INSIDE BACK COVER: INSTRUCTIONS TO AUTHORS

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Editorial Board

Journal of Asian Economics

Editor: M. Dutta, Department of Economics, Rutgers University, New Brunswick, NJ 08901-1248, USA; E-mail: [email protected]

Instructions to Authors

Associate Editors: (1) (2)

K. Hamada, Department of Economics, Yale University, P.O. Box 208 269, New Haven, CT., 06520-8269 (USA); E-mail: [email protected] R. Hooley, Department of Economics, University of Pittsburgh, PA 15260, USA; E-mail: [email protected] S.L. Husted, Economics Department, University of Pittsburgh, Pittsburgh, PA 15213-1403, USA

Executive Editors: T.D. Agbeyegbe, New York, NY, USA R. Bahl, Atlanta, GA, USA J.R. Behrman, Philadelphia, PA, USA S. Bhuyan, New Brunswick, NJ, USA G.M. Bodnar, Washington DC, USA C.C.-Y. Chu, Taipei, Taiwan D.J. Green, Manila, Philippines A.E. Harrison, Berkeley, CA, USA M.M. Hutchison, Santa Cruz, CA, USA

G.H. Jefferson, Waltham, MA, USA Y.S. Kim, Cresskill, NJ, USA M. Kishi, Tokyo, Japan A. Konakayama, Tokyo, Japan R.F. Kosobud, Chicago, IL, USA P. Kuwayama, New York, NY, USA S.Y. Kwack, Washington, DC, USA C.-G. Moon, Seoul, Korea S. Pitayanon, Bangkok, Thailand

M. Plummer, JHU-SAIS, Bologna, Italy C. Tuan, Shatin, NT, Hong Kong L.E. Westphal, Swarthmore, PA, USA C. Wiemer, Honolulu, HI, USA K. Wong, Seattle, WA, USA Y. Wu, Newark, NJ, USA J.H. Yoo, Seoul, Korea W. Yun Jong, Seocho-Gu, Seoul, Korea (3)

Senior Editors: R.E. Baldwin, Madison, WI, USA R.M. Bautista, Washington, DC, USA G.C. Chow, Princeton, NJ, USA W. Dobson, Toronto, ONT, Canada H.P. Gray, Belle Mead, NJ, USA A. Heston, Philadelphia, PA, USA F.S.T. Hsiao, Boulder, CO, USA S.M. Khan, Bloomsburg, PA, USA L.R. Klein, Philadelphia, PA, USA C.H. Lee, Honolulu, HI, USA

J.M. Letiche, Berkeley, CA, USA K. Marwah, Ottawa, ONT, Canada T. Ozawa, Fort Collins, CO, USA G.F. Papanek, Lexington, MA, USA H.T. Patrick, New York, NY, USA D.H. Perkins, Cambridge, MA, USA P.A. Petri, Waltham, MA, USA J. Popkin, Washington, DC, USA J. Riedel, Washington, DC, USA G. Rosen, Chicago, IL, USA

V.W. Ruttan, St. Paul, MN, USA G.R. Saxonhouse, Ann Arbor, MI, USA A.K. Sen, Cambridge, UK T.N. Srinivasan, New Haven, CT, USA R.M. Stern, Ann Arbor, MI, USA P.P. Streeten, Spencertown, NY, USA J.T.H. Tsao, Potomac, MD, USA H.D. Vinod, Bronx, NY, USA

Book Review Editors:

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S. Bhuyan, Rutgers University P. Kuwayama, Columbia University M.G. Plummer, JHU-SAIS, Bologna, Italy; E-mail: [email protected] S.E. Reynolds, Faculty of Economics, University of Utah, Salt Lake City, UT 84112, USA; E-mail: [email protected]

