shadow exchange rates for project economic analysis: toward

ERD Technical Note No. 11��

35

ERD Technical Note No. 11

Shadow Exchange Rates for ProjectEconomic Analysis:

Toward Improving Practiceat the Asian Development Bank

February 2004

Anneli Lagman-Martin is a former economics officer with the Economic Analysis andOperations Support Division, Asian Development Bank. The author thanks colleagues whoprovided helpful comments and suggestions on this paper: David Dole, Manabu Fujimura,Valerie Reppelin-Hill, and Bahodir Ganiev.

Anneli Lagman- Martin

Asian Development BankP.O. Box 7890980 ManilaPhilippines

2004 by Asian Development BankFebruary 2004ISSN 1655-5236

The views expressed in this paper are those of the author(s)and do not necessarily reflect the views or policies of theAsian Development Bank.

Foreword

The ERD Technical Note Series deals with conceptual, analytical or method-ological issues relating to project/program economic analysis or statistical analysis. Pa-pers in the Series are meant to enhance analytical rigor and quality in project/programpreparation and economic evaluation, and improve statistical data and developmentindicators. ERD Technical Notes are prepared mainly, but not exclusively, by staff of theEconomics and Research Department, their consultants, or resource persons primarilyfor internal use, but may be made available to interested external parties.

Acronyms and Abbreviations

ADB Asian Development BankCSP country strategy and programDFID Department for International Development (United Kingdom)DMC developing member countryEER equilibrium exchange rateEREA Economic Analysis and Operations Support DivisionGFS Government Finance StatisticsIFS International Finance StatisticsIMF International Monetary FundOER official exchange ratePPTA project preparatory technical assistancePRC People’s Republic of ChinaRRP Report and Recommendation of the PresidentSCF standard conversion factorSER shadow exchange rateSERF shadow exchange rate factor

Table of Contents

Abstract ix

I. INTRODUCTION 1

II. SUGGESTED METHODOLOGIES BASEDON ADB GUIDELINES 2

III. ADB PRACTICE IN ESTIMATING AND USINGSERFS OF SCFS 3

IV. APPLICATION OF SIMPLE TRADE-WEIGHTEDMETHODOLOGY AND RESULTS 4

A. The Approach 4B. Findings 5C. Suggestions for Future Work on SCF or SERF Estimation 6

V. CONCLUSIONS AND RECOMMENDATIONS 7

APPENDIX 1: CONVERSION FACTORS FOR SELECTEDPROJECTS, 1996-2003 8

APPENDIX 2: SAMPLE CALCULATION OF SCF:AZERBAIJAN 32

REFERENCES 33

Abstract

This note examines the Asian Development Bank’s (ADB) practice in estimatingand using shadow exchange rate in the economic analysis of projects. Recognizingthe limited application of the method suggested in ADB’s Guidelines for the EconomicAnalysis of Projects, this note suggests a simple trade-weighted approach that cor-rects for at least the minimum level of distortions in the economic price of foreignexchange. This paper also echoes the recommendation of ADB’s Economic Analysis in2002: A Retrospective for the periodic reassessment of the shadow exchange rate aspart of country strategy and program formulation.


1

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Economic analysis of a project differs from financial analysis in that economic analysis isbased on opportunity cost, rather than actual, financial outlays. For example, an irrigation system mayhave to pay for power to pump water, but typically would not pay for the water itself. The system wouldthen face a financial outlay for power, but none for water. Both power and water have an economic costthough: the value of power and water in the next best use, or the opportunity cost. Since the economicvalue represents the true, and perhaps otherwise hidden, value of a good or service, economists call itthe “shadow” price. (See Curry and Weiss 2000, or ADB 1997, for a full description of project analysis.)

An exchange rate, which is the price of foreign currency, also has a shadow price: the shadowexchange rate. The shadow exchange rate is important in project analysis, because a simple way to mea-sure the economic value of goods and services is to classify them into “tradables” and “nontradables.”

For any project, a tradable good or service has a price established in international markets,regardless of whether the good or service is actually traded. If it is at least potentially traded, then it isrelatively easy to estimate transport and other transaction costs involved in actually trading the good orservice. And from the perspective of a specific country, the international market price can be taken as thetrue economic value of the tradable good or service, since taxes, subsidies, and other market distortionsare resource costs for other countries.

For example, suppose the United States (US) government subsidizes American wheat farmers,who sell their output in international markets. The economic value of wheat to the US is the internationalprice plus the cost of subsidies, but the economic value of wheat to any other country is only the interna-tional price. The wheat subsidies are an economic cost only to the US economy.

From this perspective, then, measuring the economic value of any tradable good or service isrelatively easy: use the international price, plus transport and transaction costs, to calculate a value interms of a foreign currency; and then convert the foreign currency into the domestic currency using theeconomic or “shadow” exchange rate. All tradable goods and services therefore require only one shadowprice, the shadow exchange rate (SER).

There are several ways to estimate shadow exchange rates, differing in both their accuracy andconceptual and computational complexity. Section II below provides a brief review. These methods aregenerally based on converting the nominal or official exchange rate (OER) to the shadow exchange rate,through a conversion factor (the “shadow exchange rate factor”, or SERF): SER = OER * SERF.

Although more complex methods of estimating the SERF are generally more accurate, theadditional accuracy may not justify the extra effort when foreign exchange markets are not highlydistorted. A simple method may be sufficient, although simpler methods should be compared at leastoccasionally with the results of more complex methods.

Despite the opportunity or potential for using simpler methods, there appears to be a percep-tion that estimating the SERF is difficult and beyond the means of ordinary project analysis. Section IIIbelow reviews the practice in recent project analyses at the Asian Development Bank (ADB). Thereview found that the calculation or documentation of the SERF was inadequate in up to 90 percent ofrecent projects. Although calculating the SERF is relatively easy, as described in Section II, very fewproject analyses at ADB make the effort, even in documenting the source of their estimates.

February 2004Anneli Lagman-Martin

2

The economic analysis of projects at ADB would be strengthened significantly through consis-tent and correct application of the standard methods of project analysis, including the SERF (ADB2003). Section IV below uses one of the simplest methods to estimate the SERF for several countriesin the Asian and Pacific region. The analysis shows that the method is easy to apply, and the requireddata are generally easy to obtain. Since the SERF is a country parameter, though, and not specific toany project, economists responsible for countrywide economic analysis should take the lead in estimat-ing SERFs, leaving projects analysts responsible only for getting the latest estimates, and applyingthem correctly and consistently. The SERF is also important in country economic assessment, as ameans of evaluating distortions in foreign exchange markets.

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The SERF is the ratio of the SER to the OER. The SER is the weighted average of the demandprice for foreign exchange paid by importers and the supply price of foreign exchange received by export-ers. Taxes and subsidies cause the SER to diverge from the OER.

ADB’s Guidelines for the Economic Analysis of Projects (1997) or Guidelines suggests threealternative approaches for estimating the SCF or the SERF. One approach is applicable when the countryconcerned enjoys balanced trade. The formula involves calculation of the SER based on the tariff-adjustedOER, weighted according to import-export shares. Another approach takes into account the sustainabilityof the country’s trade imbalance through an assessment of the equilibrium exchange rate (EER). The useof the EER, rather than the market or official exchange rate, puts emphasis on the long-term stability ofthe exchange rate because of its significant effect on project performance. Appendix 16 of the Guidelinesillustrates the application of these approaches to the Philippine case. This methodology is based on themodel developed by Jenkins and El-Hifnawi (1993).

The Guidelines also suggest that, when tariffs represent the only distortion to trade and there areno distortions in factor or commodity prices, the SERF can be approximated by one plus the weightedaverage tariff rate. This is consistent with the accepted definition of the SER as the weighted average ofthe demand price for foreign exchange paid by importers and the supply price of foreign exchange receivedby exporters.1

This third approach is equivalent to the methodology suggested by the United Kingdom’s Depart-ment for International Development (DFID), formerly known as Overseas Development Administration(ODA 1988).This simple trade-weighted formula can be represented as:

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1This is considered one application of Arnold Harberger’s weighted average method in partial equilibrium framework.

Alternatively:SERF = 1 + Net trade taxes

Total trade

SCF =Imports (cif) + Exports (fob)

(Imports + Import taxes) + (Exports – Export taxes)

=Total trade

Total trade + Net trade taxes

where cif = cost, insurance & freightfob = free on board


3

In its retrospective review of operations with respect to project economic analysis in 2002(ADB 2003), the Economic Analysis and Operations Support Division (EREA) identified various areasfor improvement at different stages of the project cycle—identification, formulation, design, and ap-praisal. On the estimation and use of standard conversion factors, it was common practice to use thevalue of the SCF, or the SERF, that was used in the most recent project in the sector or in the country.The review further noted that while this promotes consistency across projects, the SCF or SERF usedmay not reflect prevailing economic conditions. It would not be surprising to discover that the originalvalue of the SCF or SERF may have been estimated several years back, given the practice of referringto recent projects and accepting the value as that commonly used.

To verify this general observation and to glean useful insights from past practice, EREAconducted a survey of 232 loan proposals (using the Report and Recommendation of the President orRRP) approved from 1996 up to August 2003 (See Appendix 1).2 A summary of practice is presentedin Table 1 below. Almost 16 percent of the RRPs specifically cited the use of SCFs or SERFs fromprevious projects. This figure is not considered very significant, but note that 69 percent of the RRPsdid not cite the source of the SCF/SERF at all. It is likely that most of these reports followed the samepractice of using values from recent projects.

Although referring to previous projects is common, it has occurred that projects in the samecountry approved within months or days of each other use different values of SERF or SCF. This implies

Source: RRPs (as of August 2003).

2The survey focused only on the values of SCFs or SERFs used, not on their application. The observed inconsistentapplication of the SCF or SERF with respect to the price numeraire is a separate issue.

Table 1: ADB Practice in Estimating SCFs, 1996 to 2003

PRACTICEPRACTICEPRACTICEPRACTICEPRACTICE NO. OF RRPNO. OF RRPNO. OF RRPNO. OF RRPNO. OF RRPSSSSS SHARESHARESHARESHARESHARE(PERCENT)(PERCENT)(PERCENT)(PERCENT)(PERCENT)

1 Source not cited 160 69.02 Used in recent projects 36 15.53 Calculated/updated, of which 17 7.3

● using Jenkins’ model/Guidelines Appendix 16 4 1.7● by consultants 2 0.9● using trade data (data from CER or central banks) 7 3.0● based on COSTAB 1 0.4● others/not specified 3 1.3

4 Based on government-estimated parameters, other studies (inc. 5 2.25 Calculated based on the relationship between official exchange 4 1.7

rate and shadow exchange rate (or commercial rate)6 Others 10 4.3

● Cited no significant distortions, so SCF=1 or close to 1 4 1.7● Cited that there is no need for SCF because project costs are mainly 1 0.4

imports, so SCF=1● SCF not available, so SCF=1 1 0.4● Expert judgment 2 0.9● Unclear (Econ costs estimated by first identifying ratios of market 2 0.9

price to economic costs, and then by multiplying the ratio by themarket price for each vehicle category separately); (SCF wasassumed based on international competitive bidding for somecontracts)

Total 232 100


4

lack of coordination on countrywide parameters during project preparation. This can be prevented ifproject teams can refer to a set of regularly updated countrywide parameters.

In contrast to usual practice, the SERF or SCF was calculated or updated in 17 RRPs sur-veyed. Only four of these referred to the model developed by Jenkins and El-Hifnawi (1993). Althoughthis study provided illustrations for Bangladesh, Indonesia, and Philippines, it was referred to only inthree Philippine projects (two in 1996 and one in 2000) and one in Bangladesh (in 1997). Even withthe illustrations and the estimates of elasticity provided, very few attempts have been made to updatethe SCFs or SERFs even for these countries. This may indicate that the illustrations were difficult tofollow, or there is a misconception that data are not available, or it is simply convenient for the analyst,given limited resources, to refer to recent projects.

Seven RRPs referred to the use of trade data from the Country Economic Review or thecentral bank of a developing member country (DMC) to calculate the SCF or SERF. Consultants’reports under project preparatory technical assistance (PPTA) of two RRPs (one each in Pakistan andSri Lanka) used a simple formula based on weighted average of imports and exports, as in DFID’sapproach. The PPTA for Pakistan’s Irrigation Management (which later became Loan 1679-PAK:Punjab Farmer Managed Irrigation) even included data on sales taxes on imports and subsidies onimports. The PPTA of one RRP (Cambodia), however, calculated the SCF based only on averageimport tariffs—also presented in the DFID Guidelines as an alternative formula.

Five RRPs referred to government-estimated parameters or other studies, including two PP-TAs. Two RRPs noted that the SCF or SERF was calculated by consultants, although the PPTAs provid-ed no details on the formula/model used.

