances (SFBs). This addition to the policy database provides information for 35 economies on the financial positions of the private sector, government sector, and the rest of the world, which by...