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Corresponding Editors: H. Hill, The Australian National University, Canberra, Australia Peter J. Lloyd, The University of Melbourne, Parkville, Australia Momtaz Uddin Ahmed, Dhaka University, Dhaka, Bangladesh H. Cao, Vice Dean, School of Economics, Peking University, Beijing, 100871, China X. Zuo, Vice President, Shanghai Academy of Social Sciences, Institute of Economics, SASS, 622/7 Huaihai Zhong Lu, Shanghai, 200020, China Ju¨rgen Schro¨der, University of Mannheim, Mannheim, Germany R. Radhakrishna, Indira Gandhi Institute of Development Research, Mumbai, India Anwar Nasution, Jakarta Pusat, Indonesia Marzuki Usman, Ikatan Sarjana Ekonomi Indonesia, Jakarta, Indonesia Toshiaki Hasegawa, Chuo University , Tokyo, Japan Yoko Sazanami, Kieo University, Tokyo, Japan

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Jisoon Lee, Seoul National University, Seoul, Korea Mohamed Ariff, The University of Malaya, Kuala Lumpur, Malaysia Arthur Grimes, Victoria University, New Zealand Edita Tan, University of the Philippines, Manila, Philippines Basant Kumar Kapur, National University of Singapore, Singapore Chia Siow Yue, Institute of Southeast Asian Studies, Singapore Tzong-Shian Yu, The Chung-Hua Institution for Economic Research, Taipei, Taiwan Thienchay Kiranandana, Chulalongkorn University, Bangkok, Thailand Suthiphand Chirathivat, Chulalongkorn University, Bangkok, Thailand Lord Meghnad Desai, London School of Economics & Political Science, UK L. Alan Winters, University of Sussex, Brighton, UK

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Editorial Office: M. Dutta, Editor, Journal of Asian Economics, Department of Economics, Rutgers University, 75 Hamilton Street, New Brunswick, NJ 08901-1248, Telephone: (732) 932-7054, Fax: (732) 932-1558 Home Page: http://economics.rutgers.edu/home/dutta (10)

Field Office: To facilitate communications, a field office of JAE has been set up under the supervision of Professor Chyau Tuan, Executive Editor of the journal. Address communications to: Professor Chyau Tuan, Fellow, Shaw College, The Chinese University of Hong Kong, Shatin, NT, Hong Kong. Telephone: 0-5952111; FAX (852)6035104; Telegram: SINOVERSITY.

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Articles in Journal of Asian Economics abstracted in Asian Pacific Economic Literature.

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doi:10.1016/S1049-0078(05)00054-0

