Structural transformation—the movement of workers from low-productivity to high-productivity activities— is an essential ingredient of inclusive growth. This paper reviews the evidence on why the pace of structural transformation has differed widely across countries in Asia, with a specific focus on the People’s Republic of China, India, and Thailand. It argues that both government failures rel...

From the 1994 bailout policies to the 2015 Shanghai-Hong Kong Stock Connect, the policy impact on the Chinese stock market has changed over time. By May 2015, global investors can directly invest in a more legalized and normalized Chinese stock market, whereas they are still concerned about the policy-oriented market and its attendant risks. In this study, we employ the family of GARCH models t...

While there has been a considerable amount of analysis on the impact of structural adjustment policies on poverty and inequality among individuals (or what we define here as vertical inequality VI), there has been almost none into the impact of structural adjustment on inequality between culturally defined groups, or horizontal inequality (HI). Although relatively neglected in economic analysis...

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