Still a few others (six RRPs) cited that the SCF is equal or close to one because there are nosignificant distortions, or project costs are mainly imports, or because an estimate of SCF is not available.The first reason sounds acceptable, particularly if there indeed has been an assessment resulting to theconclusion that there are no significant distortions in the economy. However, citing that project costs aremainly imports is not justifiable, even assuming that the world price numeraire is used, in which casebenefits (normally in domestic price levels) still need to be converted to their world price equivalent. Notusing SCF because it is not available is not acceptable, particularly when alternative methods of SCFcalculation are available. Finally, there were two RRPs where the SCF derivation was suspect or unclear.

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Recognizing the limited application of the SCF methodology illustrated in the Guidelines, it isworth considering practitioner-friendly approaches for calculating SCFs that corrects for at least theminimum level of distortions in the economic price of foreign exchange.

Following the lead provided in the Guidelines on the use of the alternative approach when themajor distortions to factor and commodity prices are trade-related, the SCF may be approximated usingthe short-cut and simple trade-weighted formula.

To illustrate the application of this approach, SCFs were calculated for as many DMCs aspossible using data from readily available sources. The International Financial Statistics (IFS) in CD-ROM format contains data on import and export values while the Government Finance Statistics Year-book (GFS) contains data on import and export taxes. Both data sources are published regularly by theInternational Monetary Fund (IMF).


5

Only 17 DMCs had both sets of data from the IFS and GFS. Annual SCFs were calculated from1996 to 2002, where data are available, as well as average SCF for each DMC.

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Table 2 reveals that the annual SCF estimates per DMC are fairly stable, except for Myanmarand Vanuatu. The table also indicates the possibility of using a time series of SCFs as a simple trackingmechanism for progress (or otherwise) of reforms toward removing price distortions. Not only wouldbetter practice in the estimation of SCFs improve analytical rigor in project economic analysis and projectdesign, it would also provide a useful indicator of overall country performance with respect to policyreform.

Table 2: Estimated SCFs using Simple Trade-weighted Formula

RRPs, 1996-2003RRPs, 1996-2003RRPs, 1996-2003RRPs, 1996-2003RRPs, 1996-2003

19961996199619961996 19971997199719971997 19981998199819981998 19991999199919991999 20002000200020002000 20012001200120012001 20022002200220022002 AVER-AVER-AVER-AVER-AVER- RANGERANGERANGERANGERANGE AVER-AVER-AVER-AVER-AVER- RANGERANGERANGERANGERANGE

AGEAGEAGEAGEAGE AGEAGEAGEAGEAGE

TTTTTransition Economiesransition Economiesransition Economiesransition Economiesransition EconomiesAzerbaijan .98 .98 .96 .97 .97 .96-.98Mongolia .98 .99 1.00 .99 .99 .98-1.00 .95 .88-1.00Viet Nam .93 .94 .94 .95 .96 .95 .95 .93-.96 .89 .80-.96

Pacific Island EconomiesPacific Island EconomiesPacific Island EconomiesPacific Island EconomiesPacific Island EconomiesFiji .95 .95 .95 .99 .99Maldives .90 .90 .90 .90 .89 .89 .89 .90 .89-.90 .90 .90Papua New Guinea .97 .96 .92 .92 .94 .92-.97 .92 .90-.96Vanuatu .82 .87 .82 .85 .84 .82-.87

Other DMCsOther DMCsOther DMCsOther DMCsOther DMCsBhutan 1.00 1.00 1.00 1.00 1.00 1.00 .90 .90People’s Republic ofChina .99 .99 .99 .99 .99 .92 .71-.93

India .86 .87 .87 .86 .87 .86 .86 .86-.87 .87 .80-.90Indonesia .99 .99 1.01 .98 .96 .99 .96-1.01 .91 .80-.95Myanmar .61 .67 .80 .79 .81 .74 .61-.81Nepal .94 .94 .92 .93 .93 .92 .91 .93 .91-.94 .90 .88-.92Pakistan .90 .89 .90 .91 .92 .91 .94 .91 .89-.94 .89 .84-.90Philippines .93 .95 .95 .95 .95 .95 .95 .93-.95 .86 .82-.91Sri Lanka .95 .96 .95 .95 .97 .96 .96 .95-.97 .88 .79-.94Thailand .96 .97 .97 .98 .98 .97 .97 .96-.98 .91 .90-.92

Sources: Government Finance Statistics Yearbook (IMF 2002), International Financial Statistics (IMF 2003).

For comparison purposes, Table 2 also presents the SCFs (or the reciprocal of SERFs) used inRRPs approved from 1996 to August 2003. The estimated SCFs are generally within the range of SCFsused in the RRPs. The major exceptions are Bhutan, PRC, Indonesia, Philippines, and Thailand. Thedifference may be explained by the presence of other distortions that were not captured by the simpletrade-weighted approach, or simply because of the use of other approaches. In the case of Bhutan, themost recent RRP noted that the SCF was based on the average level of direct taxation and the level ofmarket distortion present in the economy, and cited the SCF used in a recent World Bank project. It isnot clear whether the direct taxation pertains to trade taxes or domestic taxes. For PRC, most of theRRPs indicated using SCFs from recent projects, though a few cited calculations done during PPTA.

In the case of the Philippines, the SCF was calculated using the model developed by Jenkinsand El-Hifnawi, which accounted for the real exchange rate and sustainability of the trade imbalance.Also included in the calculation is the equivalent tariff of quantitative import restrictions.


6

In terms of averages, however, only Indonesia and Maldives have practically identical aver-age SCFs (see Figure 1). For all other countries, except Fiji, the average SCFs, estimated using thesimple trade-weighted formula, are higher than the average SCFs used in RRPs. This provides a roughindication of the possibility that the extent of economic distortions may have been overestimated formost countries, and therefore indicating the need for a more rigorous assessment.

Figure 1: Average SCFs, 1996 – 2002

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The IFS and the GFS are not the only sources of data on trade values and trade taxes. Moreupdated data would be available directly from DMC institutions (central banks, ministry or departmentof finance and/or customs). Given the incomplete (and sometimes outdated) set of data for some DMCsfrom the IFS and GFS, country economists would be in a good position to verify the calculated SCFs inthis report, based on country data to which they may have ready access. A recent application of thisapproach was undertaken by the country economist for Azerbaijan, who noted that the calculation didnot require much effort. Data were sourced from the State Statistics Committee, National Bank ofAzerbaijan, and Ministry of Finance. Staff estimates were used in allocating aggregate data on cus-toms charges and other taxes on international trade between imports and exports. Appendix 2 presentsthe sample calculation.

It is worth noting that for some projects currently under preparation, SCFs have been estimat-ed using the weighted average tariff rates from imports and customs revenue data. Examples includethe draft RRPs for FIJ: Suva-Nausori Water & Sewerage Project, SAM: Drainage Project, and AZE:Flood Mitigation Project. More efficient use of resources would however be achieved if SCFs orSERFs are estimated as part of country strategy and program (CSP) formulation, and not on a perproject basis. Country economists are encouraged to update the SCF or SERF at least annually, inconjunction with the CSP exercise, with appropriate support from EREA when necessary.

As part of the task of assessing a DMC’s macroeconomic environment (or in tracking theprogress of policy reform), the formula should not be used mechanically, but to aid in analysis. Thecountry economist, with an intimate knowledge of the DMC, can make further adjustments with respect

MON

IND

PAK

PRC

FIJ

INOBHU

VIE

NEPMLD

SRI

PNG

PHI

SCF (trade-weighted estimate)SCF (trade-weighted estimate)

.80 .82 .84 .86 .88 .90 .92 .94 .96 .98 1.00

1.00

.98

.96

.94

.92

.90

.88

.86

.84

.82

.80

SC

F(u

sed

inR

RP

SC

F(u

sed

inR

RP

s)

THA


7

to other factors that can affect the true cost of foreign exchange. Such adjustments should however beproperly explained, and the logic clarified.

Depending on the trade regime in each DMC, for example, if the DMC imposes quantitativerestrictions on certain items that are considered significant, their tariff equivalent should be accountedfor. The tariff equivalent should be included in the denominator of the formula, and have the same sign asimport taxes and export taxes.

Where subsidies for certain items are significant and data are available, the formula may beextended to:

In summary, the sample SCF estimates in Table 2 are not recommended for direct application.The exercise is meant only to illustrate the ease in estimating SCFs, and this paper should not be citedas a source for SCF estimates for any country. Instead, estimates should come from analyses specific toa country, and should be based on the most recent data.

Given access to more updated data at the country level, the calculated SCFs can be verifiedand adjusted further to take account of other significant distortions other than trade taxes and specificcountry circumstances. The exercise is also expected to enhance understanding of economic distor-tions and their impact on project design, performance, and sustainability.

SCF = Imports (cif) + Exports (fob)

(Imports + Import taxes – Subsidies) + (Exports – Export taxes + Subsidies)

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EREA recommends periodic reassessment of the SCF or SERF. This echoes the finding inEREA’s 2002 retrospective report on the importance of understanding the underlying tariff and macro-economic environment in project economic analysis. This is particularly relevant for transition econo-mies or where various factors are likely to affect the relationship between domestic and world pricelevels. Tracking the SCF trend can also shed light on the progress of price-related structural adjust-ment efforts and the need for further reforms, especially as regards trade and subsidy policy.

To improve practice in ADB, the calculation or validation of the SCF or SERF during prepara-tion of the CSP and its updates is recommended. The simple trade-weighted formula for SCF calcula-tion is a good starting point, and adjusted as deemed necessary to take account of other distortions,where data are available. Guidance on the appropriate SCF or SERF to use will ensure consistency inSCF or SERF values across projects during a processing year. The resource implications are almostnegligible since the minimum information/data required should already form part of the data set usedin CSP formulation.


8

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LOAN NO./TITLE/APPROVLOAN NO./TITLE/APPROVLOAN NO./TITLE/APPROVLOAN NO./TITLE/APPROVLOAN NO./TITLE/APPROVALALALALAL SOURCE/REMARKSSOURCE/REMARKSSOURCE/REMARKSSOURCE/REMARKSSOURCE/REMARKSDADADADADATETETETETE SCF/SERFSCF/SERFSCF/SERFSCF/SERFSCF/SERF OTHER CFSOTHER CFSOTHER CFSOTHER CFSOTHER CFS IN RRP RE SCF/SERFIN RRP RE SCF/SERFIN RRP RE SCF/SERFIN RRP RE SCF/SERFIN RRP RE SCF/SERF

AFG-1997 SCF=0.9 Not cited in RRP, but later informationEmergency Infrastructure indicated that based on the best estimateRehabilitation and of customs revenue and imports in 2002,Reconstruction trade-weighted formula could put SCF at3 Jun 03 roughly 0.9.

BAN-1952 SCF=0.8 SCF used for the Bangladesh roadRural Infrastructure transport sectorImprovement2 Dec 02

BAN-1947 SERF=1.05 Skilled L=0.87 Not citedUrban Governance and Unskilled L=0.67Infrastructure Improvement(Sector), 28 Nov 02

BAN-1941 SCF=0.9 Agriculture L=0.85 Not citedJamuna-Meghna River Construction L=0.84Erosion Mitigation25 Nov 02

BAN-1920 SCF=0.8 Not citedRoad Network Improvementand Maintenance I10 Oct 02

BAN-1884 SCF=0.855 Unskilled L=0.8 Not citedWest Zone Power System Skilled L=1.1Development17 Dec 01

BAN-1831 SCF=0.9 SWRF=0.85 Aug 2000. BAN. Draft DevelopmentSecond Small-scale Water Strategy. Vol. 8 Annex J: Economics,Resources Development National Water Management PlanSector, 12 Jul 01 Project. Min of Water Resources

BAN-1789 SCF=0.8 Not citedRoad Maintenance andImprovement29 Nov 00

BAN-1782 SCF=0.89 SWRF=0.8 Not citedNorthwest CropDiversification21 Nov 00


9


BAN-1771 SERF=1.1 Agriculture and A trade-weighted shadow exchange rateChittagong Hill Tracts road construction of Tk56=$1 has been assumed, givingRural Development L=0.8 a SERF of 1.126 Oct 00 Other L=1

BAN-1730 SCF=0.855 SWRF=0.9 Not citedDhaka PowerSystem Upgrade21 Dec 99

BAN-1708 SCF=0.8 SCF as conventionally used in BangladeshSouthwest Road NetworkDevelopment16 Nov 99

BAN-1643 SCF=0.86 Not citedSundarbans BiodiversityConservation27 Nov 98

BAN-1634 SCF=0.9 Rural labor, land and SCF as applied in other ADB projectsRural Livelihood fixed assets=0.75 in Bangladesh29 Sep 98

BAN-1581 SCF=0.84 Skilled L=0.84 SCF was derived. Shadow price factorsThird Rural Infrastructure Unskilled L=0.7 were calculated for major Project-relatedDevelopment (Various specific materials and components. A shadow20 Nov 97 CFs provided) price factor was also derived for

agriculture.

