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This paper examines the determinants of residential property prices in Hong Kong SAR during 1980–98. It uses time-series analysis techniques to characterize price developments, establish empirical regularities, and provide measures of the deviations of actual price changes from “trend.” The analysis suggests that at the peak of the boom, in mid-1997, the level of property prices may have been 40–45 percent above levels suggested by developments in “fundamentals.” The analysis highlights the role of demand-side factors, and the data are not inconsistent with the notion that the property market may be subject to speculative bubbles.

Financial Risk Management --- Infrastructure --- Macroeconomics --- Real Estate --- Price Level --- Inflation --- Deflation --- Time-Series Models --- Dynamic Quantile Regressions --- Dynamic Treatment Effect Models --- Diffusion Processes --- State Space Models --- Nonagricultural and Nonresidential Real Estate Markets --- Financial Crises --- Economic Development: Urban, Rural, Regional, and Transportation Analysis --- Housing --- Housing Supply and Markets --- Property & real estate --- Economic & financial crises & disasters --- Land prices --- Asset bubbles --- Housing prices --- Asset prices --- Prices --- Financial crises --- National accounts --- Saving and investment --- Hong Kong Special Administrative Region, People's Republic of China

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China's rapid overall growth since 1978 masks significant differences in relative economic performance across its provinces. This paper finds that, while per capita income of poor provinces are catching up with those in the rich, the relative income distribution appears to be stratifying into a bimodal distribution--the costal provinces grativating toward one mode, and the remaining provinces toward the other--with economic structure and policies playing important roles in the growth dynamics.

Macroeconomics --- Single Equation Models --- Single Variables: Cross-Sectional Models --- Spatial Models --- Treatment Effect Models --- Technological Change: Government Policy --- Economic Growth and Aggregate Productivity: Other --- Economywide Country Studies: Asia including Middle East --- Personal Income, Wealth, and Their Distributions --- Aggregate Factor Income Distribution --- Personal income --- Income distribution --- Income inequality --- National accounts --- Income --- China, People's Republic of

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Analysis of policies for managing public sector wage bills in the Middle East and Central Asia region. While some work has been done recently at the Fund on issues related to government employment and compensation, to our knowledge, this is the first study to systematically examine, with a focus on the Middle East and Central Asia region, the recent trends and drivers of public wage bills in the region and to identify key policy implications.

Wages --- Fiscal policy --- Tax policy --- Taxation --- Economic policy --- Finance, Public --- Compensation --- Departmental salaries --- Earnings --- Pay --- Remuneration --- Salaries --- Wage-fund --- Wage rates --- Working class --- Income --- Labor costs --- Compensation management --- Cost and standard of living --- Prices --- Government policy --- Aggregate Human Capital --- Aggregate Labor Productivity --- Economic theory --- Employment --- Expenditure --- Government wage bill --- Income economics --- Incomes Policy --- Intergenerational Income Distribution --- Labor --- Labour --- Price Policy --- Public employment --- Public finance & taxation --- Public Finance --- Public sector wages --- Unemployment --- Wages, Compensation, and Labor Costs: General --- Saudi Arabia

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This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?.

Purchasing power parity. --- Education spending --- Education --- Education: General --- Equity and social spending --- Expenditure --- Expenditures, Public --- Health care spending --- Health economics --- Health --- Health: General --- Inclusive growth --- Middle East and Central Asia --- National Government Expenditures and Education --- National Government Expenditures and Health --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Public Finance --- Social protection spending --- Saudi Arabia

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This paper examines the role of social spending in improving socioeconomic outcomes in the Middle East and Central Asia. In particular, it addresses the following questions: (1) how large is social spending across the region? (2) how do countries in the region fare on socioeconomic outcomes? (3) how important is social spending as a determinant of these outcomes? and (4) how efficient is social spending in the region?.

Purchasing power parity. --- Social policy. --- Education spending --- Education --- Education: General --- Equity and social spending --- Expenditure --- Expenditures, Public --- Health care spending --- Health economics --- Health --- Health: General --- Inclusive growth --- Middle East and Central Asia --- National Government Expenditures and Education --- National Government Expenditures and Health --- National Government Expenditures and Related Policies: General --- Public finance & taxation --- Public Finance --- Social protection spending --- Saudi Arabia