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Different laws reflect a country’s unique culture and can hinder or stimulate innovation Nov 14, 2018

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Laws in developing countries generally reflect their unique cultures, which may restrict innovation and risk-taking, throwing obstacles in the path to development. Strong legal mechanisms, including intellectual property rights and patent protection, allow innovation to thrive. More than elsewhere in Asia, Southeast Asian countries emphasize the economic value of intellectual property rights on patents, but enforcement varies and so does their attraction for investors. Douglas Cumming of the Schulich School of Business in York University and Sofia Johan of the Tilburg Law and Economics Centre of the University of Tilburg discuss the relationship between law and culture on innovation. Read the transcript https://bit.ly/2RQL4DS Read the working paper https://www.adb.org/publications/law-culture-and-innovation About the authors Douglas Cumming is a professor and Ontario research chair of the Schulich School of Business, York University, Canada. Sofia Johan is an extramural research fellow of the Tilburg Law and Economics Centre, University of Tilburg, The Netherlands. Know more about ADBI’s work https://bit.ly/2B3x7N2 https://bit.ly/2RRNIcl

Social networks facilitate informal finance in the People's Republic of China Nov 13, 2018

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In Chinese culture, as in most other cultures, whom you know is often more important than what you know, and social networks of relatives, friends, or local links are recognized as important to cultivate for help in job hunting, career promotion, or gathering and disseminating information. In developed economies, it’s called “networking,” or informal exchanges of business cards and ideas with like-minded people in social settings. In the Peoples Republic of China, and among the Chinese diaspora, it’s called “guanxi”—whom to call when something needs to be done, in an exchange of favors or potential influence—and it has long played a crucial role in facilitating informal credit activities. Read the transcript https://bit.ly/2FkxZB7 Read the working paper https://www.adb.org/publications/social-networks-and-informal-inclusion-prc About the authors Shijun Chai is a lecturer at Xinyang Normal University. Yang Chen is a lecturer at Xi’an Jiaotong-Liverpool University in Suzhou. Dezhu Ye is a professor at Jinan University in Guangzhou. Bihong Huang is a research fellow at the Asian Development Bank Institute. Know more about ADBI’s work https://bit.ly/2zMjgZC https://bit.ly/2B4j0az

Successful urbanization could free developing countries from the middle-income trap Nov 07, 2018

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Scores of countries have fallen and are falling into the middle-income trap as they strive to develop. And, because of income inequality, aging populations, and a lack of growth impetus, some may never escape. Of the world’s 199 countries and semi-sovereign economies, 88 are stuck in the middle-income trap: 20 are in Europe, 18 in North America, 16 in Asia, 15 in Africa, 11 in South America, and 8 in Oceania. Chen Wang of Shanghai University of Finance and Economics and Jiajun Lan of the Wang Yanan Institute for Studies in Economics at Xiamen University describe the challenges middle-income countries face. Read the transcript https://bit.ly/2AR7S0C Read the working paper https://www.adb.org/publications/inequality-aging-and-middle-income-trap About the authors Chen Wang is an assistant professor at the School of Urban and Regional Science, Shanghai University of Finance and Economics. Jiajun Lan is a PhD candidate at the Wang Yanan Institute for Studies in Economics, Xiamen University, People’s Republic of China. Know more about ADBI’s work https://bit.ly/2zwlL2i https://bit.ly/2B1ByVS

Stronger credit data systems boost services Nov 07, 2018

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Timely and accurate credit information is critical to a well-functioning financial industry and essential for any government to maintain financial stability. About a third of credit bureaus consider only negative data and provide an incomplete, and often inaccurate, assessment of a borrower’s risks. Governments should collect comprehensive data on each level of business in each sector. Data should also be made available to registries and bureaus to improve their abilities in providing public services, creating policy, and conducting statistical analysis, but individuals should be allowed to protect data from others. These comprehensive data, paired with those from other sources, can present an accurate and complete description of an individual so financial services can be better tailored to suit individual needs. Read the transcript https://bit.ly/2RIjhW5 Read the policy brief https://www.adb.org/publications/financial-inclusion-digital-age About the authors Shawn Hunter is manager of inclusive finance at the Foundation for Development Cooperation. David Dole is senior capacity building and training economist at the Asian Development Bank Institute (ADBI). Valdimir dela Cruz was an associate at ADBI at the time this policy brief was written. Know more about ADBI’s work https://bit.ly/2QnNCcj https://bit.ly/2SRd6A8

Increased monitoring is essential for Asian countries’ smooth economic integration Oct 31, 2018

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Asia is becoming more integrated than ever before and so requires increased monitoring. While integration has increased overall, the movement of goods, services, and people across borders has grown unevenly across sectors and subregions. Policy makers need to be guided through the complex process to benefit from a smooth and successful integration. Read the transcript https://bit.ly/2OfFoAT Read the policy brief https://www.adb.org/publications/monitoring-regional-economic-integration-asia About the authors Aladdin D. Rillo was senior economist at the Asian Development Bank Institute (ADBI) in Tokyo at the time this policy brief was written. Valdimir dela Cruz was an associate at ADBI at the time this policy brief was written. Know more about ADBI’s work https://bit.ly/2nCIC6N https://bit.ly/2AjebGY

Pacific island countries need to clear many hurdles to get into export markets Oct 31, 2018

