The Control of EducationBy John Vaizey. Pp. 263. (London: Faber and Faber, 1963.) 30s.

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Economics of Education

This paper presents evidence that banks provide some special service with their lending activity that is not available from other lenders. I find evidence that bank borrowers, not CD holders, bear the cost of reserve requirements on CDs. In addition, I find a positive stock price response to the announcement of new bank credit agreements that is larger than the stock price response associated with announcements of private placements or public straight debt offerings. Finally, I find significantly negative returns for announcements of private placements and straight debt issues used to repay bank loans.

Some evidence on the uniqueness of bank loans

A rice village saga: Three decades of green revolution in the Philippines

Globalization has many dimensions, mostly familiar to many such as trade, capital, labor, and knowledge. We distinguish between short-term and longterm capital flows, and between foreign direct investment and short-term capital flows. In terms of labor, we are not only interested in the flows of labor across countries but also across education markets. But these are only the economic dimensions of globalization. There are other dimensions to globalization as well, having to do with, for instance, globalization of civil society, which has had such an important impact on so many aspects of recent events. This discussion focuses on the economic dimensions of globalization and tries to relate them in a more positive way to development.

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Globalization, Technology, and Asian Development

The hypothesis that increases in the schooling of women enhance the human capital of the next generation and thus make a unique contribution to economic growth is assessed on the basis of data describing green revolution India. Estimates are obtained that indicate that a component of the significant and positive relationship between maternal literacy and child schooling in the Indian setting reflects the productivity effect of home teaching and that the existence of this effect, combined with the increase in returns to schooling for men, importantly underlies the expansion of female literary following the onset of the green revolution.

Women's Schooling, Home Teaching, and Economic Growth

This paper was prepared while the author was a professor of economics at the University of Osaka and a Visiting Scholar at the ADB Institute. Without implicating, the author thanks Masaru Yoshitomi, Hidenobu Okuda, and anonymous referees for useful comments. The views expressed in the paper do not necessarily represent those of the International Monetary Fund, the Independent Evaluation Office, or the ADB Institute.

Shinji Takagi

Papers

Fostering Capital Markets in a Bank-based Financial System: A Review of Major Conceptual Issues