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Policy Complementarities and the Washington Consensus

Author

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  • Mr. Jahangir Aziz
  • Mr. Robert F. Westcott

Abstract

While economists continue to debate whether particular economic policies, such as those referred to in Willliamson’s (1993) “Washington Consensus,” can spur growth in developing countries, this paper demonstrates that it is combinations of policies that are more critical for growth. Policy complementarity refers to the mutually reinforcing benefits of policies that create an environment that is conducive to investment and growth. Quantitative measures of policy complementarity are developed, and the study shows empirically, through both an outcomes-based probability framework and a standard regression analysis, that these complementarities are significant and robust in explaining growth outcomes over the period 1985–95.

Suggested Citation

  • Mr. Jahangir Aziz & Mr. Robert F. Westcott, 1997. "Policy Complementarities and the Washington Consensus," IMF Working Papers 1997/118, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/118
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    Cited by:

    1. Karsten Staehr, 2005. "Reforms and Economic Growth in Transition Economies: Complementarity, Sequencing and Speed," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 2(2), pages 177-202, December.
    2. Hans Pitlik & Margit Schratzenstaller, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.
    3. Seunghwan Oh & Dongnyok Shim & Daeho Lee, 2017. "Evaluation Of Complementarity Effect Of Innovation Policies: Venture Certification And Inno-Biz Certification In Korea," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 65(02), pages 385-402, February.

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