Asian Development Bank6 ADB Avenue, Mandaluyong City1550 Metro Manila, Philippineswww.adb.org© 2012 by Asian Development BankSeptember 2012ISSN 1655-5252Publication Stock No. WPS124993The views expressed in this paper are those of the author and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent. ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for anyconsequence of their use.By making any designation of or reference to a particular territory or geographic area, or by using the term “country”in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.Note: In this publication, “$” refers to US dollars.
The ADB Economics Working Paper Series is a forum for stimulating discussion and elicitingfeedback on ongoing and recently completed research and policy studies undertaken by the Asian Development Bank (ADB) staff, consultants, or resource persons. The series deals withkey economic and development problems, particularly those facing the Asia and Pacific region;as well as conceptual, analytical, or methodological issues relating to project/program economicanalysis, and statistical data and measurement. The series aims to enhance the knowledge on Asia’s development and policy challenges; strengthen analytical rigor and quality of ADB’scountry partnership strategies, and its subregional and country operations; and improvethe quality and availability of statistical data and development indicators for monitoringdevelopment effectiveness.The ADB Economics Working Paper Series is a quick-disseminating, informal publication whosetitles could subsequently be revised for publication as articles in professional journals or chapters in books. The series is maintained by the Economics and Research Department.
Printed on recycled paper