Park, Donghyun
Mr. Park specializes in economic forecasts and trends. He is among those who work on the annual Asian Development Outlook, ADB's flagship publication forecasting economic trends in the region. He belongs to ERD, which handles data analysis and database development and management to enhance the effectiveness of ADB's aid and contribution to a country's development strategy.
Author
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Both theory and evidence suggest that financial inclusion can be a powerful tool for empowering the poor, for augmenting their earning potential, and for improving the quality of their lives.
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East Asian countries are more financially integrated with global financial centers than they are with each other, as confirmed by econometric analysis based on financial gravity equations.
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This paper evaluates the importance of financial development and openness. It discusses the results of an empirical analysis between both variables and economic growth.
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Financial development contributes to reducing inequality up to a point, but as financial development proceeds further, it contributes to greater inequality.
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For economic growth to benefit more from a sound and efficient financial system, financial development should be complemented with structural and policy reforms in other areas.
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Sustained rapid growth during the past few decades has sharply lifted general living standards across Asia. However, inequality has risen in the region alongside rapid economic growth.
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Fiscal Policy and Inclusive Growth in Advanced Countries: Their Experience and Implications for AsiaAs developing Asia explores the more active use of fiscal policy for inclusive purposes, it can learn from the experiences of advanced countries, which suggest that fiscal policy can have a significant effect on inequality.
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In developing Asia, fiscal policy can influence both short- and long-term growth. Governments must pay attention to the mix of both their revenues and expenditures in order to maximize the contribution of fiscal policy to growth.
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Latin American experience with inclusive fiscal policy, particularly conditional cash transfer programs, can offer valuable lessons for developing Asia and the Pacific in leveraging public spending to spread the benefits of growth.
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This paper examines the effect of the quantitaive easing (QE) of United States on Asian capital flows and factors that influence the effect of QE tapering on financial instability in the region.