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At Different Speeds: Recovering from the Asian Crisis:On the importance of policy complementarities for growth

dc.contributor.authorBruno Rocha
dc.date.accessioned2015-04-10T10:16:19Z
dc.date.available2015-04-10T10:16:19Z
dc.date.issued2007-02-15
dc.identifier.urihttp://hdl.handle.net/11540/3648
dc.description.abstractThis paper begins with a short review and discussion of the literature on policy complementarities and its implications in terms of (sustainable) growth strategies and the possible emergence of a new policymaking paradigm. Thereafter, it analyses the effect on growth of complementarities in structural policies in the specific context of a post-crisis recovery. The application of this framework to the Asian crisis can be regarded as a natural experiment. As the result of computing a complementarity indicator and a reform level indicator adjusted for complementarity for the most affected economies—Indonesia, the Republic of Korea, Malaysia, and Thailand—this study finds that these indicators, for which a comprehensive group of policy areas was considered, are clearly related to higher immediate resilience and to faster recoveries. The results suggest that while augmenting the levels of the so-called orthodox policies is necessary, it is not sufficient to generate high sustainable growth trajectories, as they must be complemented with other policies and evolve in a parallel way.
dc.languageEnglish
dc.publisherAsian Development Bank
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.titleAt Different Speeds: Recovering from the Asian Crisis:On the importance of policy complementarities for growth
dc.typeWorking Papers
dc.subject.expertFinancial Stability
dc.subject.expertFinancial Management System
dc.subject.expertFinancial Restructuring
dc.subject.expertCapital Market Development
dc.subject.expertErosion
dc.subject.expertMarket Development
dc.subject.expertEconomics
dc.subject.expertErosion
dc.subject.expertInternational Economics
dc.subject.adbInternational Financial Market
dc.subject.adbMultilateral Financial Institutions
dc.subject.adbEconomic Recession
dc.subject.adbMarket
dc.subject.adbCrisis
dc.subject.naturalBusiness recessions
dc.subject.naturalMultilateral development banks
dc.subject.naturalRegulatory reform
dc.subject.naturalCapital
dc.title.seriesADBI Working Paper Series
dc.title.volume60
dc.contributor.imprintAsian Development Bank
oar.themeFinance
oar.themeEconomics
oar.adminregionAsia and the Pacific Region
oar.countryBangladesh
oar.countryBhutan
oar.countryIndia
oar.countryMaldives
oar.countryNepal
oar.countrySri Lanka
oar.countryBrunei Darussalam
oar.countryCambodia
oar.countryIndonesia
oar.countryLao People's Democratic
oar.countryMalaysia
oar.countryMyanmar
oar.countryPhilippines
oar.countrySingapore
oar.countryThailand
oar.countryViet Nam
oar.countryCook Islands
oar.countryFiji Islands
oar.countryKiribati
oar.countryMarshall Islands
oar.countryFederated States of Micronesia
oar.countryNauru
oar.countryPalau
oar.countryPapua New Guinea
oar.countrySamoa
oar.countrySolomon Islands
oar.countryTimor-Leste
oar.countryTonga
oar.countryTuvalu
oar.countryVanuatu
oar.countryAfghanistan
oar.countryArmenia
oar.countryAzerbaijan
oar.countryGeorgia
oar.countryKazakhstan
oar.countryKyrgyz Republic
oar.countryPakistan
oar.countryTajikistan
oar.countryTurkmenistan
oar.countryUzbekistan
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004330
oar.authorRocha, Bruno
oar.importtrue
oar.googlescholar.linkpresenttrue


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  • ADBI Working Papers
    The Asian Development Bank Institute (ADBI) Working Paper series is a continuation of the formerly named Discussion Paper series which began in January 2003. The numbering of the papers continued without interruption or change. ADBI was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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