Pacific Economic Review (PER) is published by Wiley-Blackwell (formerly known as Blackwell Publishing) since 1996. PER publishes high quality articles in all areas of economics, both the theoretical and empirical research, and welcomes in particular analyses of economics issues in Asia-Pacific area. The journal inaugurated in 1994 and publishing five times a year since 2007, is of interest to academics, policy-makers and corporate economists. The Pacific Economic Review is the official publication of the Hong Kong Economic Association and has a strong editorial team and international board of editors. The October issue, edited and published with sponsorship from National Taiwan University, welcomes empirical, theoretical and policy-oriented contributions from all fields of economics, with a special focus on applied econometrics. The December issue, edited by the Center for Advanced Policy Studies at the Institute of Economic Research at Kyoto University, welcomes all areas of economics with a special focus on economic issues and policies relating to the Asia-Pacific region. All issues of the PER maintain the same high standards of quality. The Pacific Economic Review is a double-blind refereed journal.