ERD Working Paper No. 30
Ramon ClareteChristopher EdmondsJessica Seddon Wallack
Ramon Clarete is a Professor of Economics at the University of the Philippines; Christopher Edmonds isan Economist in the Development Indicators and Policy Research Division of the Economics and ResearchDepartment, Asian Development Bank; and Jessica Seddon Wallack is a doctoral candidate at the GraduateSchool of Business, Stanford University. This paper has been accepted for publication in the
Journal of Asian Economics
(forthcoming). This paper was presented at the 24th International Conference on AsianEconomic Studies held on 26-29 May 2002 in Beijing. The authors gratefully acknowledge useful consultationswith Kym Anderson in the early phases of this research and the excellent research assistance of CatherineLawas, and express thanks to the many participants of the Beijing Conference who offered useful commentson an earlier draft of the paper. Comments on an earlier paper related to this work from Malcolm Dowling,Jeffrey Liang, J.P. Verbiest, and Xianbin Yao are also gratefully acknowledged. This research was carriedout with the financial support of the Asian Development Bank. The paper may not be quoted or cited withoutpermission of the authors. The views expressed in this paper are those of the authors and do not necessarilyrepresent the views of the institutions with which they are affiliated.