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Innovative East Asia : The Future of Growth


  • Shahid Yusuf


This is the main volume in a series of publications based on a study cosponsored by the government of Japan and the World Bank to examine the future sources of economic growth in East Asia. The study was initiated in 2000 with the objective of identifying the most promising path to development in light of emerging global and regional changes, signaled by the crisis of 1997-98 and the challenges faced by the crisis-hit countries as they sought to resume rapid growth. This volume explores each issue and consequent policy choices in greater detail. The principal message is that sustained economic growth in East Asia will rest on retaining the strengths of the past -stability, openness, investment, human capital development- on overcoming the sources of current weakness in financial, corporate, judicial, and social sectors, and on implementing the changes required by the evolving economic environment. East Asia needs to sustain its hard-earned stability by recalibrating its fiscal and exchange rate policies. Strengthening social safety nets and governance, and invigorating financial, regulatory, and legal institutions. Yet these are only preconditions; future economic performance will depend on keying growth to productivity.

Suggested Citation

  • Shahid Yusuf, 2003. "Innovative East Asia : The Future of Growth," World Bank Publications, The World Bank, number 15158, July.
  • Handle: RePEc:wbk:wbpubs:15158

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    References listed on IDEAS

    1. Carmen M. Reinhart & Graciela L. Kaminsky, 1999. "The Twin Crises: The Causes of Banking and Balance-of-Payments Problems," American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
    2. Xinpeng Xu & Ligang Song, 2000. "Export similarity and the pattern of East Asian development," Chapters,in: China in the Global Economy, chapter 9 Edward Elgar Publishing.
    3. Shahid Yusuf & Simon Evenett & Weiping Wu, 2001. "Facets of Globalization : International and Local Dimensions of Development," World Bank Publications, The World Bank, number 14014, July.
    4. Yeats,Alexander James, 1997. "Does Mercosur's trade performance raise concerns about the effects of regional trade arrangements?," Policy Research Working Paper Series 1729, The World Bank.
    5. repec:cto:journl:v:21:y:2002:i:3:p:395-414 is not listed on IDEAS
    6. Alwyn Young, 2000. "The Razor's Edge: Distortions and Incremental Reform in the People's Republic of China," NBER Working Papers 7828, National Bureau of Economic Research, Inc.
    7. Alwyn Young, 2000. "The Razor's Edge: Distortions and Incremental Reform in the People's Republic of China," The Quarterly Journal of Economics, Oxford University Press, vol. 115(4), pages 1091-1135.
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