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Four Scenarios of Development and the Role of Economic Policy

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  • Fabrizio Carmignani
  • Abdur Chowdhury

Abstract

We ask which economic policies can help a country create the most favourable conditions for development. We observe that the dynamics of several development indicators can be grouped into four clusters, each cluster corresponding to a different combination of growth and changes in inequality. Based on this observation, we define four different development scenarios and use limited dependent variable regressions to study how structural and policy factors affect a country's probability to achieve the most (or the least) favourable of these scenarios. Our results point to a comforting picture: through the choice of appropriate policies countries can effectively increase their chances to achieve the most favourable development scenario.

Suggested Citation

  • Fabrizio Carmignani & Abdur Chowdhury, 2011. "Four Scenarios of Development and the Role of Economic Policy," Journal of Development Studies, Taylor & Francis Journals, vol. 47(3), pages 519-532.
    • Handle: RePEc:taf:jdevst:v:47:y:2011:i:3:p:519-532
    DOI: 10.1080/00220388.2010.506920
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    1. Davidson, Russell & MacKinnon, James G., 1993. "Estimation and Inference in Econometrics," OUP Catalogue, Oxford University Press, number 9780195060119, Decembrie.
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    Cited by:

    1. Gnangnon, Sèna Kimm, 2023. "Export Product Quality and Inclusivity in Developing Countries," EconStor Preprints 274651, ZBW - Leibniz Information Centre for Economics.

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