Total factor productivity growth in middle-income countries depends on innovation, human capital, and infrastructure.
Prior to joining ADB in 2007, Donghyun was a tenured associate professor of economics at Nanyang Technological University in Singapore. He has a PhD in economics from UCLA in the US, and his main research fields are international finance, international trade, and development economics. His research, which has been published extensively in journals and books, revolves around policy-oriented topics relevant for Asia’s long-term development, including the middle-income trap, service sector development, and financial sector development. Dr. Park plays a leading role in the production of Asian Development Outlook and Asia Bond Monitor, two major ADB flagship publications.
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The region’s infrastructure bond market is still at a nascent stage.
Recent empirical analysis of the nexus between productivity growth and wage inequality in several Asian economies provides new, policy-relevant evidence.
Our empirical evidence indicates that PRC corporate bond credit spreads are significantly related to both micro and macro risk factors.
Our empirical evidence for 9 Asian economies indicates that both CPI and PPI inflation have a direct effect on bond yields, although each matter differently depending on the country.
The external vote of confidence in ASEAN bond markets seems to be driven by the region’s strong medium- and long-term growth prospects, which bodes well for their future beyond the short term.
Expanding the role of fiscal policy in fighting poverty and inequality should not come at the expense of fiscal sustainability.