This paper assesses to what extent the arguments put forward in the consensus debate can help explain the different economic performance of Latin American and Asian countries. The paper shows that Latin America and fast-growing Asia indeed differ significantly with respect to all economic policy areas under consideration. A comparison of these groups of emerging market economies can thus help develop a comprehensive development strategy for Latin America which should focus on four elements: priority for external stability, transfer of best-practice technologies, poverty alleviation, and institution-building.
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Paper provided by Kiel Institute for the World Economy in its series Kiel Working Papers with number
1202.
Find related papers by JEL classification: D30 - Microeconomics - - Distribution - - - General E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes I30 - Health, Education, and Welfare - - Welfare and Poverty - - - General O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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