E.M. Pernia is Lead Economist and J.C. Knowles and M. Racelis are consultants at the Economics and Development Resource Center. A summary of this paper with the same title earlier appeared as EDRC Briefing Note No. 16 (July 1999). The authors gratefully acknowledge the many helpful comments and suggestions from the conference participants, as well as from reviewers of the manuscript. They also thank Ludy Pardo for her excellent technical assistance, and Lulu Antonio for her able secretarial support. Asian Development Ban
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