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Growth and Adjustment in East Asia and Latin America Author info | Abstract | Publisher info | Download info | Related research | Statistics Jose De Gregorio
Jong-Wha Lee
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This paper compares the experience of growth performance and macroeconomic adjustment between East Asia and Latin America from 1970 to 2000. We find that the difference in growth performance between two regions can largely be attributed to the differences in fundamental growth factors such as investment rate, human resources, fertility, institutional quality, macroeconomic stability and the degree of trade openness. We also discuss the role of quality of education and differences in inequality between the two regions. Balance-of-payments crisis shocks have also contributed significantly to differences in growth performance. Analysis reveals that growth rates tend to fall only temporarily following a balance-of-payments crisis and then rebound to the pre-crisis levels, producing the typical v-type pattern for output in both East Asia and Latin America. However, a balance-of-payments crisis is often associated with a large decline of growth rates and develops into another crisis in the future. Analyzing what determines the output cost of crises we find that international liquidity, financial soundness, real exchange rate depreciation and monetary policy play a critical role in reducing output losses.
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Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number
245.
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Date of creation: Dec 2003Date of revision:
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"Financial development and economic growth ,"
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Other versions: Eduardo Borensztein & Jong-Wha Lee & Jose De Gregorio, 1994.
"How Does Foreign Direct Investment Affect Economic Growth ,"
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Other versions:
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Jose De Gregorio, 2004.
"Economic Growth in Chile: Evidence, Sources and Prospects ,"
Working Papers Central Bank of Chile
298, Central Bank of Chile.
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Kevin Cowan & Jose De Gregorio, 2005.
"International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile ,"
NBER Working Papers
11382, National Bureau of Economic Research, Inc.
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Other versions: Jose De Gregorio, 2004.
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NBER Working Papers
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Other versions: José De Gregorio, 2005.
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Economic Policy Papers Central Bank of Chile
13, Central Bank of Chile.
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Working Papers Central Bank of Chile
377, Central Bank of Chile.
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Alvaro Aguirre & César Calderón, 2005.
"Financial Frictions and Real Devaluations ,"
Working Papers Central Bank of Chile
318, Central Bank of Chile.
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Pablo García & Claudio Soto, 2004.
"Large Hoardings of International Reserves: Are They Worth It? ,"
Working Papers Central Bank of Chile
299, Central Bank of Chile.
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Alessandra Bonfiglioli & Caterina Mendicino, 2004.
"Financial Liberalization, Bank Crises and Growth: Assessing the Links ,"
Economics Working Papers
946, Department of Economics and Business, Universitat Pompeu Fabra.
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