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The Determinants and Prospects of Economic Growth in Asia

  • Radelet Steven
  • Sachs Jeffrey
  • Lee Jong-Wha

This paper analyses Asia's growth experience in a broad historical and international context. East Asian countries grew faster than the rest of the world for four key reasons: they had substantial potential for catching up, their geography and structural characteristics were by- and large favorable, demographic changes worked in favor of more rapid growth, and their economic policies and strategy were conducive to sustained growth. Although the financial crisis of 1997 abruptly brought a halt to Asia's period of robust growth, there was little in Asia's fundamental growth strategy that inevitably led to the crisis. The key to the crisis was too much short-term capital flowing into weak and under-supervised financial systems. This suggests that with better financial management and a return to the core policies that resulted in rapid growth, the East Asian economies can again return to sustained growth. [O11, O40, O53]

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Article provided by Taylor & Francis Journals in its journal International Economic Journal.

Volume (Year): 15 (2001)
Issue (Month): 3 ()
Pages: 1-29

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Handle: RePEc:taf:intecj:v:15:y:2001:i:3:p:1-29
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  1. Barry Eichengreen & Andrew K. Rose & Charles Wyplosz, 1996. "Contagious Currency Crises," NBER Working Papers 5681, National Bureau of Economic Research, Inc.
  2. Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
  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. repec:tpr:qjecon:v:106:y:1991:i:2:p:407-43 is not listed on IDEAS
  5. Barro, Robert J. & Lee, Jong-Wha, 1994. "Sources of economic growth," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 40(1), pages 1-46, June.
  6. Barro, Robert J & Lee, Jong Wha, 1996. "International Measures of Schooling Years and Schooling Quality," American Economic Review, American Economic Association, vol. 86(2), pages 218-23, May.
  7. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  8. Eichengreen, Barry & Rose, Andrew & Wyplosz, Charles, 1996. " Contagious Currency Crises: First Tests," Scandinavian Journal of Economics, Wiley Blackwell, vol. 98(4), pages 463-84, December.
  9. Sapsford, David & Balasubramanyam, V. N., 1994. "The long-run behavior of the relative price of primary commodities: Statistical evidence and policy implications," World Development, Elsevier, vol. 22(11), pages 1737-1745, November.
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