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Growth and Adjustment in East Asia and Latin America

dc.contributor.authorJosé De Gregorio
dc.contributor.authorJong-Wha Lee
dc.date.accessioned2015-04-29T14:29:21Z
dc.date.available2015-04-29T14:29:21Z
dc.date.issued2004-02-15
dc.identifier.urihttp://hdl.handle.net/11540/4159
dc.description.abstractThis 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.
dc.languageEnglish
dc.publisherAsian Development Bank Institute
dc.rightsCC BY 3.0 IGO
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.titleGrowth and Adjustment in East Asia and Latin America
dc.typeWorking Papers
dc.subject.expertMacroeconomic
dc.subject.expertMacroeconomic Analysis
dc.subject.expertMacroeconomic Framework
dc.subject.expertMacroeconomic Models
dc.subject.expertMacroeconomic Performance
dc.subject.expertMacroeconomic Planning
dc.subject.expertMacroeconomic Policies
dc.subject.expertMacroeconomic Reform
dc.subject.expertMacroeconomic Stabilization
dc.subject.adbSocial condition
dc.subject.adbEconomic dependence
dc.subject.adbEconomic assistance
dc.subject.adbInternational monetary relations
dc.subject.adbInternational monetary relations
dc.subject.adbInternational trade
dc.subject.adbNational accounting
dc.subject.adbMarket
dc.subject.naturalExchange
dc.subject.naturalComparative economics
dc.subject.naturalIndex number
dc.subject.naturalMonetary policy
dc.subject.naturalValue analysis
dc.subject.naturalAdjustment cost
dc.subject.naturalTransaction cost
dc.subject.naturalConditionality
dc.subject.naturalInternational relations
dc.title.seriesResearch Paper Series
dc.title.volume54
dc.contributor.imprintAsian Development Bank
oar.themeEconomics
oar.adminregionEast Asia Region
oar.countryPeople's Republic of China
oar.countryHong Kong
oar.countryChina
oar.countryRepublic of Korea
oar.countryMongolia
oar.countryTaipei,China
oar.identifierOAR-004648
oar.authorGregorio, José De
oar.authorLee, Jong-Wha
oar.importtrue
oar.googlescholar.linkpresenttrue


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    The Asian Development Bank Institute (ADBI) research paper series disseminate selected work in progress to facilitate an exchange of ideas within academic and policy communities. An objective of the series is to circulate primary findings promptly, regardless of the degree of finish. ADBI’s activities are guided by its three strategic priority themes of inclusive and sustainable growth, regional cooperation and integration, and governance for policies and institutions.

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