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Policies for structural transformation: An analysis of the Asia-Pacific experience

Author

Listed:
  • C.P. Chandrasekhar

    () (Professor, Centre for Economic Studies and Planning, Jawaharlal Nehru University, New Delhi)

  • Jayati Ghosh

    () (Professor, Jawaharlal Nehru University, 52 DP, JNU, New Delhi)

Abstract

Remarkable growth and structural transformation in a number of developing Asian countries in the period after World War II have earned them the reputation for being “models” of successful development. Among the factors that contributed to their success were macroeconomic and regulatory policies that permitted them to finance that transformation without experiencing high inflation or balance of payments difficulties and ensure that growth was accompanied by human development advance. This article identifies a set of key policies that contributed to that success, examines the ways in which they did so, and assesses the degree to which they can inform policy in other Asian contexts in a period when much has changed in the national and international economic environment.

Suggested Citation

  • C.P. Chandrasekhar & Jayati Ghosh, 2013. "Policies for structural transformation: An analysis of the Asia-Pacific experience," MPDD Working Paper Series WP/13/01, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
  • Handle: RePEc:unt:wpmpdd:wp/13/01
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    File URL: http://www.unescap.org/pdd/publications/workingpaper/wp-13-01.pdf
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    References listed on IDEAS

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    1. Joshua Greene & Delano Villanueva, 1991. "Private Investment in Developing Countries: An Empirical Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 38(1), pages 33-58, March.
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    Keywords

    Structural transformation; macroeconomic policy; sources of growth; public investment; capital controls; financial policy; wage-goods constraint;

    JEL classification:

    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O14 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Industrialization; Manufacturing and Service Industries; Choice of Technology
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O24 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
    • O25 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Industrial Policy

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