It’s not just about broadening access to finance, but also inducing beneficial use of credit.
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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Declining productivity growth is one of the most disturbing and, no doubt, important phenomena affecting the world economy. The question is what lies behind it, and whether it might be reversed.
The Asian Development Outlook 2015 highlights how developing Asia’s financial development still lags the advanced economies by a wide margin despite good progress. What can we do to bridge that gap, and also ensure ensure the region’s financial sector grows in a stable, inclusive way?