This paper examines the extent to which Pakistan's growth has been, or is likely to be, constrained by its balance of payments. Evidence presented suggests that Pakistan's maximum growth rate consistent with equilibrium on the basic balance is approximately 5% per annum. This is below the long-term target GDP growth rate of 7–8% per annum. This balance-of-payments constrained growth approach provides ...

Regionalism in East Asia by Richard Pomfret is a relatively short and readable book, but it provides readers with useful insights on the past, current and future of East Asian regionalism to outline the prospects of future regionalism. While this is not a book on contemporary economic history of Asia, as he notes, the historical perspective is critical to analysing relatively 'recent' phenomena of ...

Many economists maintain that in order to advance economic growth Asian countries should focus more on basic research than on technology adoption, and more on the supply of skilled workers than the supply of unskilled workers. In this context, this paper presents a theoretical model and empirical evidence to explain the observation that a country in which the level of technology approaches the ...

This paper focuses on post-Soviet regional integration as a special case where integration projects are established by countries that originally comprised a single political entity after its collapse. It shows that in this framework the existing economic ties between countries are likely to affect adversely the interest of functional bureaucracy to support regional integration given that cutting ...

In the wake of recent food price spikes, plus growing demands for food in emerging Asia and for biofuels in Europe and the United States, governments are re-examining their strategies for dealing with both short-term and long-term food security concerns. This paper argues that long-run trends in real agricultural prices have policy implications for food security that are at least as important as ...

Invasive animal pests reduce crop and livestock output, require management and control measures, and threaten native plants, animals and their habitat. The agricultural and management costs are often directly measurable. But the costs to protect threatened native plants and animals are harder to assess. The Rural Lands Protection Boards were the government agency in New South Wales that managed ...

In the present paper, we investigate whether capital flows induce domestic asset price hikes in the case of Korea. This issue is relevant for crisis-hit economies trying to prevent a boom–bust cycle as well as in the formulation of macroeconomic policy objectives in emerging market economies. Korea has recently experienced large capital inflows, in particular a surge in portfolio inflows. Furthermore, ...

The close linkages between climate change adaptation and development have led to calls for addressing the two issues in an integrated way. ‘Mainstreaming’ climate information, policies and measures into ongoing development planning and decision-making has been proposed as one solution, seen as making more sustainable, effective and efficient use of resources than designing and managing climate ...

In this paper, we examine the differences in the measures of: (i) profits of an enterprise obtained from a detailed set of questions on incomes and expenses of the enterprise, versus profits obtained through a single direct question; and (ii) gross value added (GVA) obtained using the production approach as the difference between output and intermediate consumption from a detailed set of questions ...

The paper considers the optimal transition path for China's exchange rate regime. How can China successfully make the shift from the current dollar peg regime to a more desirable regime, whether a basket peg or a floating regime? To answer this question, we develop a dynamic small open economy general equilibrium model. We construct four transition policies based on a basket peg or a floating regime ...