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Policy Complementarities and the Washington Consensus

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  • Jahangir Aziz

    (International Monetary Fund)

  • Robert Wescott

    (International Monetary Fund)

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    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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    File URL: http://128.118.178.162/eps/dev/papers/9902/9902002.ps.gz
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    Bibliographic Info

    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
    Date of revision:
    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://128.118.178.162

    Related research

    Keywords: economic growth; development policies; complementarities;

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    References

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    1. 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.
    2. Jeffrey Sachs & Andrew M. Warner, 1995. "Economic Convergence and Economic Policies," CASE Network Studies and Analyses 0035, CASE-Center for Social and Economic Research.
    3. N. Gregory Mankiw & David Romer & David N. Weil, 1990. "A Contribution to the Empirics of Economic Growth," NBER Working Papers 3541, National Bureau of Economic Research, Inc.
    4. Harrison, Ann, 1996. "Openness and growth: A time-series, cross-country analysis for developing countries," Journal of Development Economics, Elsevier, vol. 48(2), pages 419-447, March.
    5. Xavier Sala-i-Martin, 1997. "I just ran four million regressions," Economics Working Papers 201, Department of Economics and Business, Universitat Pompeu Fabra.
    6. Williamson, John, 1993. "Democracy and the "Washington consensus"," World Development, Elsevier, vol. 21(8), pages 1329-1336, August.
    7. Quah, Danny T, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," Economic Journal, Royal Economic Society, vol. 106(437), pages 1045-55, July.
    8. Danny Quah, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEP Discussion Papers dp0280, Centre for Economic Performance, LSE.
    9. Barro, Robert J. & Lee, Jong-Wha, 1993. "International comparisons of educational attainment," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 363-394, December.
    10. 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.
    11. Danny Quah, 1996. "Twin peaks : growth and convergence in models of distribution dynamics," LSE Research Online Documents on Economics 2278, London School of Economics and Political Science, LSE Library.
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