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Stages of Development, Economic Policies and a New World Economic Order

  • Polterovich, Victor
  • Popov, Vladimir

This paper summarizes theoretical arguments, empirical evidence, and econometric findings to support the statement that rational economic policies depend qualitatively on stages of development that are defined by productivity and institutional indicators of a country. We consider the impact of industrial policies, speed of foreign exchange reserves accumulation, technology transfers and immigration policies, as well as FDI and liberalization of capital flows, on rate of economic growth. It is argued that the impact may be positive or negative; in many cases a threshold combination of GDP per capita and institutional quality indicators may be found to separate two different outcomes. A precondition of economic success is the timely switching of economic policies to avoid both types of mistakes: excessive inertia or premature use of instruments that are effective for more advance countries only. The stage of development theory implies that international financial institutions (including IMF, WB, and EBRD) should work out a list of differentiated prescriptions that may be efficiently followed by countries with different levels of institutional and technological development, and so the system of assistance to developing countries could be improved. This and some other elements of "a New World Economic Order" are discussed in the paper.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 20055.

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Date of creation: 2006
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Handle: RePEc:pra:mprapa:20055
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  1. Vladimir Popov, 2000. "Shock Therapy Versus Gradualism: The End Of The Debate (Explaining The Magnitude Of Transformational Recession)," Comparative Economic Studies, Palgrave Macmillan, vol. 42(1), pages 1-57, April.
  2. Shang-Jin Wei & Yi Wu, 2001. "Globalization and Inequality: Evidence from Within China," NBER Working Papers 8611, National Bureau of Economic Research, Inc.
  3. Michele Boldrin & David K Levine, 2002. "The Case Against Intellectual Property," Levine's Working Paper Archive 618897000000000003, David K. Levine.
  4. Bhagwati, Jagdish & Hamada, Koichi, 1974. "The brain drain, international integration of markets for professionals and unemployment : A theoretical analysis," Journal of Development Economics, Elsevier, vol. 1(1), pages 19-42, April.
  5. Cho, Dong Sung & Lee, Dong Hyun & Ryu, Si Jin & Cho, Dae Whan & Kim, Dong Jae, 1996. "A Comparative Study of Korean and Japanese Industrial Policies Through Content Analysis of Official Documents," Hitotsubashi Journal of commerce and management, Hitotsubashi University, vol. 31(1), pages 59-74, January.
  6. Polterovich, Victor & Popov, Vladimir, 2003. "Accumulation of Foreign Exchange Reserves and Long Term Growth," MPRA Paper 20069, University Library of Munich, Germany.
  7. M. Ayhan Kose & Kenneth Rogoff & Eswar Prasad & Shang-Jin Wei, 2003. "Effects of Financial Globalization on Developing Countries; Some Empirical Evidence," IMF Occasional Papers 220, International Monetary Fund.
  8. Kamin, Steve B. & Rogers, John H., 2000. "Output and the real exchange rate in developing countries: an application to Mexico," Journal of Development Economics, Elsevier, vol. 61(1), pages 85-109, February.
  9. Polterovich, Victor & Tonis, Alexander, 2005. "Innovation and Imitation at Various Stages of Development: A Model with Capital," MPRA Paper 20067, University Library of Munich, Germany.
  10. Ha-Joon Chang, 2001. "Intellectual Property Rights and Economic Development: Historical lessons and emerging issues," Journal of Human Development and Capabilities, Taylor & Francis Journals, vol. 2(2), pages 287-309.
  11. Jeffrey G. Williamson, 2002. "Winners and Losers Over Two Centuries of Globalization," NBER Working Papers 9161, National Bureau of Economic Research, Inc.
  12. Dollar, David, 1992. "Outward-Oriented Developing Economies Really Do Grow More Rapidly: Evidence from 95 LDCs, 1976-1985," Economic Development and Cultural Change, University of Chicago Press, vol. 40(3), pages 523-44, April.
  13. Nolan, Peter, 1996. "Large Firms and Industrial Reform in Former Planned Economies: The Case of China," Cambridge Journal of Economics, Oxford University Press, vol. 20(1), pages 1-29, January.
  14. Polterovich, Victor & Popov, Vladimir, 2005. "Appropriate Economic Policies at Different Stages of Development," MPRA Paper 20066, University Library of Munich, Germany.
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