ERD Working Paper No. 33
Emma Xiaoqin Fan
Emma Xiaoqin Fan is an Economist at the Economics and Research Department of the Asian DevelopmentBank. This paper benefited from comments and suggestions made by Professors Peter Warr, WarwickMcKibbin, and Yiping Huang at the Australian National University; and Dr. Ernesto Pernia, Dr. DouglasBrooks, and an anonymous reviewer at the ADB.