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Policy Complementarities and the Washington Consensus

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Author Info
Jahangir Aziz (International Monetary Fund)
Robert Wescott (International Monetary Fund)
Abstract

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

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Paper provided by EconWPA in its series Development and Comp Systems with number 9902002.

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Length: 27 pages
Date of creation: 18 Feb 1999
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Handle: RePEc:wpa:wuwpdc:9902002

Note: Type of Document - Tex/WordPerfect/Handwritten; prepared on IBM PC - PC; to print on HP/; pages: 27 ; figures: included
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Web page: http://129.3.20.41

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Related research
Keywords: economic growth; development policies; complementarities;

Find related papers by JEL classification:
O38 - Economic Development, Technological Change, and Growth - - Technological Change - - - Government Policy

References listed on IDEAS
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  1. King, Robert G. & Levine, Ross, 1993. "Finance, entrepreneurship and growth: Theory and evidence," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 513-542, December. [Downloadable!] (restricted)
  2. Robert J. Barro & Jong-Wha Lee, 1993. "International Comparisons of Educational Attainment," NBER Working Papers 4349, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Danny Quah, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEP Discussion Papers dp0280, Centre for Economic Performance, LSE. [Downloadable!]
  4. Quah, Danny, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEPR Discussion Papers 1355, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  6. Sala-i-Martin, Xavier, 1997. "I Just Ran Two Million Regressions," American Economic Review, American Economic Association, vol. 87(2), pages 178-83, May. [Downloadable!] (restricted)
  7. Levine, Ross & Renelt, David, 1992. "A Sensitivity Analysis of Cross-Country Growth Regressions," American Economic Review, American Economic Association, vol. 82(4), pages 942-63, September. [Downloadable!] (restricted)
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  8. Williamson, John, 1993. "Democracy and the "Washington consensus"," World Development, Elsevier, vol. 21(8), pages 1329-1336, August. [Downloadable!] (restricted)
  9. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Economic Convergence and Economic Policies," NBER Working Papers 5039, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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