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'Openness' and the 'Market Friendly' approach to development: learning the right lessons from development experience

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  • Singh, Ajit

Abstract

Abstract Two principal analytical and practical policy issues in economic development today are: a) the degree and kind of openness to the world economy a developing country should seek; b) what should the government do, or not do, in order to promote fast economic and industrial development. These questions are controversial and have therefore been the subject of an important debate, not least in the pages of this Journal. In view of its direct policy involvement in developing countries around the globe, the World Bank has been a major participant in this debate.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 54988.

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Date of creation: 18 Oct 1995
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Publication status: Published in World Development 12.22(1994): pp. 1811-1823
Handle: RePEc:pra:mprapa:54988

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Keywords: developing country; economic growth; market-friendly; world economy;

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References

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  1. Miller, Merton H, 1977. "Debt and Taxes," Journal of Finance, American Finance Association, vol. 32(2), pages 261-75, May.
  2. Subrahmanyam, Marti G., 1975. "On the optimality of international capital market integration," Journal of Financial Economics, Elsevier, vol. 2(1), pages 3-28, March.
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  4. Stiglitz, Joseph E, 1985. "Credit Markets and the Control of Capital," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 133-52, May.
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  7. Myers, Stewart C. & Majluf, Nicolás S., 1945-, 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Working papers 1523-84., Massachusetts Institute of Technology (MIT), Sloan School of Management.
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  14. Schwert, G William, 1989. " Why Does Stock Market Volatility Change over Time?," Journal of Finance, American Finance Association, vol. 44(5), pages 1115-53, December.
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  16. Myers, Stewart C. & Majluf, Nicholas S., 1984. "Corporate financing and investment decisions when firms have information that investors do not have," Journal of Financial Economics, Elsevier, vol. 13(2), pages 187-221, June.
  17. Steven M. Fazzari & R. Glenn Hubbard & BRUCE C. PETERSEN, 1988. "Financing Constraints and Corporate Investment," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 19(1), pages 141-206.
  18. Odagiri, Hiroyuki & Hase, Tatsuo, 1989. "Are mergers and acquisitions going to be popular in Japan too? : An empirical study," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 49-72, March.
  19. Poterba, James M. & Summers, Lawrence H., 1988. "Mean reversion in stock prices : Evidence and Implications," Journal of Financial Economics, Elsevier, vol. 22(1), pages 27-59, October.
  20. Ordover, Janusz & Weiss, Andrew, 1981. "Information and the Law: Evaluating Legal Restrictions on Competitive Contracts," American Economic Review, American Economic Association, vol. 71(2), pages 399-404, May.
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  24. Camerer, Colin, 1989. " Bubbles and Fads in Asset Prices," Journal of Economic Surveys, Wiley Blackwell, vol. 3(1), pages 3-41.
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Citations

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Cited by:
  1. Singh, Ajit & Weisse, Bruce, 1998. "The Asian model: a crisis foretold," MPRA Paper 54002, University Library of Munich, Germany.
  2. Singh, Ajit, 1996. "Catching up with the West: a perspective on Asian economic development," MPRA Paper 54925, University Library of Munich, Germany.
  3. Lall, Sanjaya, 1995. "Structural adjustment and African industry," World Development, Elsevier, vol. 23(12), pages 2019-2031, December.
  4. Gore, Charles, 2000. "The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries," World Development, Elsevier, vol. 28(5), pages 789-804, May.
  5. Singh, Ajit, 1997. "Growth: its sources and consequences," MPRA Paper 54978, University Library of Munich, Germany.
  6. Singh, Ajit, 1998. "Global Unemployment, Longrun Economic Growth and Labour Market Rigidities: A Commentary," MPRA Paper 24285, University Library of Munich, Germany.

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