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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. Chang, Roberto & Kaltani, Linda & Loayza, Norman, 2005. "Openness can be good for growth : the role of policy complementarities," Policy Research Working Paper Series 3763, The World Bank.
    2. Raj Chetty & Adam Looney, 2005. "Income Risk and the Benefits of Social Insurance: Evidence from Indonesia and the United States," NBER Working Papers 11708, National Bureau of Economic Research, Inc.
    3. 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, vol. 16(2), pages 141-164, 04.
    4. Jeffrey A. Frankel & Andrew K. Rose, 1996. "Currency crashes in emerging markets: an empirical treatment," International Finance Discussion Papers 534, Board of Governors of the Federal Reserve System (U.S.).
    5. Milgrom, Paul & Roberts, John, 1995. "Complementarities and fit strategy, structure, and organizational change in manufacturing," Journal of Accounting and Economics, Elsevier, vol. 19(2-3), pages 179-208, April.
    6. Jahangir Aziz & Robert F. Westcott, 1997. "Policy Complementarities and the Washington Consensus," IMF Working Papers 97/118, International Monetary Fund.
    7. Raphael Bergoeing & Norman Loayzaw & Andrea Repetto, 2004. "Slow Recoveries," NBER Working Papers 10584, National Bureau of Economic Research, Inc.
    8. Mishkin, Frederic S., 1999. "Lessons from the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 709-723, August.
    9. Addison, John T. & Teixeira, Paulino, 2001. "The Economics of Employment Protection," IZA Discussion Papers 381, Institute for the Study of Labor (IZA).
    10. Dani Rodrik, 2003. "Growth Strategies," NBER Working Papers 10050, National Bureau of Economic Research, Inc.
    11. Vodopivec, Milan & Raju, Dhushyanth, 2002. "Income support systems for the unemployed : issues and options," Social Protection Discussion Papers 25529, The World Bank.
    12. Steven Radelet & Jeffrey Sachs, 1998. "The Onset of the East Asian Financial Crisis," NBER Working Papers 6680, National Bureau of Economic Research, Inc.
    13. Roberto Chang & Andres Velasco, 1998. "The Asian liquidity crisis," Working Paper 98-11, Federal Reserve Bank of Atlanta.
    14. John L. Walker, 2000. "Building the legal and regulatory framework," Conference Series ; [Proceedings], Federal Reserve Bank of Boston, issue Jun, pages 31-88.
    15. 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.
    16. AMIR, Rabah, 2003. "Supermodularity and complementarity in ecnomics: an elementary survey," CORE Discussion Papers 2003104, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
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