TA Consultant’s Report: Shadow pricescalculated based on ADB Guidelines.Supplementary Appendix 4.2, whichsupposedly shows calculations, is notavailable.

BAN-1561 SCF=0.834 SWRF=0.75 Not citedJamuna Bridge RailwayLink2 Oct 97

BAN-1524 SERF=1.7 Agricultural L=0.8 Following the methodology of JenkinsParticipatory Livestock and El-Hifnawi, recent data wereDevelopment obtained from the 1996 CER to update the

earlier estimate.

BAN-1505 SCF=0.855 SWRF=0.9 Not citedNinth Power, 18 Dec 96

BAN-1486 SCF=0.75 SWRF=0.8 Not citedForestry Sector21 Nov 96


10

BAN-1478 Economic costs are equal to theJamuna Bridge Access financial costs less 17% for taxes andRoads customs duties5 Nov 96

BHU-1763 SCF=0.9 SCF based on the average level of directRoad Improvement taxation and the level of market3 Oct 00 distortion present in the economy.

Evidence from recent studies, mostnotably the WB’s Rural Access Project,estimates a SCF of 0.9

BHU-1712 SCF=0.9 Skilled L=1 Not citedSustainable Rural Unskilled L=0.73Electrification (or SWRF=0.955)25 Nov 99

BHU-1625 SERF=1.11 Not citedUrban InfrastructureImprovement30 Jul 98

CAM-1945 SCF=0.85 Not citedGMS Cambodia RoadImprovement26 Nov 02

CAM-1862 SCF=0.9 Farm and Unskilled Current ADB SCF for CambodiaNorthwestern Rural Labor=0.75Development27 Nov 01

CAM-1794 SCF=0.9 Not citedProvincial Power Supply5 Dec 00

CAM-1753 SCF=0.9 SCF in accordance with current practiceStung-Chinit Irrigation for projects in Cambodiaand Rural Infrastructure5 Sep 00

CAM-1741 SCF=0.9 Entrepreneurial SCF as used by ADB in recent studiesRural Credit and Savings family L=0.95 in Cambodia27 Apr 00 General

workers=0.75

CAM-1725 SCF=0.8 SCF as currently estimated in CambodiaProvincial TownsImprovement20 Dec 99



11

CAM-1697 SCF=0.86 Not citedPrimary Roads Restoration21 Sep 99

CAM-1503 SCF=0.86 SCF was estimated from historicalSiem Reap Airport data available on the level of import12 Dec 96 and export as well as duties and taxes

collected by the Government.TA 2197-CAM: SCF formula based ontrade-weighted average imports andexports

CAM-1468 SCF=0.9 SCF as for other scheduled projectPhnom Penh Water Supply funded by the World Bank, France,and Drainage, 26 Sep 96 and Japan.

COO-1832 SCF=1 SWRF=0.8 No significant nationwide distortionsWaste Management, apart from import duties and taxes17 Jul 01

FIJ-1902 SCF=0.986 Labor=0.86 Calculated for Fiji islandsFiji Ports Development5 Mar 02

FSM-1459 SCF=1 SWRF=0.9 Since the country uses the US$ as itsWater Supply and Sanitation (Chuuk, Kosrae, domestic currency and no significant19 Sep 96 Pohnpei) price distortions exist in the market for

SWRF=0.9 (Yap) tradable inputs, the SCF is assumed tobe 1.

IND-1981 SCF=0.85 Not citedRailway SectorImprovment, 19 Dec 02

IND-1958 SCF=0.9 Not citedMadhya Pradesh StateRoads Sector DevelopmentProgram, 5 Dec 02

IND-1870 SCF=0.8 Not citedWest Bengal CorridorDevelopment11 Dec 01

IND-1868 SCF=0.9 Unskilled L=0.85 Not citedMadhya Pradesh PowerSector DevelopmentProgram, 6 Dec 01

IND-1839 SCF=0.85 Not citedWestern Transport Corridor20 Sep 01



12

IND-1813 SERF=1.11 Unskilled L=0.7 Not citedCalcutta EnvironmentalImprovement19 Dec 00

IND-1803 SCF=0.9 Unskilled L=0.85 Not citedGujarat Power SectorDevelopment Program13 Dec 00

IND-1764 SCF=0.9 SWRF=0.85 Not citedPower TransmissionImprovement Sector6 Oct 00

IND-1747 SCF=0.9 SCF is utilized in recent foreign-assistedSurat-Manor Tollway road improvement projects27 Jul 00

IND-1704 SCF=0.9 Not citedKarnataka UrbanDevelopment and CoastalEnvironmental Management26 Oct 99

IND-1647 SCF=0.9 Not citedRajasthan UrbanInfrastructureDevelopment, 3 Dec 98

IND-1591 SCF=0.8 SWRF=0.9 Not citedLPG Pipeline, 16 Dec 97

IND-1556 SCF=0.9 Not citedMumbai-Chennai Ports29 Sep 97

IND-1495 SCF=0.8 Not citedRural Telecommunications28 Nov 96

INO-1983 SERF=1.053 SWRF=0.75 SERF based on SCF of 0.95Power TransmissionImprovement19 Dec 02

INO-1982 SERF=1.05 Not citedRenewable EnergyDevelopment19 Dec 02



13

INO-1909 SCF=0.9 Access roads=0.86 Roads CF based on TA3334:Poor Farmers’ Income Road RehabilitationImprovement throughInnovation, 15 Aug 02

INO-1469 SCF=0.94 SWRF=0.9 Not citedIntegrated Pest Managementfor Smallholder Estate Crop26 Sep 96

INO-1428 SCF=0.943 Latest available estimate of the SCF forNorth Java Improvement Indonesia23 Jan 96

INO-1425 SCF=0.8 Civil works=0.87 Specific conversion factors based onNorth Java Flood Control Nontradables=0.9 latest ADB parameters for use inSector Tradables=1.0 Indonesia. Nontradables include works18 Jan 96 that require skilled labor and locally

manufactured materials. Tradablesinclude capital-intensive works thatrequire imported materials.

KAZ-1779 SCF=0.95 SWRF=0.9 Not citedFarm Restructuring Sector (or a labor CF ofDevelopment Program 0.855)14 Nov 00

KAZ-1592 SCF=0.95 SWRF=0.75 No accepted SCF for KAZ. The forexWater Resources provides one indicator of macro-Management and Land economic balance, suggesting that SCFImprovement is close to 1. Moreover, limited available17 Dec 97 data on market prices suggest no

persistent trade biases. Officially, theGovernment maintains a flat tariff of10% on most commodities, which wouldsuggest a SCF of about 0.9. In practice,however, it is believed that tariffs arerarely collected due to a lack of customsposts at international borders and thecontinuing importance of barter trade.Moreover, official tariffs are expected todecline during the medium term as aresult of continuing trade liberalization.Hence, SCF is set at 0.95 which alsotests for the sensitivity of this assumption.

KAZ-1455 SCF=1 A CF of 1 was assumed as no CFRoad Rehabilitation estimate was available at the time of27 Aug 96 preparing this Report



14

KGZ-1853 SCF=0.9 Not citedThird Road Rehabilitation31 Oct 01

KGZ-1742 SERF=1 There is no general guidance available onCommunity-Based SCFs or SERFs appropriate for Kyrgyz.Infrastructure Services Previous projects in the highway sectorSector have used an SCF of 0.9, but this is for8 Jun 00 Kazakhstan and Kyrgyz jointly. An

agricultural project used an SCF of 0.98for agricultural projects in Kyrgyz. TheWB’s project analysis for rural projectsused an SCF of 1 assuming nodiscernible distortions, and therefore areciprocal SERF of 1 was used in thiscase.

KGZ-1726 SCF=0.95 Unskilled L=0.6 A recent WB project used a SCF of 1Agriculture Area while this project’s PPTA used specificDevelopment CFs ranging from 0.91 to 0.98. The SCF20 Dec 99 of 0.95 seems a realistic estimate,

particularly in view of the reforms andliberalization of prices initiated by theGovernment.

KGZ-1630 SCF=0.9 Not citedSecond Road Rehabilitation10 Sep 98

KIR-1648 SWRF=0.9 SERF not specifiedSanitation, Public Health,and EnvironmentalImprovement, 8 Dec 98

LAO-1994 SERF=1.11 Unskilled L=0.5 Consistent with those used in otherSmall Towns Development Skilled L=1.0 ADB-funded projects of a similarSector Local materials=1.0 nature in Lao PDR28 Jan 03

LAO-1989 SCF=0.8 Not citedNorthern Economic Corridor20 Dec 02

LAO-1949 SERF=1.1 SWRF=0.9 Not citedSmallholder Development28 Nov 02

LAO-1933 SERF=1.1 SWRF=0.6 SERF and SWRF have been estimatedNam Ngum River Basin employing generally accepted assumptionsDevelopment Sector by other projects and sector studies.11 Nov 02



15

LAO-1834 SERF=1.11 In-kind Labor=0.5 Not citedVientiane UrbanInfrastructure andServices, 23 Aug 01

LAO-1795 SCF=0.9 In the FS, a shadow price factor of 0.85Rural Access Roads was used, based on local competitive7 Dec 00 bidding for some contracts. For the final

detailed cost estimates, an economicprice factor of 0.9 was assumed basedon international competitive bidding forsome contracts.

LAO-1788 SCF=0.9 Agriculture L=0.77 Not citedDecentralized IrrigationDevelopment andManagement Sector28 Nov 00

LAO-1710 SCF=0.9 Not citedWater Supply and Sanitation16 Nov 99

LAO-1688 SCF=0.9 SWRF Not citedShifting Cultivation (peak season)=0.8Stabilization SWRF11 May 99 (off-peak)=0.6

LAO-1558 SCF=0.9 Not citedPower Transmission andDistribution30 Sep 97

LAO-1533 SCF=0.9 Not citedXieng Khouang RoadImprovement9 Sep 97

LAO-1525 SCF=0.9 SCF as used in an earlier ADB projectSecondary Towns Urban in Lao PDRDevelopment26 Jun 97

LAO-1488 SCF=0.8 SWRF=0.8 Not citedCommunity-ManagedIrrigation Sector21 Nov 96

LAO-1456 Because the costs of the Project mainlyNam Leuk Hydropower consist of imported items and most of10 Sep 96 the skilled labor must be employed from

outside the country during the constructionperiod, no SCF was applied.



16

MAL-1500 SCF=0.9 Construction=0.96 Tan Tok Shiong. 1994. Shadow PricesKlang River Basin Petroleum=0.94 for Malaysia with an Extended SemiEnvironmental Improvement Machinery, Input-Output Method. Ph.D. thesis,and Flood Mitigation Nonelectrical=0.98 Bradford University.5 Dec 96 Electrical=0.81

Motor vehicles=0.78Real estate & dwellings=0.89Other services=0.86

MLD-1887 SCF=0.9 Not citedOuter IslandsElectrification Sector18 Dec 01

MLD-1695 SCF=0.9 Skilled L=1Regional Development Unskilled L=0.6 Not cited2 Sep 99

MLD-1637 SCF=0.9 Not cited. SCF is applied not on thePostsecondary Education Base Case, but as part of sensitivity test.Development30 Sep 98

MLD-1532 SCF=0.9 Not citedThird Power SystemDevelopment9 Sep 97

MON-1998 SERF=1.1 Based on ADB guidelines for MongoliaSecond Health SectorDevelopment5 Jun 03

MON-1907 SERF=1.018 Unskilled L=1.2 SERF calculated for 2000Integrated Development Skilled L=0.8of Basic Urban Servicesin Provincial Towns6 Aug 02

MON-1847 SERF=1.11 As inverse of SCF. NontradableHousing (Finance) Sector components valued at market prices.18 Oct 01

MON-1821 SCF=0.9 Not citedAgriculture SectorDevelopment Program21 Dec 00



17

MON-1700 SCF=0.88 Not citedSecond Roads Development30 Sep 99

MON-1560 SCF=1 SWRF=0.5 As there are no evident subsidies forProvincial Towns Basic other resources to be used in the Project,Urban Services nor is there a substantial difference30 Sep 97 between the official exchange rate and

the shadow exchange rate, a SCF of 1has been used for other items.

