1. Asian Growth Research Institute; 11-4 Ohtemachi, Kokurakita-ku; Kitakyushu City Fukuoka Prefecture 803-0814 Japan
2. School of Economics; University of the Philippines, Diliman; Quezon City Philippines
3. Institute of Social and Economic Research; Osaka University; Ibaraki Osaka Japan
4. National Bureau of Economic Research; Cambridge Massachusetts USA
5. Economics and Research Department; Asian Development Bank; 6 ADB Avenue, Mandaluyong City Metro Manila 1550 Philippines