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The secretariat of the Economic and Social Commission for Asia andthe Pacific (ESCAP) is the regional development arm of the United Nationsand serves as the main economic and social development centre for theUnited Nations in Asia and the Pacific. Its mandate is to foster cooperationamong its 53 members and 9 associate members. It provides the strategiclink between global and country-level programmes and issues. It supportsGovernments of countries in the region in consolidating regional positionsand advocates regional approaches to meeting the region’s uniquesocioeconomic challenges in a globalizing world. The ESCAP secretariatis in Bangkok. Please visit the ESCAP website at <www.unescap.org> forfurther information.
The shaded areas of the map indicate ESCAP members and associate members.
Asia-Pacific Development Journal Vol. 19, No. 1, June 2012
iNew York, 2012
Vol. 19, No. 1, June 2012
(title page) 1a
Asia-Pacific Development Journal Vol. 19, No. 1, June 2012
ii
(Inside title page) 2a
This publication may be reproduced in whole or in part for educational or non-profit purposeswithout special permission from the copyright holder, provided that the source is acknowledged.The ESCAP Publications Office would appreciate receiving a copy of any publication that uses thispublication as a source.
No use may be made of this publication for resale or any other commercial purpose whatsoeverwithout prior permission. Applications for such permission, with a statement of the purpose andextent of reproduction, should be addressed to the Secretary of the Publications Board, UnitedNations, New York.
ASIA-PACIFICDEVELOPMENTJOURNAL
Vol. 19, No. 1, June 2012
United Nations publicationSales No. E.12.II.F.11Copyright © United Nations 2012All rights reservedManufactured in ThailandISBN: 978-92-1-120648-7e-ISBN: 978-92-1-055712-2ISSN: 1020-1246ST/ESCAP/2637
Asia-Pacific Development Journal Vol. 19, No. 1, June 2012
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Advisory Board
Members
Dr. YILMAZ AKYÜZChief Economist, South Centre (Former Director andChief Economist, UNCTAD), Switzerland
Dr. RASHID AMJADVice-Chancellor, Pakistan Institute of DevelopmentEconomics (PIDE), Pakistan
Dr. MYRNA AUSTRIAVice-Chancellor for Academics, De La Salle University, Philippines
PROFESSOR RAJESH CHANDRAVice-Chancellor and President, University of the South Pacific, Fiji
PROFESSOR TAKATOSHI ITOProfessor, Graduate School of Economics and Graduate Schoolof Public Policy University of Tokyo, Japan
Dr. MURAT KARIMSAKOVChairman of the Executive Body of the Eurasian Economic Club ofScientists, Kazakhstan
Dr. SAMAN KELEGAMAExecutive Director, Institute of Policy Studies, Sri Lanka
PROFESSOR DEEPAK NAYYARJawaharlal Nehru University (Former Chief Economic Adviser to theGovernment of India), India
PROFESSOR REHMAN SOBHANChairman, Centre for Policy Dialogue, Bangladesh
Dr. CHALONGPHOB SUSSANGKARNDistinguished Fellow, Thailand Development Research Institute,Thailand
PROFESSOR YU YONGDINGChinese Academy of Social Sciences, China
Editors
Chief EditorDr. Nagesh KumarChief Economist
Managing EditorDr. Aynul HasanOfficer-in-Charge, a.i., Macroeconomic Policy andDevelopment Division
Asia-Pacific Development Journal Vol. 19, No. 1, June 2012
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Editorial statement
The Asia-Pacific Development Journal is published twice a year by theEconomic and Social Commission for Asia and the Pacific.
Its primary objective is to provide a medium for the exchange of knowledge,experience, ideas, information and data on all aspects of economic and socialdevelopment in the Asian and Pacific region. The emphasis of the Journal is on thepublication of empirically based, policy-oriented articles in the areas of povertyalleviation, emerging social issues and managing globalization.
The Journal welcomes original articles analysing issues and problems relevantto the region from the above perspective. The articles should have a strong emphasison the policy implications flowing from the analysis. Analytical book reviews will also beconsidered for publication.
Manuscripts should be sent to:
Managing EditorAsia-Pacific Development JournalMacroeconomic Policy and Development DivisionESCAP, United Nations BuildingRajadamnern Nok AvenueBangkok 10200ThailandFax: (662) 288-3007 or (662) 288-1000E-mail: [email protected]
Asia-Pacific Development Journal Vol. 19, No. 1, June 2012
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ASIA-PACIFIC DEVELOPMENT JOURNALVol. 19, No. 1, June 2012
CONTENTS
Page
Pravakar Sahoo The economic relations of China and India 1with Pakistan: a comparative analysis
Vu Hoang Linh An overview of access to and inequality 37in the education system of Viet Nam
Ashima Goyal The future of financial liberalization in 63South Asia
Dil Bahadur Rahut, Iván Performance of financial institutions 97Velásquez Castellanos in Bhutanand Pravakar Sahoo
Paul Jones The challenges of implementing Millennium 139Development Goal target 7D in Pacific islandtowns and cities
Asia-Pacific Development Journal Vol. 19, No. 1, June 2012
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Explanatory notes
References to dollars ($) are to United States dollars, unless otherwise stated.
References to “tons” are to metric tons, unless otherwise specified.
A solidus (/) between dates (e.g. 1980/81) indicates a financial year, a crop year or anacademic year.
Use of a hyphen between dates (e.g. 1980-1985) indicates the full period involved,including the beginning and end years.
The following symbols have been used in the tables throughout the journal:
Two dots (..) indicate that data are not available or are not separately reported.
An em-dash (—) indicates that the amount is nil or negligible.
A hyphen (-) indicates that the item is not applicable.
A point (.) is used to indicate decimals.
A space is used to distinguish thousands and millions.
Totals may not add precisely because of rounding.
The designations employed and the presentation of the material in this publication donot imply the expression of any opinion whatsoever on the part of the Secretariat of theUnited Nations concerning the legal status of any country, territory, city or area or of itsauthorities, or concerning the delimitation of its frontiers or boundaries.
Where the designation “country or area” appears, it covers countries, territories, citiesor areas.
Bibliographical and other references have, wherever possible, been verified. The UnitedNations bears no responsibility for the availability or functioning of URLs.
The opinions, figures and estimates set forth in this publication are the responsibility ofthe authors, and should not necessarily be considered as reflecting the views orcarrying the endorsement of the United Nations. Mention of firm names and commercialproducts does not imply the endorsement of the United Nations.