4. Working Papers

Working papers are research-oriented and strongly analytical preliminary papers circulated for comments. These are issued to share ideas about a topic and present findings of research or work in progress. They have coherent analysis and technical content flow and are typically text-driven with minimal images. Working papers present cutting-edge analysis and research, and are subject to formal revision and correction before they are finalized and considered published. Working papers are quick-disseminating, informal publications that seek to provide information, generate discussion, and elicit comments so that they could be subsequently revised for publication as articles in professional journals or as chapters in books.


  • Aggregate Expected Investment Growth and Stock Market Returns 

    Li, Jun; Wang, Huijun; Yu, Jianfeng (Asian Development Bank Institute, 2018-02-28)
    Consistent with neoclassical models with investment lags, we nd that a bottom-up measure of aggregate investment plans, namely, aggregate expected investment growth (AEIG), negatively predicts future stock market returns, with an adjusted in-sample R2 ...
  • Human Capital and Income Inequality 

    Lee, Jong-Wha; Lee, Hanol (Asian Development Bank Institute, 2018-02-28)
    This study investigates empirically how human capital, measured by educational attainment, is related to income distribution. The regressions, using a panel data set covering a broad range of countries between 1980 and 2015, show that a more equal ...
  • Catching Up in Economic Transition: Innovation in the People's Republic of China and India 

    Fan, Peilei (Asian Development Bank Institute, 2018-02-28)
    In this paper, I examined how the People’s Republic of China (PRC) and India, two largest transitional economies in Asia, have engaged in improving their innovation capability in the economic transition. First, I measured and compared innovation ...
  • Population Aging and the Possibility of a Middle-Income Trap in Asia 

    Ha, Joonkyung; Lee, Sang-Hyop (Asian Development Bank, 2018-02-28)
    We present three conditions for a demography-driven middle-income trap and show that many economies in East, South, and Southeast Asia satisfy all of them. The conditions are (1) support ratio—the ratio of workers to consumers—matters for economic ...

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