MON-1548 SCF=0.997 SCF calculated from 1995 import andUlaanbaatar Heat Efficiency export volume data and import and25 Sep 97 export tax data

MON-1492 SCF=1 Based on 1995 import and exportEnergy Conservation volume data and import and export tax26 Nov 96 data, SCF was calculated at 0.997

NEP-1876 SCF=0.88 Not citedRoad Network Development13 Dec 01

NEP-1778 SCF=0.9 SCF as generally adopted for projectCrop Diversification analysis in Nepal9 Nov 00

NEP-1755 SCF=0.9 Unskilled L=0.7 Not citedSmall Towns Water Supplyand Sanitation Sector12 Sep 00

NEP-1732 SCF=0.9 Not citedRural Electrification,Distribution andTransmission, 21 Dec 99

NEP-1650 SCF=0.9 SWRF=0.5 Not citedRural Microfinance8 Dec 98

NEP-1609 SCF=0.9 Not citedCommunity GroundwaterIrrigation Sector, 26 Feb 98

NEP-1512 SCF=0.9 Not citedTribhuvan InternationalAirport Improvement23 Jan 97



18

NEP-1464 SCF=0.9 With no major distortions in wage andFourth Rural Water Supply commodity prices in Nepal, the benefitsand Sanitation Sector have not been shadow priced.24 Sep 96

NEP-1461 SCF=0.9 Not citedThird Livestock Development19 Sep 96

NEP-1452 SCF=0.9 Not citedKali Gandaki “A”Hydroelectric23 Jul 96

NEP-1451 SCF=0.9 Not citedSecond Tourism Development2 Jul 96

NEP-1450 SCF=0.9 Civil works=0.82 SCF in line with the economicRural Infrastructure Transport=0.85 assessments of other projects in NepalDevelopment Fruits=1.627 Jun 96

NEP-1437 SCF=0.92 SWRF=0.92 Not citedSecond Irrigation Sector16 May 96

PAK-1987/88 SCF=0.9 SWRF=0.75 Not citedRural Finance SectorRural Finance SectorRural Finance SectorRural Finance SectorRural Finance SectorDevelopment ProgramDevelopment ProgramDevelopment ProgramDevelopment ProgramDevelopment Program20 Dec 02

PAK-1950 SCF=0.9 Skilled L=1.1 Not citedPunjab Community Water Unskilled L=0.8Supply and Sanitation Female L=0.728 Nov 02

PAK-1934 SCF=0.9 SWRF=0.75 Not citedSindh Rural Development20 Nov 02

PAK-1928 SCF=0.9 Not citedPunjab Road DevelopmentSector, 31 Oct 02

PNG-1925 SCF=0.9 Not citedCoastal FisheriesManagement andDevelopment, 24 Oct 02



19

PAK-1891 Economic costs estimated by firstRoad Sector Development identifying ratios of market price toProgram economic costs, and then by multiplying19 Dec 01 the ratio by the market price for each

vehicle category separately

PAK-1854 Economic evaluations were based on theNorth-West Frontier domestic price numeraire and excludeProvince Urban Development taxes (10%) and other marketSector distortions (with a SCF of 0.85).8 Nov 01 A SERF was applied to tradable

components of project costs.

PAK-1787 SCF=0.9 Rural L=0.78 Not citedNorthwest FrontierProvince Barani AreaDevelopment, 28 Nov 00

PAK-1679 SCF=0.9 SWRF=0.85 Based on data from Country EconomicPunjab Farmer-Managed Review (Sep 1997), the SER wasIrrigation re-estimated during appraisal. PPTA25 Mar 99 (2452-PAK) report noted that “SCF is

estimated by weighted average of importand export tariff excluding subsidies.The weights are based on the volume ofimports and exports in the total trade ofthe country during the year. An averageof five years is taken to account forfluctuation in trade regimes, taxes andsubsidies.” Derivation of the SCF isprovided in Annex 9 Table 23.

PAK-1672 SCF=0.9 Not citedMalakand Rural Development18 Mar 99

PAK-1578 SERF=1.15 SWRF=0.75 SERF estimated by the consultantsSecond Flood ProtectionSector13 Nov 97

PAK-1539 SCF=0.9 SWRF=0.64 Not citedKorangi WastewaterManagement18 Sep 97

PAK-1531 SCF=0.9 Not citedDera Ghazi Khan RuralDevelopment4 Sep 97



20

PAK-1467 SCF=0.9 Not citedBahawalpur RuralDevelopment26 Sep 96

PAK-1424 SCF=0.837 Unskilled L=0.7 An average SCF was estimated at 0.88Ghazi Barotha Hydropower from trade data for a period of 5 years16 Jan 96 using the standard definition. Based on

these assumptions, the SCF for theProject was estimated as 0.837.

PHI-1984 SERF=1.2 Unskilled L=0.7 SERF as inverse of SCF of 0.83Electricity Market andTransmission Development19 Dec 02

PHI-1843 SERF=1.22 Unskilled L=0.7 As inverse of SCFMindanao Basic UrbanServices Sector27 Sep 01

PHI-1772 SCF=0.91 SWRF=0.68 SCF calculated using model developed byInfrastructure for Rural the Harvard Institute for InternationalProductivity Enhancement Development (HIID) and 1997 dataSector (latest available). Sensitivity analysis31 Oct 00 used SCF of 0.83, as calculated by the

National Economic and DevelopmentAuthority (NEDA).

PHI-1745 SERF=1.21 Unskilled L=0.6 Not citedPasig River Environmental Land forManagement and resettlement=0.2Rehabilitation Sector20 Jul 00

PHI-1668 SERF=1.11 Unskilled L=0.7 Not citedSouthern PhilippinesIrrigation Sector18 Dec 98

PHI-1667 SCF=0.83 Skilled L=1 SCF based on the estimate of NEDAAgrarian ReformCommunities18 Dec 98

PHI-1665 SCF=0.9 Domestic machinery, Not citedMetro Manila Air Quality civil works=1..3Improvement Sector Transport=1.2Development Program16 Dec 98



21

PHI-1658 SERF=1.11 Unskilled L=0.6 SCF has been adopted following ADB’sClark Area Municipal standardsDevelopment15 Dec 98

PHI-1599 SERF=1.19 CF is the same as the one adopted forSubic Bay Area Municipal ADB’s Regional MunicipalDevelopment Development Project in 199519 Dec 97

PHI-1590 SCF=0.82 Not citedPower TransmissionReinforcement16 Dec 97

PHI-1562 SERF=1.11 SWRF=0.6 Not citedFisheries ResourceManagement16 Oct 97

PHI-1536 SCF=0.82 Not citedThird Airports Development(Southern Philippines)16 Sep 97

PHI-1473 SERF=1.20 SWRF=0.6 Not citedSixth Road, 30 Sep 96

PHI-1472 SCF=0.9 SWRF=0.6 Not citedSmall Towns Water SupplySector30 Sep 96

PHI-1453 SCF=0.82 Based on 1994 economic data, usingBukidnon Integrated Area the model developed by HIID.Development Economic Parameters for the Appraisal23 Jul 96 of Investment Projects: Bangladesh,

Indonesia and Philippines, Dec 1993.

PHI-1440 SCF=0.9 SCF from World BankRural Water Supply andSanitation Sector, 4 Jun 96

PHI-1421 SCF=0.8 Transport=0.84 Based on HIID study by Jenkins andCordillera Highland El-HifnawiAgricultural ResourceManagement11 Jan 96

PNG-1812 SERF=1.1 Not citedProvincial Towns WaterSupply and Sanitation14 Dec 00



22

PNG-1754 SCF=0.96 Local L=0.85 Not citedRehabilitation of theMaritime Navigation AidsSystem, 12 Sep 00

PNG-1656 SCF=0.9 SCF is as recommended by ADBFisheries Development11 Dec 98

PNG-1652 SCF=0.9 SWRF=0.7 Not citedSmallholder SupportServices Pilot10 Dec 98

PRC-1996 SCF=0.89 Not cited, but note: SERF should haveWuhan Wastewater been used instead of SCF since theManagement domestic price numeraire is used.25 Apr 03

PRC-1995 SERF=1.08 Skilled L=2.0 Not citedHarbin Water Supply Unskilled L=0.6711 Mar 03

PRC-1967 SERF=1.08 Not citedShaanxi RoadDevelopment II12 Dec 02

PRC-1922 SCF=0.93 Equipment=1.0 Not citedHebei Zhanghewan Steel=1.67Pumped Storage Cement=0.7618 Oct 02 Timber=0.82

Skilled L=2.0Unskilled L=0.67

PRC-1919 SERF=1.07 SWRF=0.9 SERF is the inverse of the SCF, which isSonghua River Flood 0.93 based on recent project economicManagement Sector analysis for PRC-1835: Yellow River20 Sep 02 Flood Mgt Sector approved in Aug 01

PRC-1918 SERF=1.08 Unskilled L=0.67 Not citedSouthern Sichuan RoadsDevelopment20 Sep 02

PRC-1901 SCF=0.93 Equipment=1.0 SPERC: Report on Shen-DaShen-Da Power Steel=1.51 Transmission ProjectTransmission and Grid Cement=0.69Rehabilitation Timber=0.6320 Dec 01 Skilled L=2

Unskilled L=0.67



23

PRC-1890 SERF=1.11 Skilled L=0.8 SERF as inverse of SCF of 0.9 used byAcid Rain Control and Semi-skilled L=1 ADB for PRC projectsEnvironmental Improvement Unskilled L=1.219 Dec 01 Average CF=0.8-0.82

PRC-1851 SERF=1.08 Equipment=0.967 Not citedGuangxi Roads Development Local road30 Oct 01 construction and

maintenance=0.9

PRC-1850 SERF=1.08 Unskilled L=0.75 Not citedGanzhou-Longyan Railway Skilled L=1.030 Oct 01

PRC-1838 SERF=1.08 Unskilled L=0.75 Not citedShaanxi Road Development Skilled L=1.030 Aug 01

PRC-1835 SERF=1.07 Unskilled L=0.9 As inverse of SCF of 0.93Yellow River FloodManagement Sector28 Aug 01

PRC-1818 SCF=0.93 Skilled L=2 Not citedWind Power Development Unskilled L=0.6720 Dec 00 Equipment=1

Steel=1.51Cement=0.69Timber=0.63

PRC-1797 SERF=1.11 Land=0.51-0.8Tianjin Wastewater Unskilled L=0.8Treatment and Water Skilled L=1 See Supplementary Appendix E for aResources, 11 Dec 00 more detailed discussion.

PRC-1783 SERF=1.08 Unskilled L=0.75 Not citedChongqing-Guizhou Skilled L=1Roads Development Capital=0.96421 Nov 00 O&M=1

PRC-1748 SERF=1.08 Unskilled L=0.75Hefei-Xi’an Railway Skilled L=1 Not cited17 Aug 00

PRC-1715 SCF=0.9 Domestic machinery, CFs are consistent with those used inShanxi Environmental civil works & ADB projects in PRC.Improvement construction=1.37 Dec 99 Transport=1.2

Skilled L=1.3Unskilled L=0.8



24

PRC-1701 SERF=1.08 Unskilled L=0.75 Not citedShanxi Road Development Skilled L=130 Sep 99 Capital=0.964

O&M=1

PRC-1692 SCF=0.93 Unskilled L=0.8 CFs have been used for other ADBSuzhou Creek Rehabilitation Skilled L=2 projects in PRC29 Jun 99 Power=1.3

PRC-1691 SERF=1.08 Workers Not citedSouthern Yunnan Road permanent=1Development temporary=0.524 Jun 99 (average of 0.85)

Civil works, O&M=0.96

PRC-1644 SCF=0.93 Skilled L=2 The methodology and presentation ofYunnan Dachaoshan Power Unskilled L=0.667 shadow prices are detailed in the reportTransmission Equipment=1 prepared by BERI: Least Cost Study27 Nov 98 Steel=1.286 for Yunnan Power System and

Cement=0.623 Economic Analysis on the DachaoshanTimber=1.378 Power Transmission Project.

PRC-1641 SERF=1.08 Capital=0.9 Not citedChangchun-Harbin O&M=0.98Expressway SWRF=127 Nov 98

PRC-1638 SERF=1.08 Skilled L=1.5 Not citedChengdu-Nanchong Unskilled L=0.5Expressway (or average SWRF10 Nov 98 of 0.65)

Civil works, O&M=0.95

PRC-1636 SCF=0.93 Unskilled L=0.8 Not citedFuzhou Water Supply and Skilled L=2Wastewater Treatment Domestic machinery,30 Sep 98 civil works/

construction=1.3

PRC-1636 SCF=0.93 Unskilled L=0.8 Not citedFuzhou Water Supply and Skilled L=2Wastewater Treatment Domestic machinery,30 Sep 98 civil works/

construction=1.3

PRC-1625 SCF=0.926 Not citedGhuizou-Shuibai Railway18 Aug 98



25

PRC-1617 SCF=0.926 Not citedHebei Roads Development18 Jun 98

PRC-1584 SCF=0.926 Skilled L=1.5 Not citedXiamen Port Civil works/27 Nov 97 maintenance,

equipment/ maintenance=0.99

PRC-1582 SCF=0.98 Various CFs Not citedNortheast Power differentiatedTransmission between North25 Nov 97 and South for

equipment, steel,cement, timber,skilled labor

PRC-1553 SCF=0.9 Not citedShenmu-Yanan Railway29 Sep 97

PRC-1544 SERF=1.08 Skilled L=2 CFs consistent with those used inZhejiang-Shanxi Water Unskilled L=0.8 previous ADB projects in PRCSupply I Domestic machinery,24 Sep 97 civil works &

construction=1.3Transportation=1.2

PRC-1490 SCF=1.4 Unskilled L=0.8 Not cited, but application seems toAnhui Environmental Semi-skilled L=1 indicate that the SCF should beImprovement Project for Skilled L=1.2 referred to as SERFMunicipal Wastewater Utilities=1.4Treatment, 26 Nov 96

PRC-1484 SCF=0.92 SWRF=0.5 Not citedJiangxi Expressway19 Nov 96

PRC-1483 SCF=0.9 Not citedShenyang-JinzhouExpressway19 Nov 96

PRC-1470 SCF=0.9 Not citedChongqing Expressway27 Sep 96

PRC-1439 SCF=0.9 Not citedDaxian-Wanxian Railway4 Jun 96



26

PRC-1436 Group CF of 1.4 for locally producedSecond Industrial Energy goodsEfficiency and Environment Group CF of 1.5 for operating costImprovement, 9 May 96 components

PRC-1427 SCF=0.9 Cement=0.7 Not citedFangcheng Port18 Jun 96

REG-1977 SCF=0.9CAR: Regional Power (TAJ), 0.7 Not citedTransmission Modernization (UZB)17 Dec 02

REG-1774 SCF=0.9 Not citedAlmaty-Bishkek RegionalRoad Rehabilitation31 Oct 00

REG-1969/70/71 SERF=1.11 SWRF: Not citedGMS: Mekong Tourism CAM=0.75Development VIE=0.6512 Dec 02 LAO=0.6

REG-1727 SCF=0.85 CFs not specified SCF has been established as a standardGMS: East-West Corridor for similar externally financed projects20 Dec 99 in Viet Nam and elsewhere

REG-1659 SCF=0.85 SCF has been established as a standardGMS: Phnom Penh to for similar externally financed projectsHo Chi Minh City elsewhereHighway, 15 Dec 98

RMI-1948 Financial costs converted to economic costsOuter Island Transport by eliminating price escalation and IDCInfrastructure as well as taxes and duties from28 Nov 02 financial costs

RMI-1694 SCF=0.9 Unskilled L=0.7 In March 1999, the GovernmentEbeye Health and announced its intention to reduce theInfrastructure general import duty to 5%. Allowing12 Aug 99 some room for commodity-specific import

duties and elements of non-tariff barriers,a SCF of 0.9 is applied

SAM-1886 SCF=0.8 Not citedPower Sector Improvement17 Dec 01



27

SRI-1993 SERF=1.1 Unskilled L=0.7 Not citedSecondary Towns and Overall adjustmentCommunity-Based factor=0.82Rural WSS16 Jan 03

SRI-1913/14 SCF=0.94 SWRF=1.0 Not citedPlantation Development13 Sep 02

SRI-1986 SCF=0.785 Not citedRoad SectorDevelopment, 19 Dec 02

SRI-1849 SCF=0.9 SWRF=0.75 Not citedSouthern ProvinceRural EconomicAdvancement, 26 Oct 01

SRI-1767 SCF=0.9 SWRF=0.81 SCF is consistent with recent SCFsProtected Area Management applied in ADB and WB projectsand Wildlife Conservation19 Oct 00

SRI-1757 SCF=0.94 Skilled L=1 SCF computed from 10 years data ofWater Resources Unskilled l=0.7 the Central Bank of Sri LankaManagement Electricity=1.119 Sep 00

SRI-1756 SCF=0.85 Not citedSecondary EducationModernization12 Sep 00

SRI-1716 SCF=0.9 SWRF=0.8 Not citedCoastal ResourceManagement7 Dec 99

SRI-1711 SCF=0.785 Not citedSouthern TransportDevelopment25 Nov 99

SRI-1649 SCF=0.785 Not citedRoad NetworkImprovement8 Dec 98

SRI-1639 SCF=0.9 Not citedTea Development10 Nov 98



28

SRI-1632 SERF=1.11 Not citedUrban Developmentand Low Income Housing24 Sep 98

SRI-1575 SERF=1.1 SWRF=0.7 Not citedThird Water Supplyand Sanitation Sector6 Nov 97

SRI-1567 SCF=0.85 Not citedSouthern ProvincialRoads Improvement30 Oct 97

SRI-1552 SCF=0.9 Not citedSecond Perennial CropsDevelopment25 Sep 97

SRI-1545 SCF=0.9 SWRF=0.9 SCF is the most recent estimateUpper Watershed calculated by ADB and is consistentManagement with recent World Bank documents24 Sep 97

SRI-1462 SCF=0.9 SWRF=0.9 Not citedNorth Central ProvinceRural Development24 Sep 96

SRI-1438 SCF=0.8 Not citedEmergency Rehabilitationof Petroleum Facilities16 May 96

TAJ-1980 SCF=0.9 SWRF=0.8 Not citedAgriculture RehabilitationSector DevelopmentProgram, 18 Dec 02

TAJ-1819 SCF=0.9 Unskilled L=0.75 Not citedRoad Rehabilitation20 Dec 00

TAJ-1817 SCF=0.9 Not citedPower Rehabilitation20 Dec 00

THA-1528 SCF=0.92 SWRF=0.8 Not citedNong Khai-UdonThani Water Supply1 Jul 97



29

THA-1489 SCF=0.9 Not citedThird RuralTelecommunications26 Nov 96

THA-1429 SCF=0.92 Not citedRural Electrification23 Jan 96

TON-1497 SCF=0.8 Revenues=0.7 Not citedTonga Power Development3 Dec 96

TUV-1921 Capital investment costs converted toMaritime Training economic equivalent allowing for16 Oct 02 transfer payments, taxes and duties, and

the effects of inflation. Economic costs,produced as an output from COSTAB,indicate an overall conversion factor of0.968 for the project baseline costs.

UZB-1903 SERF=1.4 Labor=0.8 SERF based on the relationship betweenWestern Uzbekistan official rate and commercial rateRural Water Supply2 May 02

UZB-1842 SERF=2 Labor=0.8 Based on the existing relationshipUrban Water Supply between the commercial rate and the27 Sep 01 estimated SERF (calculated based on

the weighted average of the threeexchange rates existing in UZB: officialrate, commercial rate, market rate; andthe estimated volume of transactions ateach rate). Labor: excess employment incommunal services for both skilledand unskilled.

UZB-1833 SERF=2 SWRF=0.8 Highly overvalued exchange rate.Ak Altin Agricultural Civil works=0.93 Labor: less than full employment inDevelopment rural areas23 Aug 01

UZB-1773 SCF=0.75 Not citedRailway Modernization31 Oct 00

UZB-1657 SCF=0.75 Not citedRoad Rehabilitation15 Dec 98



30

UZB-1631 SCF=0.75 Not citedRailway Rehabilitation15 Sep 98

UZB-1504 SERF=1.25 SERF was considered appropriate in viewRural Enterprise of uncertainties in the foreign exchangeDevelopment market vis-à-vis the relatively sound17 Dec 96 economic fundamentals in the medium

term. SERF was sensitivity-tested at1.12 and 1.50

VIE-1855 SERF=1.043 Derived by dividing SER (D14599/$)Second Red River with OER (D14000/$)Basin Sector13 Nov 01

VIE-1880 SERF=1.11 Unskilled L=0.65 Not citedThird Provincial TownsWater Supply andSanitation, 13 Dec 01

VIE-1888 SCF=0.93 Rural L=0.57 Calculated by means of domestic toProvincial Roads Skilled L=0.97 border price conversionImprovement Sector18 Dec 01

VIE-1979 No mention of economic pricingUpper Secondary assumptionsEducation Development17 Dec 02

VIE-1781 SCF=0.9 SWRF=0.8 Not citedTea and Fruit Development14 Nov 00

VIE-1702 SERF=1.11 Unskilled L=0.65Ho Chi Minh City Skilled L=1 Not citedEnvironmental Improvement7 Oct 99

VIE-1653 SCF=0.85 SCF has been established as a standardThird Road Improvement for similar externally financed projects10 Dec 98 elsewhere.

VIE-1585 SCF=0.8 Not citedCentral and SouthernViet Nam Power Distribution27 Sep 97



31

VIE-1564 SCF=0.8 Not citedRural Infrastructure Sector23 Oct 97

VIE-1515 SERF=1.08 Not citedForestry Sector, 20 Mar 97

VIE-1514 SCF=0.9 SWRF=0.6Second Provincial Power=1.4Towns Water Supplyand Sanitation, 27 Feb 97

VIE-1487 Economic costs derived by adjustingSecond Road Improvement financial costs by 5% to account for21 Nov 96 taxes and duties and a small adjustment

for the SWR.

Source: RRPs approved from 1996 to August 2003.

Legend:AFG Afghanistan NEP NepalBHU Bhutan PAK PakistanCAM Cambodia PHI PhilippinesCOO Cook Islands PNG Papua New GuineaFIJ Fiji, Republic of PRC People’s Republic of ChinaFSM Micronesia, Federated State of REG RegionalIND India RMI Marshall Islands, Republic ofINO Indonesia SRI Sri LankaKAZ Kazakhstan THA ThailandKGZ Kyrgyz, Republic of TAJ TajikistanKIR Kiribati TON TongaLAO Lao People’s Democratic Republic TUV TuvaluMAL Malaysia UZB UzbekistanMLD Maldives VIE Viet NamMON Mongolia

Other Abbreviations:CER Country Economic ReportCF conversion factorL laborO&M operation and maintenanceSWRF shadow wage rate factor



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33

��

ADB, 1997. Guidelines for the Economic Analysis of Projects. Asian Development Bank, Manila.

———, 2003. Economic Analysis in 2002: A Retrospective. Economics and Research Department,Asian Development Bank, Manila.

Curry, S., and J. Weiss, 2000. Project Analysis in Developing Countries. 2nd ed. London: PalgraveMacmillan.

IMF, various years. Government FinanceStatistics Yearbook. CD-ROM. International Monetary Fund,Washington, D.C.

———, various years. International Financial Statistics. CD-ROM. International Monetary Fund,Washington, D.C.

Jenkins, G., and M.B. El-Hifnawi, 1993. Economic Parameters for the Appraisal of InvestmentProjects: Bangladesh, Indonesia, and the Philippines. Asian Development Bank, Manila.Unpublished.

Overseas Development Administration, 1988. Appraisal of Projects in Developing Countries: A Guidefor Economists. Her Majesty’s Stationery Office, London.

34

PUBLICATIONS FROM THEECONOMICS AND RESEARCH DEPARTMENT

ERD WORKING PAPER SERIES (WPS)(Published in-house; Available through ADB Office of External Relations; Free of Charge)

No. 1 Capitalizing on Globalization—Barry Eichengreen, January 2002

No. 2 Policy-based Lending and Poverty Reduction:An Overview of Processes, Assessmentand Options—Richard Bolt and Manabu Fujimura

January 2002No. 3 The Automotive Supply Chain: Global Trends

and Asian Perspectives—Francisco Veloso and Rajiv Kumar

January 2002No. 4 International Competitiveness of Asian Firms:

An Analytical Framework—Rajiv Kumar and Doren Chadee

February 2002No. 5 The International Competitiveness of Asian

Economies in the Apparel Commodity Chain—Gary Gereffi

February 2002No. 6 Monetary and Financial Cooperation in East

Asia—The Chiang Mai Initiative and Beyond—Pradumna B. Rana

February 2002No. 7 Probing Beneath Cross-national Averages: Poverty,

Inequality, and Growth in the Philippines—Arsenio M. Balisacan and Ernesto M. Pernia

March 2002No. 8 Poverty, Growth, and Inequality in Thailand

—Anil B. DeolalikarApril 2002

No. 9 Microfinance in Northeast Thailand: Who Benefitsand How Much?—Brett E. Coleman

April 2002No. 10 Poverty Reduction and the Role of Institutions in

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Raghav Gaiha, Ernesto M. Pernia, Mary Raceliswith the assistance of Marita Concepcion Castro-Guevara, Liza L. Lim, Pilipinas F. QuisingMay 2002

No. 11 The European Social Model: Lessons forDeveloping Countries—Assar Lindbeck

May 2002No. 12 Costs and Benefits of a Common Currency for

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—Raul FabellaMay 2002

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May 2002No. 15 A Framework for Establishing Priorities in a

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August 2002No. 18 Poverty and Patterns of Growth

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August 2002No. 20 Modernization and Son Preference in People’s

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September 2002No. 21 The Doha Agenda and Development: A View from

the Uruguay Round—J. Michael Finger

September 2002No. 22 Conceptual Issues in the Role of Education

Decentralization in Promoting Effective Schooling inAsian Developing Countries—Jere R. Behrman, Anil B. Deolalikar, and Lee-

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September 2002No. 25 Revisiting Growth and Poverty Reduction in

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No. 26 Causes of the 1997 Asian Financial Crisis: WhatCan an Early Warning System Model Tell Us?—Juzhong Zhuang and J. Malcolm Dowling October 2002

No. 27 Digital Divide: Determinants and Policies withSpecial Reference to Asia—M. G. Quibria, Shamsun N. Ahmed, TedTschang, and Mari-Len Reyes-Macasaquit October 2002

No. 28 Regional Cooperation in Asia: Long-term Progress,Recent Retrogression, and the Way Forward—Ramgopal Agarwala and Brahm Prakash

October 2002

35

No. 29 How can Cambodia, Lao PDR, Myanmar, and VietNam Cope with Revenue Lost Due to AFTA TariffReductions?—Kanokpan Lao-Araya

November 2002No. 30 Asian Regionalism and Its Effects on Trade in the

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November 2002No. 31 New Economy and the Effects of Industrial

Structures on International Equity MarketCorrelations—Cyn-Young Park and Jaejoon Woo

December 2002No. 32 Leading Indicators of Business Cycles in Malaysia

and the Philippines—Wenda Zhang and Juzhong Zhuang

December 2002No. 33 Technological Spillovers from Foreign Direct

Investment—A Survey—Emma Xiaoqin Fan

December 2002No. 34 Economic Openness and Regional Development in

the Philippines—Ernesto M. Pernia and Pilipinas F. Quising

January 2003No. 35 Bond Market Development in East Asia:

Issues and Challenges—Raul Fabella and Srinivasa Madhur

January 2003No. 36 Environment Statistics in Central Asia: Progress

and Prospects—Robert Ballance and Bishnu D. Pant

March 2003No. 37 Electricity Demand in the People’s Republic of

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March 2003No. 38 Foreign Direct Investment in Developing Asia:

Trends, Effects, and Likely Issues for theForthcoming TWO Negotiations—Douglas H. Brooks, Emma Xiaoqin Fan,and Lea R. Sumulong

April 2003No. 39 The Political Economy of Good Governance for

Poverty Alleviation Policies—Narayan Lakshman

April 2003No. 40 The Puzzle of Social Capital

A Critical Review—M. G. Quibria

May 2003No. 41 Industrial Structure, Technical Change, and the

Role of Government in Development of theElectronics and Information Industry inTaipei,China—Yeo Lin

May 2003No. 42 Economic Growth and Poverty Reduction

in Viet Nam—Arsenio M. Balisacan, Ernesto M. Pernia, andGemma Esther B. Estrada

June 2003No. 43 Why Has Income Inequality in Thailand

Increased? An Analysis Using 1975-1998 Surveys—Taizo Motonishi

June 2003No. 44 Welfare Impacts of Electricity Generation Sector

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June 2003No. 45 A Review of Commitment Savings Products in

Developing Countries—Nava Ashraf, Nathalie Gons, Dean S. Karlan,and Wesley Yin

July 2003No. 46 Local Government Finance, Private Resources,

and Local Credit Markets in Asia—Roberto de Vera and Yun-Hwan Kim

October 2003July 2003

No. 47 Excess Investment and Efficiency Loss DuringReforms: The Case of Provincial-level Fixed-AssetInvestment in People’s Republic of China—Duo Qin and Haiyan Song

October 2003No. 48 Is Export-led Growth Passe? Implications for

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36

ERD TECHNICAL NOTE SERIES (TNS)(Published in-house; Available through ADB Office of External Relations; Free of Charge)

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and Keith Ward June 2002

No. 3 Measuring Willingness to Pay for Electricity—Peter Choynowski July 2002

No. 4 Economic Issues in the Design and Analysis of aWastewater Treatment Project—David Dole

July 2002No. 5 An Analysis and Case Study of the Role of

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September 2002No. 6 Economic Analysis of Health Projects: A Case Study

in Cambodia—Erik Bloom and Peter Choynowski

May 2003

No. 7 Strengthening the Economic Analysis of NaturalResource Management Projects—Keith Ward

September 2003No. 8 Testing Savings Product Innovations Using an

Experimental Methodology—Nava Ashraf, Dean S. Karlan, and Wesley Yin

November 2003No. 9 Setting User Charges for Public Services: Policies

and Practice at the Asian Development Bank—David Dole

December 2003No. 10 Beyond Cost Recovery: Setting User Charges for

Financial, Economic, and Social Goals—David Dole and Ian Bartlett

January 2004No. 11 Shadow Exchange Rates for Project Economic

Analysis: Toward Improving Practice at the AsianDevelopment Bank—Anneli Lagman-Martin

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ERD POLICY BRIEF SERIES (PBS)(Published in-house; Available through ADB Office of External Relations; Free of charge)

No. 1 Is Growth Good Enough for the Poor?—Ernesto M. Pernia, October 2001

No. 2 India’s Economic ReformsWhat Has Been Accomplished?What Remains to Be Done?—Arvind Panagariya, November 2001

No. 3 Unequal Benefits of Growth in Viet Nam—Indu Bhushan, Erik Bloom, and Nguyen MinhThang, January 2002

No. 4 Is Volatility Built into Today’s World Economy?—J. Malcolm Dowling and J.P. Verbiest,February 2002

No. 5 What Else Besides Growth Matters to PovertyReduction? Philippines—Arsenio M. Balisacan and Ernesto M. Pernia,February 2002

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No. 7 Causes of the 1997 Asian Financial Crisis: WhatCan an Early Warning System Model Tell Us?—Juzhong Zhuang and Malcolm Dowling,June 2002

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July 2002No. 10 Is Economic Openness Good for Regional

Development and Poverty Reduction? ThePhilippines—E. M. Pernia and P. F. Quising

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No. 12 Dangers of Deflation—D. Brooks and P. F. Quising

December 2002No. 13 Infrastructure and Poverty Reduction—

What is the Connection?—I. Ali and E. Pernia

January 2003No. 14 Infrastructure and Poverty Reduction—

Making Markets Work for the Poor—Xianbin Yao

May 2003No. 15 SARS: Economic Impacts and Implications

—Emma Xiaoqin FanMay 2003

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—Douglas H. BrooksJuly 2003

No. 22 Adapting Education to the Global Economy—Olivier DupriezSeptember 2003

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December 2003

38

MONOGRAPH SERIES(Published in-house; Available through ADB Office of External Relations; Free of charge)

EDRC REPORT SERIES (ER)

No. 1 ASEAN and the Asian Development Bank—Seiji Naya, April 1982

No. 2 Development Issues for the Developing Eastand Southeast Asian Countriesand International Cooperation—Seiji Naya and Graham Abbott, April 1982

No. 3 Aid, Savings, and Growth in the Asian Region—J. Malcolm Dowling and Ulrich Hiemenz,

April 1982No. 4 Development-oriented Foreign Investment

and the Role of ADB—Kiyoshi Kojima, April 1982

No. 5 The Multilateral Development Banksand the International Economy’s MissingPublic Sector—John Lewis, June 1982

No. 6 Notes on External Debt of DMCs—Evelyn Go, July 1982

No. 7 Grant Element in Bank Loans—Dal Hyun Kim, July 1982

No. 8 Shadow Exchange Rates and StandardConversion Factors in Project Evaluation—Peter Warr, September 1982

No. 9 Small and Medium-Scale ManufacturingEstablishments in ASEAN Countries:Perspectives and Policy Issues—Mathias Bruch and Ulrich Hiemenz,

January 1983No. 10 A Note on the Third Ministerial Meeting of GATT

—Jungsoo Lee, January 1983No. 11 Macroeconomic Forecasts for the Republic

of China, Hong Kong, and Republic of Korea—J.M. Dowling, January 1983

No. 12 ASEAN: Economic Situation and Prospects—Seiji Naya, March 1983

No. 13 The Future Prospects for the DevelopingCountries of Asia—Seiji Naya, March 1983

No. 14 Energy and Structural Change in the Asia-Pacific Region, Summary of the ThirteenthPacific Trade and Development Conference—Seiji Naya, March 1983

No. 15 A Survey of Empirical Studies on Demandfor Electricity with Special Emphasis on PriceElasticity of Demand—Wisarn Pupphavesa, June 1983

No. 16 Determinants of Paddy Production in Indonesia:1972-1981–A Simultaneous Equation ModelApproach—T.K. Jayaraman, June 1983

No. 17 The Philippine Economy: EconomicForecasts for 1983 and 1984—J.M. Dowling, E. Go, and C.N. Castillo,

June 1983No. 18 Economic Forecast for Indonesia

—J.M. Dowling, H.Y. Kim, Y.K. Wang,and C.N. Castillo, June 1983

No. 19 Relative External Debt Situation of AsianDeveloping Countries: An Applicationof Ranking Method—Jungsoo Lee, June 1983

No. 20 New Evidence on Yields, Fertilizer Application,and Prices in Asian Rice Production—William James and Teresita Ramirez, July 1983

No. 21 Inflationary Effects of Exchange RateChanges in Nine Asian LDCs—Pradumna B. Rana and J. Malcolm Dowling, Jr., December 1983

No. 22 Effects of External Shocks on the Balanceof Payments, Policy Responses, and DebtProblems of Asian Developing Countries—Seiji Naya, December 1983

No. 23 Changing Trade Patterns and Policy Issues:The Prospects for East and Southeast AsianDeveloping Countries—Seiji Naya and Ulrich Hiemenz, February 1984

No. 24 Small-Scale Industries in Asian EconomicDevelopment: Problems and Prospects—Seiji Naya, February 1984

No. 25 A Study on the External Debt IndicatorsApplying Logit Analysis—Jungsoo Lee and Clarita Barretto, February 1984

No. 26 Alternatives to Institutional Credit Programsin the Agricultural Sector of Low-IncomeCountries—Jennifer Sour, March 1984

No. 27 Economic Scene in Asia and Its Special Features—Kedar N. Kohli, November 1984

No. 28 The Effect of Terms of Trade Changes on theBalance of Payments and Real NationalIncome of Asian Developing Countries—Jungsoo Lee and Lutgarda Labios, January 1985

No. 29 Cause and Effect in the World Sugar Market:Some Empirical Findings 1951-1982—Yoshihiro Iwasaki, February 1985

No. 30 Sources of Balance of Payments Problemin the 1970s: The Asian Experience—Pradumna Rana, February 1985

No. 31 India’s Manufactured Exports: An Analysisof Supply Sectors—Ifzal Ali, February 1985

No. 32 Meeting Basic Human Needs in AsianDeveloping Countries—Jungsoo Lee and Emma Banaria, March 1985

No. 33 The Impact of Foreign Capital Inflowon Investment and Economic Growthin Developing Asia—Evelyn Go, May 1985

No. 34 The Climate for Energy Developmentin the Pacific and Asian Region:Priorities and Perspectives—V.V. Desai, April 1986

No. 35 Impact of Appreciation of the Yen onDeveloping Member Countries of the Bank—Jungsoo Lee, Pradumna Rana, and Ifzal Ali,

May 1986No. 36 Smuggling and Domestic Economic Policies

in Developing Countries—A.H.M.N. Chowdhury, October 1986

No. 37 Public Investment Criteria: Economic InternalRate of Return and Equalizing Discount Rate—Ifzal Ali, November 1986

No. 38 Review of the Theory of Neoclassical PoliticalEconomy: An Application to Trade Policies—M.G. Quibria, December 1986

No. 39 Factors Influencing the Choice of Location:Local and Foreign Firms in the Philippines—E.M. Pernia and A.N. Herrin, February 1987

No. 40 A Demographic Perspective on DevelopingAsia and Its Relevance to the Bank—E.M. Pernia, May 1987

No. 41 Emerging Issues in Asia and Social CostBenefit Analysis—I. Ali, September 1988

39

No. 42 Shifting Revealed Comparative Advantage:Experiences of Asian and Pacific DevelopingCountries—P.B. Rana, November 1988

No. 43 Agricultural Price Policy in Asia:Issues and Areas of Reforms—I. Ali, November 1988

No. 44 Service Trade and Asian Developing Economies—M.G. Quibria, October 1989

No. 45 A Review of the Economic Analysis of PowerProjects in Asia and Identification of Areasof Improvement—I. Ali, November 1989

No. 46 Growth Perspective and Challenges for Asia:Areas for Policy Review and Research—I. Ali, November 1989

No. 47 An Approach to Estimating the PovertyAlleviation Impact of an Agricultural Project—I. Ali, January 1990

No. 48 Economic Growth Performance of Indonesia,the Philippines, and Thailand:The Human Resource Dimension—E.M. Pernia, January 1990

No. 49 Foreign Exchange and Fiscal Impact of a Project:A Methodological Framework for Estimation—I. Ali, February 1990

No. 50 Public Investment Criteria: Financialand Economic Internal Rates of Return—I. Ali, April 1990

No. 51 Evaluation of Water Supply Projects:An Economic Framework—Arlene M. Tadle, June 1990

No. 52 Interrelationship Between Shadow Prices, ProjectInvestment, and Policy Reforms:An Analytical Framework—I. Ali, November 1990

No. 53 Issues in Assessing the Impact of Projectand Sector Adjustment Lending—I. Ali, December 1990

No. 54 Some Aspects of Urbanizationand the Environment in Southeast Asia—Ernesto M. Pernia, January 1991

No. 55 Financial Sector and EconomicDevelopment: A Survey

—Jungsoo Lee, September 1991No. 56 A Framework for Justifying Bank-Assisted

Education Projects in Asia: A Reviewof the Socioeconomic Analysisand Identification of Areas of Improvement—Etienne Van De Walle, February 1992

No. 57 Medium-term Growth-StabilizationRelationship in Asian Developing Countriesand Some Policy Considerations—Yun-Hwan Kim, February 1993

No. 58 Urbanization, Population Distribution,and Economic Development in Asia—Ernesto M. Pernia, February 1993

No. 59 The Need for Fiscal Consolidation in Nepal:The Results of a Simulation—Filippo di Mauro and Ronald Antonio Butiong,

July 1993No. 60 A Computable General Equilibrium Model

of Nepal—Timothy Buehrer and Filippo di Mauro,

October 1993No. 61 The Role of Government in Export Expansion

in the Republic of Korea: A Revisit—Yun-Hwan Kim, February 1994

No. 62 Rural Reforms, Structural Change,and Agricultural Growth inthe People’s Republic of China—Bo Lin, August 1994

No. 63 Incentives and Regulation for Pollution Abatementwith an Application to Waste Water Treatment—Sudipto Mundle, U. Shankar,and Shekhar Mehta, October 1995

No. 64 Saving Transitions in Southeast Asia—Frank Harrigan, February 1996

No. 65 Total Factor Productivity Growth in East Asia:A Critical Survey—Jesus Felipe, September 1997

No. 66 Foreign Direct Investment in Pakistan:Policy Issues and Operational Implications—Ashfaque H. Khan and Yun-Hwan Kim,

July 1999No. 67 Fiscal Policy, Income Distribution and Growth

—Sailesh K. Jha, November 1999

40

No. 1 International Reserves:Factors Determining Needs and Adequacy—Evelyn Go, May 1981

No. 2 Domestic Savings in Selected DevelopingAsian Countries—Basil Moore, assisted by

A.H.M. Nuruddin Chowdhury, September 1981No. 3 Changes in Consumption, Imports and Exports

of Oil Since 1973: A Preliminary Survey ofthe Developing Member Countriesof the Asian Development Bank—Dal Hyun Kim and Graham Abbott,

September 1981No. 4 By-Passed Areas, Regional Inequalities,

and Development Policies in SelectedSoutheast Asian Countries—William James, October 1981

No. 5 Asian Agriculture and Economic Development—William James, March 1982

No. 6 Inflation in Developing Member Countries:An Analysis of Recent Trends—A.H.M. Nuruddin Chowdhury and

J. Malcolm Dowling, March 1982No. 7 Industrial Growth and Employment in

Developing Asian Countries: Issues andPerspectives for the Coming Decade—Ulrich Hiemenz, March 1982

No. 8 Petrodollar Recycling 1973-1980.Part 1: Regional Adjustments andthe World Economy—Burnham Campbell, April 1982

No. 9 Developing Asia: The Importanceof Domestic Policies—Economics Office Staff under the direction

of Seiji Naya, May 1982No. 10 Financial Development and Household

Savings: Issues in Domestic ResourceMobilization in Asian Developing Countries—Wan-Soon Kim, July 1982

No. 11 Industrial Development: Role of SpecializedFinancial Institutions—Kedar N. Kohli, August 1982

No. 12 Petrodollar Recycling 1973-1980.Part II: Debt Problems and an Evaluationof Suggested Remedies—Burnham Campbell, September 1982

No. 13 Credit Rationing, Rural Savings, and FinancialPolicy in Developing Countries—William James, September 1982

No. 14 Small and Medium-Scale ManufacturingEstablishments in ASEAN Countries:Perspectives and Policy Issues—Mathias Bruch and Ulrich Hiemenz, March 1983

No. 15 Income Distribution and EconomicGrowth in Developing Asian Countries—J. Malcolm Dowling and David Soo, March 1983

No. 16 Long-Run Debt-Servicing Capacity ofAsian Developing Countries: An Applicationof Critical Interest Rate Approach—Jungsoo Lee, June 1983

No. 17 External Shocks, Energy Policy,and Macroeconomic Performance of AsianDeveloping Countries: A Policy Analysis—William James, July 1983

No. 18 The Impact of the Current Exchange RateSystem on Trade and Inflation of SelectedDeveloping Member Countries—Pradumna Rana, September 1983

No. 19 Asian Agriculture in Transition: Key Policy Issues—William James, September 1983

No. 20 The Transition to an Industrial Economy

ECONOMIC STAFF PAPERS (ES)

in Monsoon Asia—Harry T. Oshima, October 1983

No. 21 The Significance of Off-Farm Employmentand Incomes in Post-War East Asian Growth—Harry T. Oshima, January 1984

No. 22 Income Distribution and Poverty in SelectedAsian Countries—John Malcolm Dowling, Jr., November 1984

No. 23 ASEAN Economies and ASEAN EconomicCooperation—Narongchai Akrasanee, November 1984

No. 24 Economic Analysis of Power Projects—Nitin Desai, January 1985

No. 25 Exports and Economic Growth in the Asian Region—Pradumna Rana, February 1985

No. 26 Patterns of External Financing of DMCs—E. Go, May 1985

No. 27 Industrial Technology Developmentthe Republic of Korea—S.Y. Lo, July 1985

No. 28 Risk Analysis and Project Selection:A Review of Practical Issues—J.K. Johnson, August 1985

No. 29 Rice in Indonesia: Price Policy and ComparativeAdvantage—I. Ali, January 1986

No. 30 Effects of Foreign Capital Inflowson Developing Countries of Asia—Jungsoo Lee, Pradumna B. Rana,

and Yoshihiro Iwasaki, April 1986No. 31 Economic Analysis of the Environmental

Impacts of Development Projects—John A. Dixon et al., EAPI,

East-West Center, August 1986No. 32 Science and Technology for Development:

Role of the Bank—Kedar N. Kohli and Ifzal Ali, November 1986

No. 33 Satellite Remote Sensing in the Asianand Pacific Region—Mohan Sundara Rajan, December 1986

No. 34 Changes in the Export Patterns of Asian andPacific Developing Countries: An EmpiricalOverview—Pradumna B. Rana, January 1987

No. 35 Agricultural Price Policy in Nepal—Gerald C. Nelson, March 1987

No. 36 Implications of Falling Primary CommodityPrices for Agricultural Strategy in the Philippines—Ifzal Ali, September 1987

No. 37 Determining Irrigation Charges: A Framework—Prabhakar B. Ghate, October 1987

No. 38 The Role of Fertilizer Subsidies in AgriculturalProduction: A Review of Select Issues—M.G. Quibria, October 1987

No. 39 Domestic Adjustment to External Shocksin Developing Asia—Jungsoo Lee, October 1987

No. 40 Improving Domestic Resource Mobilizationthrough Financial Development: Indonesia—Philip Erquiaga, November 1987

No. 41 Recent Trends and Issues on Foreign DirectInvestment in Asian and Pacific DevelopingCountries—P.B. Rana, March 1988

No. 42 Manufactured Exports from the Philippines:A Sector Profile and an Agenda for Reform—I. Ali, September 1988

No. 43 A Framework for Evaluating the EconomicBenefits of Power Projects—I. Ali, August 1989

No. 44 Promotion of Manufactured Exports in Pakistan

41

No. 1 Poverty in the People’s Republic of China:Recent Developments and Scopefor Bank Assistance—K.H. Moinuddin, November 1992

No. 2 The Eastern Islands of Indonesia: An Overviewof Development Needs and Potential—Brien K. Parkinson, January 1993

No. 3 Rural Institutional Finance in Bangladeshand Nepal: Review and Agenda for Reforms—A.H.M.N. Chowdhury and Marcelia C. Garcia,

November 1993No. 4 Fiscal Deficits and Current Account Imbalances

of the South Pacific Countries:A Case Study of Vanuatu—T.K. Jayaraman, December 1993

No. 5 Reforms in the Transitional Economies of Asia—Pradumna B. Rana, December 1993

No. 6 Environmental Challenges in the People’s Republicof China and Scope for Bank Assistance—Elisabetta Capannelli and Omkar L. Shrestha,

December 1993No. 7 Sustainable Development Environment

and Poverty Nexus—K.F. Jalal, December 1993

No. 8 Intermediate Services and EconomicDevelopment: The Malaysian Example—Sutanu Behuria and Rahul Khullar, May 1994

No. 9 Interest Rate Deregulation: A Brief Surveyof the Policy Issues and the Asian Experience—Carlos J. Glower, July 1994

No. 10 Some Aspects of Land Administrationin Indonesia: Implications for Bank Operations—Sutanu Behuria, July 1994

No. 11 Demographic and Socioeconomic Determinantsof Contraceptive Use among Urban Women inthe Melanesian Countries in the South Pacific:A Case Study of Port Vila Town in Vanuatu—T.K. Jayaraman, February 1995

No. 12 Managing Development throughInstitution Building— Hilton L. Root, October 1995

No. 13 Growth, Structural Change, and OptimalPoverty Interventions—Shiladitya Chatterjee, November 1995

No. 14 Private Investment and MacroeconomicEnvironment in the South Pacific IslandCountries: A Cross-Country Analysis—T.K. Jayaraman, October 1996

No. 15 The Rural-Urban Transition in Viet Nam:Some Selected Issues—Sudipto Mundle and Brian Van Arkadie,

October 1997No. 16 A New Approach to Setting the Future

Transport Agenda—Roger Allport, Geoff Key, and Charles Melhuish

June 1998No. 17 Adjustment and Distribution:

The Indian Experience—Sudipto Mundle and V.B. Tulasidhar, June 1998

No. 18 Tax Reforms in Viet Nam: A Selective Analysis—Sudipto Mundle, December 1998

No. 19 Surges and Volatility of Private Capital Flows toAsian Developing Countries: Implicationsfor Multilateral Development Banks—Pradumna B. Rana, December 1998

No. 20 The Millennium Round and the Asian Economies:An Introduction—Dilip K. Das, October 1999

No. 21 Occupational Segregation and the GenderEarnings Gap—Joseph E. Zveglich, Jr. and Yana van der MeulenRodgers, December 1999

No. 22 Information Technology: Next Locomotive ofGrowth?—Dilip K. Das, June 2000

OCCASIONAL PAPERS (OP)

—Jungsoo Lee and Yoshihiro Iwasaki,September 1989

No. 45 Education and Labor Markets in Indonesia:A Sector Survey—Ernesto M. Pernia and David N. Wilson,

September 1989No. 46 Industrial Technology Capabilities

and Policies in Selected ADCs—Hiroshi Kakazu, June 1990

No. 47 Designing Strategies and Policiesfor Managing Structural Change in Asia—Ifzal Ali, June 1990

No. 48 The Completion of the Single European CommunityMarket in 1992: A Tentative Assessment of itsImpact on Asian Developing Countries—J.P. Verbiest and Min Tang, June 1991

No. 49 Economic Analysis of Investment in Power Systems—Ifzal Ali, June 1991

No. 50 External Finance and the Role of MultilateralFinancial Institutions in South Asia:Changing Patterns, Prospects, and Challenges—Jungsoo Lee, November 1991

No. 51 The Gender and Poverty Nexus: Issues andPolicies—M.G. Quibria, November 1993

No. 52 The Role of the State in Economic Development:Theory, the East Asian Experience,and the Malaysian Case—Jason Brown, December 1993

No. 53 The Economic Benefits of Potable Water SupplyProjects to Households in Developing Countries—Dale Whittington and Venkateswarlu Swarna,

January 1994No. 54 Growth Triangles: Conceptual Issues

and Operational Problems—Min Tang and Myo Thant, February 1994

No. 55 The Emerging Global Trading Environmentand Developing Asia—Arvind Panagariya, M.G. Quibria,

and Narhari Rao, July 1996No. 56 Aspects of Urban Water and Sanitation in

the Context of Rapid Urbanization inDeveloping Asia—Ernesto M. Pernia and Stella LF. Alabastro,

September 1997No. 57 Challenges for Asia’s Trade and Environment

—Douglas H. Brooks, January 1998No. 58 Economic Analysis of Health Sector Projects-

