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    Growth and Adjustment in East Asia and Latin America

    Gregorio, José De; Lee, Jong-Wha | February 2004
    Abstract
    This paper compares the experience of growth performance and macroeconomic adjustment between East Asia and Latin America from 1970 to 2000. We find that the difference in growth performance between the two regions can be largely attributed to the differences in fundamental growth factors such as investment rate, human resources, fertility, institutional quality, macroeconomic stability and degree of trade openness. We also discuss the role of the quality of education and differences in inequality. Balance-of-payments crisis shocks have also contributed significantly to differences in growth performance. Our analysis reveals that growth rates tend to fall only temporarily following balance-of payments crises and then rebound to the pre-crisis levels, producing the typical v-type pattern for output in both East Asia and Latin America. However, a balance-of-payments crisis is often associated with a large decline of growth rates and develops into another crisis. Analyzing the determinants of the output cost of crises, we find that international liquidity, financial soundness, real exchange rate depreciation and monetary policy play a critical role in reducing output losses.
    Citation
    Gregorio, José De; Lee, Jong-Wha. 2004. Growth and Adjustment in East Asia and Latin America. © Asian Development Bank Institute. http://hdl.handle.net/11540/4159. License: CC BY 3.0 IGO.
    Keywords
    Macroeconomic
    Macroeconomic Analysis
    Macroeconomic Framework
    Macroeconomic Models
    Macroeconomic Performance
    Macroeconomic Planning
    Macroeconomic Policies
    Macroeconomic Reform
    Macroeconomic Stabilization
    Social condition
    Economic dependence
    Economic assistance
    International monetary relations
    International monetary relations
    International trade
    National accounting
    Market
    Exchange
    Comparative economics
    Index number
    Monetary policy
    Value analysis
    Adjustment cost
    Transaction cost
    Conditionality
    International relations
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    Citable URI
    http://hdl.handle.net/11540/4159
    Metadata
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    2004.02.rps54.growth.adjustment.pdf (1.807Mb)
    Author
    Gregorio, José De
    Lee, Jong-Wha
    Theme
    Economics
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise