Advances in leasing industry as a means of finance mainly started in 1900 though leasing dates back to centuries ago. Despite its differences in different countries as a result of differences in laws and regulations, finance function has been a common distinctive function of leasing all over the world. Leasing has its modern and unique features and advantages to establish itself as one of t...

This paper analyzes the feasibility of various types of currency unions, such as a dollar bloc, Euro bloc, Yen bloc, and basket currency bloc in East Asia, and empirically estimates welfare effects of a currency union for East Asian economies. Judging from optimum currency area (OCA) criteria, including the symmetry of output and price shocks across countries, commitment to price stability, and...

Energy has been the main pillar of the global growth and development. Amongst various sources of energy, oil has the largest share in the global energy consumption. As these energy reserves tend to decline, few regions, most notably the Middle East which has been at the forefront with the largest reserves, can fulfill the rising global energy demand. Even then, in view of its vast energy potent...

In more recent years, it has become increasingly recognized that R&D (research and development) is a key driver of economic growth, a source of innovation and change, and as such stimulates improvements in productivity and economic competitiveness. It is closely associated with knowledge and flexibility, two factors that have gained new significance as a source of competitiveness in an increasi...

We show that an asymptotic envy-freeness is a necessary condition for a form of robust approximate implementation in large economies. JEL classi cation numbers: D78, D51, D71 Envy-Freeness and Implementation in Large Economies Matthew O. Jackson Ilan Kremer

Using data for six Asian miracle economies over the period from 1953 to 2006, this paper examines the extent to which growth has been driven by R&D and tests which second-generation endogenous growth model is most consistent with the data. The results give strong support to Schumpeterian growth theory but only limited support to semi-endogenous growth theory. Furthermore, it is shown that R&D h...

This paper examines a productivity-based explanation of the long run real exchange rate movements of six Asian economies. Using industry level data, we construct total factor productivities (TFPs) for the tradable and nontradable sectors. We …nd that (a) within each country the relative price of nontradable goods is cointegrated with the sectoral TFP di¤erential, and (b) the real exchange rates...

This paper quantifies the impact of terrorism and conflicts on income per capita growth in Asia for 1970–2004. Our panel estimations show that transnational terrorist attacks had a significant growth-limiting effect. An additional terrorist incident per million persons reduces gross domestic product (GDP) per capita growth by about 1.5%. In populous countries, many additional attacks are needed...