Asian Development Bank Institute Research Paper Series最新文献

{"title":"An Asian Poverty Line? Issues and Options","authors":"Stephan Klasen","doi":"10.2139/ssrn.2892928","DOIUrl":"https://doi.org/10.2139/ssrn.2892928","url":null,"abstract":"Given Asia’s record of rapid economic growth and the conceptual and empirical problems of the current international income poverty line (“dollar-a-day”), this paper discusses whether there is merit to develop an Asia-specific poverty line that addresses some of the shortcomings of the dollar-a-day line and additionally considers Asia’s particular economic situation. We consider various ways of creating an Asia-specific poverty line, including an Asia-specific international income poverty line (using purchasing-power parity (PPP) adjusted dollars) that is derived from Asian national poverty lines. We argue that there can be some merit in developing an Asian poverty line and that, in the case of income poverty, it would be best to ground such an Asia-specific poverty line in a consistent method of generating national poverty lines using national currencies rather than generating a PPP-adjusted poverty line in international dollars that is specific for Asia. It is important that such a poverty line also considers relative poverty in its assessment to reflect the rising aspirations of Asian societies, in line with suggestions made by Chen and Ravallion (2013) on weakly relative poverty lines. In terms of multidimensional poverty lines, there is also some merit in developing an Asia-specific multidimensional poverty index that takes into account the specific living conditions of Asian societies.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-11-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124982920","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Overview of Financial Inclusion, Regulation, and Education","authors":"N. Yoshino, Peter J. Morgan","doi":"10.2139/ssrn.2838114","DOIUrl":"https://doi.org/10.2139/ssrn.2838114","url":null,"abstract":"Financial inclusion is receiving increasing attention as having the potential to contribute to economic and financial development while at the same time fostering more inclusive growth and greater income equality. However, although substantial progress has been made, there is still much to achieve. East Asia and the Pacific and South Asia combined account for 55% of the world’s unbanked adults, mainly in India and the People’s Republic of China (PRC). This paper surveys the experience of a number of advanced and Asian emerging economies to assess factors affecting the ability of low-income households and small firms to access financial services, including financial literacy, financial education programs and financial regulatory frameworks, and identify policies that can improve their financial access while maintaining financial stability. It aims to identify successful experiences and important lessons that can be adopted by other emerging economies. This analysis is based on studies of the experiences of Germany, the United Kingdom, Bangladesh, India, Indonesia, the Philippines, Sri Lanka and Thailand. The study aims to take a practical and holistic approach to issues related to financial inclusion. For example, innovative methods of promoting financial access, such as mobile phone banking and micro-finance, require corresponding innovations in regulatory frameworks, perimeters and capacity. Moreover, programs in the areas of financial education and consumer protection are needed to enable households and small firms to take full advantage of improvements in financial access.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114206377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Housing Policies in the United Kingdom, Switzerland, and the United States: Lessons Learned","authors":"C. Hilber, Olivier Schöni","doi":"10.2139/ssrn.2778463","DOIUrl":"https://doi.org/10.2139/ssrn.2778463","url":null,"abstract":"We provide an analysis of the housing market and current housing policies in three developed countries: the United Kingdom, Switzerland, and the United States. We focus on these three countries mainly because of the marked differences in their institutional settings. The United Kingdom is characterized by fiscal centralization and an extraordinarily rigid planning system. The consequences of this setting, which make housing supply extremely unresponsive to changes in house prices, are a high degree of urban containment, a severe housing affordability crisis, and a housing shortage, particularly for the young. The key UK policy, Help-to-Buy, which focuses on stimulating housing demand, fails to address the affordability crisis, because increasing demand only pushes up house prices further without expanding housing supply. Fiscal decentralization and a lax zoning system—both are encouraging residential development—and an extraordinarily low homeownership rate explain why Switzerland’s main political concerns are sprawl and rent stabilization. The country’s key policies aim to tackle these two concerns, but those same policies have some important unintended consequences. The United States is characterized by fiscal federalism and an enormous variation in the tightness of land use restrictiveness across metropolitan areas. The key policy concern across the country is homeownership attainment and the key policy to tackle this issue is the mortgage interest deduction (MID). This policy backfires in metropolitan areas that are prosperous and where land use is tightly regulated— “superstar cities”—because, in these places, the policy-induced demand increase mainly pushes up house prices. The MID increases homeownership attainment of only higher-income households in metropolitan areas with lax land use regulation. The net effect of the policy on homeownership attainment across the country is essentially zero. We conclude that the assessment of housing policies crucially depends on the fiscal and regulatory environment in local housing markets. Policies that stimulate housing demand, such as the MID or Help-to-Buy, are doomed to fail in markets with tight regulation or otherwise tight supply.