Policy Complementarities and the Washington Consensus
AbstractWhile economists continue to debate whether individual economic policies, such as those contained in Willliamsons (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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Bibliographic InfoPaper provided by EconWPA in its series Development and Comp Systems with number 9902002.
Length: 27 pages
Date of creation: 18 Feb 1999
Date of revision:
Note: Type of Document - Tex/WordPerfect/Handwritten; prepared on IBM PC - PC; to print on HP/; pages: 27 ; figures: included
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economic growth; development policies; complementarities;
Find related papers by JEL classification:
- O38 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Government Policy
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