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Policies for structural transformation: An analysis of the Asia-Pacific experience

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  • C.P. Chandrasekhar

    ()
    (Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi 110 067 India)

  • Jayati Ghosh

    ()
    (Professor, Jawaharlal Nehru University, 52 DP, JNU, New Delhi 110067 India.)

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    Abstract

    Remarkable growth and structural transformation in a number of developing Asian countries in the period after World War II have earned them the reputation for being “models” of successful development. Among the factors that contributed to their success were macroeconomic and regulatory policies that permitted them to finance that transformation without experiencing high inflation or balance of payments difficulties and ensure that growth was accompanied by human development advance. This article identifies a set of key policies that contributed to that success, examines the ways in which they did so, and assesses the degree to which they can inform policy in other Asian contexts in a period when much has changed in the national and international economic environment.

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    Bibliographic Info

    Paper provided by United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) in its series MPDD Working Paper Series with number WP/13/01.

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    Handle: RePEc:unt:wpmpdd:wp/13/01

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    Related research

    Keywords: Structural transformation; macroeconomic policy; sources of growth; public investment; capital controls; financial policy; wage-goods constraint;

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    1. Joshua Greene & Delano Villanueva, 1991. "Private Investment in Developing Countries: An Empirical Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 33-58, March.
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