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131865903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Causes and Remedies for Japan's Long-Lasting Recession: Lessons for the People's Republic of China","authors":"N. Yoshino, Farhad Taghizadeh Hesary","doi":"10.2139/ssrn.2709553","DOIUrl":"https://doi.org/10.2139/ssrn.2709553","url":null,"abstract":"Japan has suffered from sluggish economic growth and recession since the early 1990s. In this paper, we analyze the causes of the prolonged slowdown of the Japanese economy (the lost decade). Economics Nobel laureate Paul Krugman has argued that Japan’s lost decade is an example of a liquidity trap. However, our empirical analysis shows that stagnation of the Japanese economy comes from its vertical IS curve rather than a horizontal LM curve, so the Japanese economy faces structural problems rather than a temporary downturn. The structural problems mainly come from the aging demographic, which is often neglected in other studies, and also from the allocation of transfers from the central government to local governments, and the unwillingness of Japanese banks to lend money to startup businesses and SMEs, mainly because of Basel capital requirements. Many countries, like the People’s Republic of China, are expected to face similar issues, particularly the aging population, and so are very much concerned about the long-term recession that Japan has experienced. This paper will address why the Japanese economy has been trapped in a prolonged slowdown and will provide some remedies for revitalizing the economy.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126903906","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Enhancing Agricultural Productivity of CLMV Countries: Challenges and Agenda for Reforms","authors":"Aladdin D. Rillo, M. Sombilla","doi":"10.2139/ssrn.2672727","DOIUrl":"https://doi.org/10.2139/ssrn.2672727","url":null,"abstract":"Responding positively to economic reforms, the economies of Cambodia, the Lao People’s Democratic Republic, Myanmar, and Viet Nam (CLMV) have shown tremendous growth since the mid-1980s, including in their respective agriculture sectors. Recent developments, however, have brought into question the CLMV countries’ ability to sustain further increases in agricultural productivity given the slow pace of reforms and emerging challenges. Going forward, the reform agenda must go beyond the traditional view of expanding yields and supply of agricultural products for development gains in the sector to contribute to inclusive growth, poverty alleviation, and food security. This will require changing the market structures and regulatory policies that govern the sector.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124059244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Financial Inclusion, Financial Education, and Financial Regulation in the United Kingdom","authors":"S. Lewis, D. Lindley","doi":"10.2139/SSRN.2672777","DOIUrl":"https://doi.org/10.2139/SSRN.2672777","url":null,"abstract":"The United Kingdom (UK) has one of the largest financial services sectors in the world, and strong consumer protection regulation. Yet, despite nearly 2 decades of financial inclusion policymaking, persistent problems remain. Many individuals, often the most vulnerable, are unable to get financial products and services that meet their needs at affordable prices. New forms of exclusion are emerging as digital technology advances and risk profiling becomes increasingly sophisticated. The self-employed face particular problems, having high levels of unsecured debt and being less likely to have pension savings than employees. There are long-standing competition and conduct problems in the market for small business finance, and lending to small firms has both decreased and become more expensive since the financial crisis of 2007–2008. Despite many small businesses having similar levels of financial sophistication as retail consumers, the regulatory system does not protect them to the same degree. Financial capability is low among the UK population. Often, the groups with the lowest capability are also those at most risk of financial exclusion. Policy recommendations include: better coordination for financial inclusion policies; support for teaching financial education in schools; more progressive savings incentives; basic banking to meet the needs of the most vulnerable; streamlining government support for small businesses; and specialized advice and financial education for small businesses and the self-employed.