The limited role of small stock exchanges in economic development: A case study of Mozambique and Swaziland

The establishment of a successful stock market in a developing economy can provide a major source of development finance, both channelling domestic savings and attracting foreign investment. But small markets generally fail. Two micro-markets, Mozambique and Swaziland, provide an interesting case study to examine the features of new markets in sub-Saharan Africa that differ in a number of ways, including colonial legacy, membership of the Common Monetary Area and the dynamics of the political economy that defines the links between the citizens, the local elite and the state. In both countries, the operational aspects of the stock exchange are clearly inadequate as a means of promoting international investment. Thus, gains from regional integration initiatives or foreign investment are unlikely, as the market's small size and incomplete institutions currently offer limited potential for either domestic or international risk diversification. However, the political economy in both countries is the real barrier to growth.     

Unexpected opportunity for girls: Earthquake,disaster relief and female education in China's poor counties

The Wenchuan earthquake in 2008 devastated poverty-stricken areas in Sichuan Province, China. This paper examines the long-term effect of a disastrous earthquake on children's educational attainment using China's 2015 Population Census. Our cohort difference-in-differences results show that exposure to an earthquake has an unexpected significant positive impact on girls’ educational attainment in poor counties, but not on boys. We suggest that this surprising educational gain may be attributable to the reconstruction of schools and the reduction in school fees after disaster. In the long run, girls in poor affected counties are more likely to delay marriage, postpone childbearing and become self-employed compared with girls in poor unaffected counties. These findings potentially exhibit the unintended benefits in education from post-disaster interventions in poor areas.     

The “flying geese” model of Asian economic development: origin, theoretical extensions, and regional policy implications

This paper presents a comprehensive review of the “flying geese” (FG) model, which recently has become well known as a way of explaining rapid economic growth in East Asia. Kaname Akamatsu’s 1930s work introduced the concept. Through statistical analysis of industrial development in pre-war Japan, this author followed Akamatsu in developing a theoretical model called Kojima Model I. Subsequent works produced Kojima Models II and III.The regional transmission of FG industrialization has been noted as an engine of Asian economic growth, due in part to Saburo Okita’s forceful presentation of the theme of the FG model in a 1985 lecture. It is hoped that this paper will help to advance a better understanding of the FG model, its historical origin, its theoretical extensions, and its relevancy, as well as its incompleteness as a model of economic development.