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As the economies of these countries have diversified, their exports have increased to almost three times what they were 2 decades ago. But the gains have been intermittent—and countries need to do more to access Asian markets to boost export revenues further. Businesses need to be able to ship more to export markets. Instead of maintaining trade barriers, governments should support them and help link them to buyers and distributors. Those are some of the hurdles discussed in the policy brief by Wawan Juswanto and Zulfiqar Ali of the Asian Development Bank Institute. Read the transcript https://bit.ly/2qhLxmv Read the policy brief https://www.adb.org/publications/economic-growth-and-sustainable-development-pacific-island-countries About the authors Wawan Juswanto is special advisor to the dean of the Asian Development Bank Institute (ADBI). Zulfiqar Ali was a research associate at ADBI at the time this policy brief was written. Know more about ADBI’s work https://bit.ly/2JpxtjP https://bit.ly/2zfIPlO

Freer trade can raise living standards and bring down the prices of goods and services Oct 24, 2018

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The gap between the rich and the poor in Viet Nam has narrowed, thanks to increased imports from the People’s Republic of China. Data collected from 2002 to 2014 show that lower-income groups benefited more than higher-income ones. Numerous studies show that international trade can fuel economic growth and that open economies are generally more prosperous than more protectionist ones. Apart from creating jobs, freer trade can raise living standards and bring down the prices of goods and services. Read the transcript https://bit.ly/2AoRAvy Read the working paper https://www.adb.org/publications/impact-import-competition-prc-income-inequality-household-welfare-viet-nam About the authors Matthias Helble was senior economist and ADBI Research Department co-chair at the time the study was published. Trang T. Le is an assistant professor at the Banking Academy in Viet Nam. Trinh Q. Long is a project consultant at ADBI. Know more about ADBI’s work https://bit.ly/2yX6UxG https://bit.ly/2EHk87B

Small-scale solar systems would be better for developing countries Oct 24, 2018

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Developing countries in Asia can leapfrog old fossil-fuel energy systems and promote the use of environment-friendly solar-power systems as their growing economies need more and more energy. By 2050, 85% of the world’s estimated 9.7 billion people will live in emerging countries, and about 70% will live in cities, according to a United Nations report. Growing populations will lead to soaring energy demands in the mega-cities that will continue to sprawl. Small-scale solar systems would be better for developing countries than big solar farms since they have less of an environmental impact and are more suited to the dense urban environments where the power is needed. Read the transcript https://bit.ly/2JeCvj9 Read the working paper https://www.adb.org/publications/financing-solar-photovoltaic-transitions-utility-residential-market-adoption About the authors Ranaporn Tantiwechwuttikul is a PhD candidate at the Graduate School of Frontier Sciences of the University of Tokyo. Masaru Yarime is an associate professor at the School of Energy and Environment of the City University of Hong Kong. Know more about ADBI’s work https://bit.ly/2yuMoFc https://bit.ly/2q8018u

Blockchain technology could raise investments for green-energy projects Oct 17, 2018

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Blockchain technology may be used to finance local renewable-energy projects. The technology, which basically acts as an electronic ledger, allows transactions to be carried out between parties without interference by third parties like banks. It creates trust as it assures investors that all recorded transactions are secure because the data are stored in multiple blocks and therefore difficult to manipulate. Another way the combined approach can build trust is by ensuring that projects are evaluated by a third-party assessor, who then stores the findings in a project assessment database grounded on blockchain technology. The stored data cannot be changed. Economist Farhad Taghizadeh-Hesary of Waseda University in Tokyo, ADBI Dean Naoyuki Yoshino, and economics graduate student Tim Schlober of the University of Bonn in Germany and Keio University in Tokyo explain the benefits of the financing scheme. Read the transcript https://bit.ly/2pVzoDW Read the blog post https://www.asiapathways-adbi.org/2018/07/trust-by-design-investment-a-novel-blockchain-based-approach-to-ease-green-energy-investments/ About the authors Farhad Taghizadeh-Hesary is an economist of Waseda University in Tokyo. Naoyuki Yoshino is dean of the Asian Development Bank Institute. Tim Schlober is an economics graduate student of the University of Bonn in Germany and Keio University in Tokyo. Know more about ADBI’s work https://bit.ly/2Ad0EDv https://bit.ly/2EjArY6

To change the world, tell a good story, says World Toilet Organization founder Oct 10, 2018

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If you have a good story, you can change the world. If your story makes people laugh, you have an even better chance at success. That’s the message of Jack Sim, who decided after a thriving business career to take on the issue of global sanitation. Expanding the use of toilets would help stop diseases spread by people defecating in the open. More toilets would also lead to more women going to school, since a lack of toilets is often a reason that girls don’t attend school. In 2001, Sim began building the World Toilet Organization to promote sanitation by expanding the use of toilets. The United Nations has since recognized an annual World Toilet Day and through its World Toilet Summit and other initiatives, Sim’s organization continues to spread the word. Read the transcript https://bit.ly/2IL6O0k Watch the whole presentation https://bit.ly/2C6if1m About the speaker Jack Sim is the founder of the Restroom Association of Singapore, the World Toilet Organization, the World Toilet Day initiative, and Bottom of the Pyramid Hub. Know more about ADBI’s work https://bit.ly/2pIycU9 https://bit.ly/2A1V6vG

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