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At Different Speeds: Policy Complementarities and the Recovery from the Asian Crisis

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  • Bruno Rocha
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    Abstract

    This paper begins with a short review and discussion of the literature on policy complementarities and their implications in terms of (sustainable) growth strategies and the possible emergence of a new policymaking paradigm. Then, it provides a descriptive analysis of the effect on economic growth of complementarities in structural policies in the specific context of the post-Asian crisis recovery. The study resulted in the computation of a reform-level indicator and of a complementarity indicator RC for the economies most affected by the Asian crisis—Indonesia, Republic of Korea, Malaysia, and Thailand. [ADB Institute Research Paper Series No. 74]

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    Bibliographic Info

    Paper provided by eSocialSciences in its series Working Papers with number id:3294.

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    Date of creation: Dec 2010
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    Handle: RePEc:ess:wpaper:id:3294

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    Keywords: complementarity; structural reforms; growth; recovery; Asian crisis;

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    1. Raphael Bergoeing & Norman Loayza, 2004. "Slow Recoveries," 2004 Meeting Papers, Society for Economic Dynamics 244, Society for Economic Dynamics.
    2. Dani Rodrik, 2003. "Growth Strategies," NBER Working Papers 10050, National Bureau of Economic Research, Inc.
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    4. Frankel, Jeffrey A. & Rose, Andrew K., 1996. "Currency crashes in emerging markets: An empirical treatment," Journal of International Economics, Elsevier, Elsevier, vol. 41(3-4), pages 351-366, November.
    5. Roberto Chang & Andres Velasco, 1998. "The Asian liquidity crisis," Working Paper, Federal Reserve Bank of Atlanta 98-11, Federal Reserve Bank of Atlanta.
    6. Frederic S. Mishkin, 2000. "Lessons from the Asian Crisis," NBER Working Papers 7102, National Bureau of Economic Research, Inc.
    7. Jorge Braga De Macedo & Joaquim Oliveira Martins, 2008. "Growth, reform indicators and policy complementarities," The Economics of Transition, The European Bank for Reconstruction and Development, The European Bank for Reconstruction and Development, vol. 16(2), pages 141-164, 04.
    8. John L. Walker, 2000. "Building the legal and regulatory framework," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, Federal Reserve Bank of Boston, vol. 44(Jun), pages 31-88.
    9. John T. Addison & Paulino Teixeira, 2003. "The Economics of Employment Protection," Journal of Labor Research, Transaction Publishers, Transaction Publishers, vol. 24(1), pages 85-129, January.
    10. Jason Furman & Joseph E. Stiglitz, 1998. "Economic Crises: Evidence and Insights from East Asia," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 29(2), pages 1-136.
    11. Raj Chetty & Adam Looney, 2007. "Income Risk and the Benefits of Social Insurance: Evidence from Indonesia and the United States," NBER Chapters, in: Fiscal Policy and Management in East Asia, NBER-EASE, Volume 16, pages 99-121 National Bureau of Economic Research, Inc.
    12. Youngjae Lim & Chin Hee Hahn, 2003. "Bankruptcy Policy Reform and Total Factor Productivity Dynamics in Korea," NBER Working Papers 9810, National Bureau of Economic Research, Inc.
    13. Vodopivec, Milan & Raju, Dhushyanth, 2002. "Income support systems for the unemployed : issues and options," Social Protection Discussion Papers 25529, The World Bank.
    14. Milgrom, Paul & Roberts, John, 1995. "Complementarities and fit strategy, structure, and organizational change in manufacturing," Journal of Accounting and Economics, Elsevier, Elsevier, vol. 19(2-3), pages 179-208, April.
    15. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    16. Rabah Amir, 2005. "Supermodularity and Complementarity in Economics: An Elementary Survey," Southern Economic Journal, Southern Economic Association, vol. 71(3), pages 636-660, January.
    17. Jahangir Aziz & Robert F. Westcott, 1997. "Policy Complementarities and the Washington Consensus," IMF Working Papers 97/118, International Monetary Fund.
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