The Working Paper Series is intended to convey the preliminary results of work in progress being conducted by Faculty and Associates of the Lee Kuan Yew School of Public Policy. The LKY School Working Paper Series is edited by Associate Professor Ashish Lall, Associate Professor Blane Lewis, Associate Professor Wu Xun and Assistant Professor Ora-orn Poocharoen. Submissions to the LKY School Working Paper Series can be made at
The views expressed in the Working Papers are those of the authors and do not necessarily reflect the views of the LKY School Working Paper Series Editorial Committee or the Lee Kuan Yew School of Public Policy. The Editors welcome feedback from readers and encourage readers to convey comments and criticisms directly to the authors.