A Review of Issues, Methods, and Approaches—Ramesh Adhikari, Paul Gertler, and

Anneli Lagman, March 1999No. 59 The Asian Crisis: An Alternate View

—Rajiv Kumar and Bibek Debroy, July 1999No. 60 Social Consequences of the Financial Crisis in

Asia—James C. Knowles, Ernesto M. Pernia, and

Mary Racelis, November 1999

42

No. 1 Estimates of the Total External Debt ofthe Developing Member Countries of ADB:1981-1983—I.P. David, September 1984

No. 2 Multivariate Statistical and GraphicalClassification Techniques Appliedto the Problem of Grouping Countries—I.P. David and D.S. Maligalig, March 1985

No. 3 Gross National Product (GNP) MeasurementIssues in South Pacific Developing MemberCountries of ADB—S.G. Tiwari, September 1985

No. 4 Estimates of Comparable Savings in SelectedDMCs—Hananto Sigit, December 1985

No. 5 Keeping Sample Survey Designand Analysis Simple—I.P. David, December 1985

No. 6 External Debt Situation in AsianDeveloping Countries—I.P. David and Jungsoo Lee, March 1986

No. 7 Study of GNP Measurement Issues in theSouth Pacific Developing Member Countries.Part I: Existing National Accountsof SPDMCs–Analysis of Methodologyand Application of SNA Concepts—P. Hodgkinson, October 1986

No. 8 Study of GNP Measurement Issues in the SouthPacific Developing Member Countries.Part II: Factors Affecting IntercountryComparability of Per Capita GNP—P. Hodgkinson, October 1986

No. 9 Survey of the External Debt Situation

STATISTICAL REPORT SERIES (SR)

in Asian Developing Countries, 1985—Jungsoo Lee and I.P. David, April 1987

No. 10 A Survey of the External Debt Situationin Asian Developing Countries, 1986—Jungsoo Lee and I.P. David, April 1988

No. 11 Changing Pattern of Financial Flows to Asianand Pacific Developing Countries—Jungsoo Lee and I.P. David, March 1989

No. 12 The State of Agricultural Statistics inSoutheast Asia—I.P. David, March 1989

No. 13 A Survey of the External Debt Situationin Asian and Pacific Developing Countries:1987-1988—Jungsoo Lee and I.P. David, July 1989

No. 14 A Survey of the External Debt Situation inAsian and Pacific Developing Countries: 1988-1989—Jungsoo Lee, May 1990

No. 15 A Survey of the External Debt Situationin Asian and Pacific Developing Countries: 1989-1992—Min Tang, June 1991

No. 16 Recent Trends and Prospects of External DebtSituation and Financial Flows to Asianand Pacific Developing Countries—Min Tang and Aludia Pardo, June 1992

No. 17 Purchasing Power Parity in Asian DevelopingCountries: A Co-Integration Test—Min Tang and Ronald Q. Butiong, April 1994

No. 18 Capital Flows to Asian and Pacific DevelopingCountries: Recent Trends and Future Prospects—Min Tang and James Villafuerte, October 1995

1. Informal Finance: Some Findings from AsiaPrabhu Ghate et. al., 1992$15.00 (paperback)

2. Mongolia: A Centrally Planned Economyin TransitionAsian Development Bank, 1992$15.00 (paperback)

3. Rural Poverty in Asia, Priority Issues and PolicyOptionsEdited by M.G. Quibria, 1994$25.00 (paperback)

4. Growth Triangles in Asia: A New Approachto Regional Economic CooperationEdited by Myo Thant, Min Tang, and Hiroshi Kakazu1st ed., 1994 $36.00 (hardbound)Revised ed., 1998 $55.00 (hardbound)

5. Urban Poverty in Asia: A Survey of Critical IssuesEdited by Ernesto Pernia, 1994$18.00 (paperback)

6. Critical Issues in Asian Development:Theories, Experiences, and PoliciesEdited by M.G. Quibria, 1995$15.00 (paperback)$36.00 (hardbound)

7. Financial Sector Development in AsiaEdited by Shahid N. Zahid, 1995$50.00 (hardbound)

8. Financial Sector Development in Asia: Country StudiesEdited by Shahid N. Zahid, 1995$55.00 (hardbound)

9. Fiscal Management and Economic Reformin the People’s Republic of ChinaChristine P.W. Wong, Christopher Heady,and Wing T. Woo, 1995$15.00 (paperback)

10. From Centrally Planned to Market Economies:The Asian ApproachEdited by Pradumna B. Rana and Naved Hamid, 1995Vol. 1: Overview$36.00 (hardbound)Vol. 2: People’s Republic of China and Mongolia$50.00 (hardbound)Vol. 3: Lao PDR, Myanmar, and Viet Nam$50.00 (hardbound)

11. Current Issues in Economic Development:An Asian PerspectiveEdited by M.G. Quibria and J. Malcolm Dowling, 1996$50.00 (hardbound)

12. The Bangladesh Economy in TransitionEdited by M.G. Quibria, 1997$20.00 (hardbound)

13. The Global Trading System and Developing AsiaEdited by Arvind Panagariya, M.G. Quibria,and Narhari Rao, 1997$55.00 (hardbound)

14. Social Sector Issues in Transitional Economies of AsiaEdited by Douglas H. Brooks and Myo Thant, 1998$25.00 (paperback)$55.00 (hardbound)

SPECIAL STUDIES, OUP (SS,OUP)(Co-published with Oxford University Press; Available commercially through Oxford University PressOffices, Associated Companies, and Agents)

43

5. Emerging Asia: Changes and ChallengesAsian Development Bank, 1997$30.00 (paperback)

6. Asian ExportsEdited by Dilip Das, 1999$35.00 (paperback)$55.00 (hardbound)

7. Development of Environment Statistics in DevelopingAsian and Pacific CountriesAsian Development Bank, 1999$30.00 (paperback)

8. Mortgage-Backed Securities Markets in AsiaEdited by S.Ghon Rhee & Yutaka Shimomoto, 1999$35.00 (paperback)

9. Rising to the Challenge in Asia: A Study of FinancialMarketsAsian Development BankVol. 1: An Overview, 2000 $20.00 (paperback)

1. Rural Poverty in Developing AsiaEdited by M.G. QuibriaVol. 1: Bangladesh, India, and Sri Lanka, 1994$35.00 (paperback)Vol. 2: Indonesia, Republic of Korea, Philippines,and Thailand, 1996$35.00 (paperback)

2. Gender Indicators of Developing Asianand Pacific CountriesAsian Development Bank, 1993$25.00 (paperback)

3. External Shocks and Policy Adjustments:Lessons from the Gulf CrisisEdited by Naved Hamid and Shahid N. Zahid, 1995$15.00 (paperback)

4. Indonesia-Malaysia-Thailand Growth Triangle:Theory to PracticeEdited by Myo Thant and Min Tang, 1996$15.00 (paperback)

SPECIAL STUDIES, ADB (SS, ADB)(Published in-house; Available commercially through ADB Office of External Relations)

1. Improving Domestic Resource Mobilization ThroughFinancial Development: Overview September 1985

2. Improving Domestic Resource Mobilization ThroughFinancial Development: Bangladesh July 1986

3. Improving Domestic Resource Mobilization ThroughFinancial Development: Sri Lanka April 1987

4. Improving Domestic Resource Mobilization ThroughFinancial Development: India December 1987

5. Financing Public Sector Development Expenditurein Selected Countries: Overview January 1988

6. Study of Selected Industries: A Brief ReportApril 1988

7. Financing Public Sector Development Expenditurein Selected Countries: Bangladesh June 1988

8. Financing Public Sector Development Expenditurein Selected Countries: India June 1988

9. Financing Public Sector Development Expenditurein Selected Countries: Indonesia June 1988

10. Financing Public Sector Development Expenditurein Selected Countries: Nepal June 1988

11. Financing Public Sector Development Expenditurein Selected Countries: Pakistan June 1988

12. Financing Public Sector Development Expenditurein Selected Countries: Philippines June 1988

13. Financing Public Sector Development Expenditurein Selected Countries: Thailand June 1988

14. Towards Regional Cooperation in South Asia:ADB/EWC Symposium on Regional Cooperationin South Asia February 1988

15. Evaluating Rice Market Intervention Policies:Some Asian Examples April 1988

16. Improving Domestic Resource Mobilization ThroughFinancial Development: Nepal November 1988

17. Foreign Trade Barriers and Export GrowthSeptember 1988

18. The Role of Small and Medium-Scale Industries in theIndustrial Development of the PhilippinesApril 1989

19. The Role of Small and Medium-Scale ManufacturingIndustries in Industrial Development: The Experience ofSelected Asian CountriesJanuary 1990

20. National Accounts of Vanuatu, 1983-1987January 1990

21. National Accounts of Western Samoa, 1984-1986February 1990

22. Human Resource Policy and EconomicDevelopment: Selected Country StudiesJuly 1990

23. Export Finance: Some Asian ExamplesSeptember 1990

24. National Accounts of the Cook Islands, 1982-1986September 1990

25. Framework for the Economic and Financial Appraisal ofUrban Development Sector Projects January 1994

26. Framework and Criteria for the Appraisaland Socioeconomic Justification of Education ProjectsJanuary 1994

27. Guidelines for the Economic Analysis ofTelecommunications ProjectsAsian Development Bank, 1997

28. Guidelines for the Economic Analysis of Water Supply ProjectsAsian Development Bank, 1998

29. Investing in AsiaCo-published with OECD, 1997

30. The Future of Asia in the World EconomyCo-published with OECD, 1998

31. Financial Liberalisation in Asia: Analysis and ProspectsCo-published with OECD, 1999

32. Sustainable Recovery in Asia: Mobilizing Resources forDevelopmentCo-published with OECD, 2000

33. Technology and Poverty Reduction in Asia and the PacificCo-published with OECD, 2001

34. Asia and EuropeCo-published with OECD, 2002

SPECIAL STUDIES, COMPLIMENTARY (SSC)(Published in-house; Available through ADB Office of External Relations; Free of Charge)

44

Vol. 2: Special Issues, 1999 $15.00 (paperback)Vol 3: Sound Practices, 2000 $25.00 (paperback)Vol. 4: People’s Republic of China, 1999 $20.00(paperback)Vol. 5: India, 1999 $30.00 (paperback)Vol. 6: Indonesia, 1999 $30.00 (paperback)Vol. 7: Republic of Korea, 1999 $30.00 (paperback)Vol. 8: Malaysia, 1999 $20.00 (paperback)Vol. 9: Pakistan, 1999 $30.00 (paperback)Vol. 10: Philippines, 1999 $30.00 (paperback)Vol. 11: Thailand, 1999 $30.00 (paperback)Vol. 12: Socialist Republic of Viet Nam, 1999 $30.00(paperback)

10. Corporate Governance and Finance in East Asia:A Study of Indonesia, Republic of Korea, Malaysia,Philippines and ThailandJ. Zhuang, David Edwards, D. Webb,& Ma. Virginita CapulongVol. 1: A Consolidated Report, 2000 $10.00 (paperback)Vol. 2: Country Studies, 2001 $15.00 (paperback)

11. Financial Management and Governance IssuesAsian Development Bank, 2000Cambodia $10.00 (paperback)People’s Republic of China $10.00 (paperback)Mongolia $10.00 (paperback)Pakistan $10.00 (paperback)Papua New Guinea $10.00 (paperback)Uzbekistan $10.00 (paperback)Viet Nam $10.00 (paperback)Selected Developing Member Countries $10.00 (paperback)

12. Government Bond Market Development in AsiaEdited by Yun-Hwan Kim, 2001$25.00 (paperback)

13. Intergovernmental Fiscal Transfers in Asia: Current Practiceand Challenges for the FutureEdited by Paul Smoke and Yun-Hwan Kim, 2002$15.00 (paperback)

14. Guidelines for the Economic Analysis of ProjectsAsian Development Bank, 1997$10.00 (paperback)

15. Handbook for the Economic Analysis of Water Supply ProjectsAsian Development Bank, 1999$10.00 (hardbound)

16. Handbook for the Economic Analysis of Health Sector ProjectsAsian Development Bank, 2000$10.00 (paperback)

17. Handbook for Integrating Risk Analysis in the EconomicAnalysis of ProjectsAsian Development Bank, 2002$10.00 (paperback)

18. Handbook for Integrating Povery Impact Assessment inthe Economic Analysis of ProjectsAsian Development Bank, 2001$10.00 (paperback)

19. Guidelines for the Financial Governance andManagement of Investment Projects Financed by theAsian Development BankAsian Development Bank, 2002$10.00 (paperback)

20. Handbook on Environment StatisticsAsian Development Bank, 2002, Forthcoming

21. Economic Analysis of Policy-based Operations: KeyDimensionsAsian Development Bank, 2003

shadow exchange rates for project economic analysis: toward

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