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Policy Complementarities and the Washington Consensus

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  • Jahangir Aziz
  • Robert F. Westcott
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    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.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 97/118.

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    Length: 20
    Date of creation: 01 Sep 1997
    Date of revision:
    Handle: RePEc:imf:imfwpa:97/118

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    Cited by:
    1. Staehr, Karsten, 2003. "Reforms and economic growth in transition economies: Complementarity, sequencing and speed," BOFIT Discussion Papers 1/2003, Bank of Finland, Institute for Economies in Transition.
    2. Hans Pitlik & Margit Schratzenstaller, 2011. "Growth Implications of Structure and Size of Public Sectors," WIFO Working Papers 404, WIFO.
    3. Bruno Rocha, 2010. "At Different Speeds: Policy Complementarities and the Recovery from the Asian Crisis," Working Papers id:3294, eSocialSciences.

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