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Papers must be in English. Papers for publication should be sent – one copy and a diskette – along with a submission fee of US$ 60 (US$ 50 for ACAES members) checks payable to Journal of Asian Economics, to: Professor M. DUTTA Faculty of Economics Rutgers—The State University of New Jersey New Jersey Hall 75 Hamilton Street New Brunswick, NJ 08901-1248 USA Submission by e-mail, addressed to e-mail: [email protected], will be welcome. Electronic submissions will be accepted only if a cheque for the submission fee in favour of Journal of Asian Economics has been sent by air-mail. Bank transfers will be subject to additional fees of US $6. Submission of a paper will be held to imply that it contains original unpublished work and is not being submitted for publication elsewhere. The Editor does not accept responsibility for damage or loss of papers submitted. Upon acceptance of an article, author(s) will be asked to transfer copyright of the article to the publisher. This transfer will ensure the widest possible dissemination of information. Submission of accepted papers as electronic manuscripts, i.e., on disk with accompanying manuscript, is encouraged. Electronic manuscripts have the advantage that there is no need for rekeying of text, thereby avoiding the possibility of introducing errors and resulting in reliable and fast delivery of proofs. The preferred storage medium is a 5.25 or 3.5 inch disk in MS-DOS format, although other systems are welcome, e.g., Macintosh (in this case, save your file in the usual manner; do not use the option ‘‘save in MS-DOS format’’). Do not submit your original paper as electronic manuscript but hold on to disk until asked for this by the Editor (in case your paper is accepted without revisions). Do submit the accepted version of your paper as electronic manuscript. Make absolutely sure that the file on the disk and the printout are identical. Please use a new and correctly formatted disk and label this with your name; also specify the software and hardware used as well as the title of the file to be processed. Do not convert the file to plain ASCII. Ensure that the letter ‘l’ and digit ‘1’, and also the letter ‘O’ and digit ‘0’ are used properly, and format your article (tabs, indents, etc.) consistently. Characters not available on your word processor (Greek letters, mathematical symbols, etc.) should not be left open but indicated by a unique code (e.g. gralpha, , etc., for the Greek letter a). Such codes should be used consistently throughout the entire text; a list of codes used should accompany the electronic manuscript. Do not allow your word processor to introduce word breaks and do not use a justified layout. Please adhere strictly to the general instructions below on style, arrangement and, in particular, the reference style of the journal. Manuscripts should be double spaced, with wide margins, and printed on one side of the paper only. All pages should be numbered consequently. Titles and subtitles should be short. References, tables, and legends for the figures should be printed on separate pages. The first page of the manuscript should contain the following information: (i) the title; (ii) the name(s) and institutional affiliation(s) of the author(s); (iii) an abstract of not more than 100 words; (iv) at least one classification code according to the Classification System for Journal Articles as used by the Journal of Economic Literature; in addition, up to five key words should be supplied. A footnote on the same sheet should give the name, address, and telephone and fax numbers of the corresponding author [as well as an e-mail address]. Acknowledgements and information on grants received can be given in a first footnote, which should not be included in the consecutive numbering of footnotes. Footnotes should be kept to a minimum and numbered consecutively throughout the text with superscript Arabic numerals. They should be double spaced and not include displayed formulae or tables. Displayed formulae should be numbered consecutively throughout the manuscript as (1), (2), etc. against the right-hand margin of the page. In cases where the derivation of formulae has been abbreviated, it is of great help to the referees if the full derivation can be presented on a separate sheet (not to be published). References to publications should be as follows: ‘Smith (1992) reported that . . .’ of ‘This problem has been studied previously (e.g., Smith et al., 1969)’. The author should make sure that there is a strict one-to-one correspondence between the names and years in the text and those on the list. The list of references should appear at the end of the main text (after any appendices, but before tables and legends for figures). It should be double spaced and listed in alphabetical order by author’s name. References should appear as follows: For monographs Hawawini, G. and I. Swary, 1990, Mergers and acquisitions in the U.S. banking industry: Evidence from the capital markets (North-Holland, Amsterdam). For contributions to collective works Brunner, K. and A.H. Meltzer, 1990, Money supply, in: B.M. Friedman and F.H. Hahn, eds., Handbook of monetary economics, Vol. 1 (North-Holland, Amsterdam) 357–396. For periodicals Griffiths, W. and G. Judge, 1992, Testing and estimating location vectors when the error covariance matrix is unknown, Journal of Econometrics 54, 121–138. Note that journal titles should not be abbreviated. Illustrations will be reproduced photographically from originals supplied by the author; they will not be redrawn by the publisher. Please provide all illustrations in quadruplicate (one high-contrast original and three photocopies). Care should be taken that lettering and symbols are of a comparable size. The illustrations should not be inserted in the text, and should be marked on the back with figure number, title of paper, and author’s name. All graphs and diagrams should be referred to as figures, and should be numbered consecutively in the text in Arabic numerals. Illustration for papers submitted as electronic manuscripts should be in traditional form. Tables should be numbered consecutively in the text in Arabic numerals and printed on separate sheets. Any manuscript which does not conform to the above instructions may be returned for the necessary revision before publication. Page proofs will be sent to the corresponding author. Proofs should be corrected carefully; the responsibility for detecting errors lies with the author. Corrections should be restricted to instances in which the proof is at variance with the manuscript. Extensive alterations will be charged. Twenty-five reprints of each paper are supplied free of charge to the corresponding author; additional reprints are available at cost if they are ordered when the proof is returned. After journal articles have been accepted and sent to the publisher, direct all author queries to: [email protected].