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By Zhang Bin. Posted January 5, 2018
After rapid economic growth lasting more than 30 years, the People’s Republic of China (PRC) has stepped into the upper middle-income stage. The country’s gross domestic product (GDP) per capita reached $6,416 (constant 2010 dollars) in 2015, equivalent to $13,400 in international dollars under purchasing power parity (constant 2011 international dollars). Read more.
In recent decades, amid the increasing trend of globalization, it has become prevalent in world trade that firms in some countries outsource intermediate and/or finished goods or services from other firms in foreign countries for the purpose of lowering production costs and increasing production efficiency. Read more.
It is well recognized that innovation is an important ingredient in generating the competitive advantage and long-run growth of nations, ultimately affecting their economic development. Thus, there is considerable interest in the determinants of innovation, not only in the corporate sector but also among policy makers around the world and in Asia in particular. Read more.
In a new paper, Unconventional Monetary Policy in the Asian Financial Crisis: Seeing the Crisis through Post-2008 Eyes, we reassess some of the policies central banks used during the Asian Financial Crisis of 1997–1998 in light of the responses of some advanced-economy central banks to the North Atlantic Financial Crisis of 2008. Public funding of bank recapitalizations in Thailand and the extraordinary purchase of equities in Hong Kong, China have elements of the unconventional monetary policy known as quantitative easing (QE) that has received so much attention in major advanced economies in recent years. Read more.
By Shai Bernstein. Posted September 21, 2017
One of the key challenges for policy makers today is fostering an environment that promotes innovation and entrepreneurship to create robust economic growth. Public equity markets are typically central to such environments, and in particular the ability of firms to go public through the initial public offering (IPO) process. Read more.
By Li Xu. Posted September 7, 2017
The world economy at present is in the middle of profound adjustment. Slow economic growth and obvious economic divisions are resulting in the self-fulfilling “low-growth trap”, while productivity is declining all over the world and income inequality is worsening at the country level. These trends have been interacting and blending with each other since the global financial crisis of 2008 and have triggered a vicious cycle that has become an obstacle to world economic recovery. Read more.
Financial literacy has gained an important position in the policy agenda of many countries, and the importance of collecting informative, reliable data on the levels of financial literacy across adult populations has been widely recognized (OECD/INFE 2015a). At their summit in Los Cabos in 2012, G20 leaders endorsed the High-Level Principles on National Strategies for Financial Education developed by the Organisation for Economic Co-operation and Development International Network on Financial Education (OECD/INFE), thereby acknowledging the importance of coordinated policy approaches to financial education (G20 2012). Read more.
The World Bank (2014) estimates that international remittances to developing countries reached $436 billion in 2014. Remittances to the East Asia and the Pacific region and the South Asia region account for the largest and second-largest shares in the world. The authors examine the impact of international remittances on poverty reduction to determine whether such remittances contributed to a reduction in various indicators of poverty. Read more.
By Kai Li. Posted August 17, 2017
Technological innovation represents modern corporations’ endeavors to develop and accumulate knowledge, and it has long been recognized as a catalyst for economic growth and productivity increase (Solow 1957; Romer 1986; Aghion and Howitt 1992) and as a key factor in the competitive advantages of nations (Porter 1998). Read more.
By Jillian Wate. Posted August 10, 2017
The Pacific Island region is made up of 22 island countries and the territories of Polynesia, Micronesia, and Melanesia. There is great cultural diversity in the region, with about 1,200 languages spoken and a variety of exotic cultures. Surrounded by the vast Pacific Ocean, the land mass of the countries varies considerably. Read more.
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