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123878317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"From the Chiang Mai Initiative to an Asian Monetary Fund","authors":"M. Kawai","doi":"10.2139/SSRN.2620193","DOIUrl":"https://doi.org/10.2139/SSRN.2620193","url":null,"abstract":"Following the 1997–1998 Asian financial crisis, financial authorities in ASEAN+3 embarked on several new initiatives for East Asia's financial cooperation, including: (i) regional economic surveillance led by the Economic Review and Policy Dialogue (ERPD); (ii) a regional liquidity support facility, called the Chiang Mai Initiative (CMI); and (iii) local-currency bond market development. The global financial crisis of 2007–2009 demonstrated the need to further strengthen East Asian financial cooperation. This paper summarizes and evaluates the progress of regional financial cooperation, particularly the ERPD, the CMI and its subsequent multilateralization (CMIM), and the ASEAN+3 Macroeconomic Research Office (AMRO). It identifies the challenges in strengthening the CMIM, ERPD, and AMRO and suggests that the CMIM and AMRO be transformed into an Asian monetary fund (AMF). The paper argues that for an AMF to emerge, ASEAN+3 authorities need to: (i) contribute part of their foreign exchange reserves to the fund; (ii) establish a secretariat in charge of all aspects of the CMIM, including its activation; and (iii) delink the CMIM from the International Monetary Fund (IMF) programs by upgrading their capacity to conduct regional surveillance, formulate independent conditionality associated with crisis lending, and monitor policy and economic performance. In the transition period, eligible member countries should be allowed to have more flexible access to the CMIM facility. The CMIM and AMRO should work with the IMF to promote East Asian financial stability, but at the same time the IMF needs to undertake significant operational and governance reforms so that it regains the trust of emerging economy members in the region.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121060585","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Japan's Lost Decade: Lessons for Other Economies","authors":"N. Yoshino, Farhad Taghizadeh Hesary","doi":"10.2139/ssrn.2593714","DOIUrl":"https://doi.org/10.2139/ssrn.2593714","url":null,"abstract":"Japan has suffered from sluggish economic growth and recession since the 1990s, a phenomenon dubbed \"Japan's Lost Decade.\" The People's Republic of China, many countries in the eurozone, and the United States may face similar problems in future and they have been concerned by Japan's long-term recession. This paper will address why Japan's economy has stagnated since the bursting of its economic bubble. Our empirical analysis challenges the beliefs of some western economists, such as Paul Krugman, that the Japanese economy is in a liquidity trap. We argue that Japan's economic stagnation stems from a vertical IS curve rather than a liquidity trap. The impact of fiscal policy has declined drastically, and the Japanese economy faces structural problems rather than a temporary downturn. These structural problems have many causes: an aging demographic (a problem that is frequently overlooked), an over-reliance by local governments on transfers from the central government, and Basel capital requirements that have made Japanese banks reluctant to lend money to startup businesses and small and medium-sized enterprises. This latter issue has discouraged Japanese innovation and technological progress. The paper will address all these issues empirically and theoretically and will provide some remedies for Japan's long-lasting recession.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115044970","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Towards 'Trade Policy Analysis 2.0': From National Comparative Advantage to Firm-Level Trade Data","authors":"Lucian Cernat","doi":"10.2139/ssrn.2568543","DOIUrl":"https://doi.org/10.2139/ssrn.2568543","url":null,"abstract":"This paper makes the case for the need to \"upgrade\" current analytical tools used for trade policy analysis and complement them with more detailed firm-level data. Such an upgrade should be based on the latest intellectual advancements in trade theories and the latest firm-level trade statistics that are now becoming widely available. An upgraded \"Trade Policy Analysis 2.0\" could contribute to several trade policy priorities and to a better understanding of the benefits from international trade for firm competitiveness, job creation, and consumer welfare.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123827139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impacts of Infrastructure in Development: A Selective Survey","authors":"Y. Sawada","doi":"10.2139/ssrn.2553155","DOIUrl":"https://doi.org/10.2139/ssrn.2553155","url":null,"abstract":"Development economists have considered physical infrastructure to be a precondition for industrialization and economic development. Yet, two issues remain to be addressed in the literature. First, while proper identification of the causal effectiveness of infrastructure in reducing poverty is important, experimental evaluation, such as randomized control trials (RCT)-based evaluation, is difficult in the context of large-scale infrastructure. Second, while micro studies so far have focused on the nexus between infrastructure and certain types of poverty outcomes such as income, poverty, health, education, and other individual socio-economic outcomes, to better interpret a wide variety of micro-level infrastructure evaluation results using either experimental or non-experimental methods, the role of infrastructure should be placed in a broader context. To bridge these gaps, we augment the existing review articles on the same topic, such as Estache (2010), Hansen, Andersen, and White, (2012), and World Bank (2012) by addressing these two remaining issues. First, while forming a counterfactual is often difficult for impact evaluation of infrastructure, engineering constraints beyond human manipulation can allow people to adopt quasi-experimental methods of impact evaluation. Second, evaluators can adopt, for example, a hybrid method of natural and artefactual field experiments to elicit the role of infrastructure in facilitating the complementarity of the market, state, and community mechanisms.","PeriodicalId":120411,"journal":{"name":"Asian Development Bank Institute Research Paper Series","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116413434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}