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AbstractThis study analyses the patterns and determinants of the intergenerational persistence of education attainment. Internationally comparable data are used by age cohort for parents' and children's education levels for 30 countries. The intergenerational regression coefficients are estimated by explicitly considering the bias from the censored regressor, and they show that educational mobility has worsened over generations in most countries. However, the degree of change varies considerably across countries and over time. Country‐cohort panel regressions are performed using the estimates of intergenerational educational mobility and covariates. The results show that intergenerational educational mobility tends to decrease with income inequality, inflation and credit constraints. However, it increases with per capita GDP and public expenditure on primary education relative to that on tertiary education.

Recently human capital has emerged as one of the most active areas of research in economics. This research depends fundamentally on good data, and efforts at constructing useful measures of educational attainment for a broad panel of countries go back 20 years. In this book the extend the earlier work is extended by presenting and discussing a new long-term data set on educational attainment of the population for 146 countries from 1870 to 2010. In addition, new data is given on educational quality based on internationally comparable test scores for 134 countries from 1965 to 2010.

Cover -- Contents -- Foreword -- Acknowledgments -- Contributors -- Acronyms and Abbreviations -- 1. Introduction -- 2. East Asian Currency Union -- 1. Introduction -- 2. The Benefits and Costs of an East Asian Currency Union -- 2.1 Benefits and Costs of Currency Unions -- 2.2 Optimum Currency Area (OCA) Criteria -- 3. Which Currency Union for East Asia? -- 3.1 Data for East Asia Monetary Union Analysis -- 3.2 Is East Asia an OCA? -- 4. Welfare Effects of East Asian Currency Unions -- 4.1 The Effects of Currency Unions on Growth and Volatility -- 4.2 Rare Disasters and Currency Unions -- 4.3 Estimation of Welfare Effects of East Asian Currency Unions: An Illustration -- 5. Conclusion -- 3. Asian Financial Integration: Trends and Interruptions -- 1. Introduction -- 2. Convergence in Interest Rates and Equity Premia -- 3. Portfolio Holdings and Home Bias -- 3.1 Portfolio Holdings: Summary Statistics -- 3.2 Portfolio Holdings: Gravity Model Estimates -- 3.3 Home Bias -- 4. Risk Sharing and Financial Stability -- 4.1 Risk Sharing -- 4.2 Financial Integration and Crises -- 4.3 Local vs. Foreign Investors: Recent Studies -- 4.4 Investor Behavior during the Subprime Crisis: Evidence from Brazil -- 5. Conclusions -- 4. Understanding Business Cycle Synchronization: Is Inflation Targeting Paving the Way to Asian Monetary Union? -- 1. Motivation and Introduction -- 2. The Effect of Trade on Business Cycle Synchronization -- 3. Inflation Targeting and Business Cycle Synchronization: Theory and Literature -- 4. The Data Set -- 5. Decoupling -- 6. Business Cycle Synchronization and Inflation Targeting -- 7. Regression Analysis -- 8. Estimating Treatment Effects via Matching -- 9. Why? -- 10. Summary and Conclusion -- Appendix -- 5. Trading Silver for Gold: Nineteenth-Century Asian Exports and the Political Economy of Currency Unions -- 1. Introduction.