At Different Speeds: Policy Complementarities and the Recovery from the Asian Crisis
Rocha, Bruno | July 2009
Abstract
This paper begins with a short review and discussion of the literature on policy complementarities and their implications in terms of (sustainable) growth strategies and the possible emergence of a new policy making paradigm. Then, it provides a descriptive analysis of the effect on economic growth of complementarities in structural policies in the specific context of the post-Asian crisis recovery. The study resulted in the computation of a reform-level indicator and of a complementarity indicator RC for the economies most affected by the Asian crisis—Indonesia, Republic of Korea, Malaysia, and Thailand. The comparative analysis shows that these indicators, when applied to a more comprehensive group of policy areas, are related to faster recoveries; importantly, decreasing or low RCs are related to slower recoveries. Furthermore, immediate resilience to the crisis seems to be stronger when a broader, more coherent set of policies is already in place. In general, the analysis suggests that while augmenting the levels of the so-called orthodox policies is necessary, it is not sufficient to generate high, sustainable post-crisis growth trajectories, as those policies must be complemented with others and evolve in a coherent, complementary way.
Citation
Rocha, Bruno. 2009. At Different Speeds: Policy Complementarities and the Recovery from the Asian Crisis. © Asian Development Bank Institute. http://hdl.handle.net/11540/4179. License: CC BY 3.0 IGO.Keywords
Results-Based Monitoring And Evaluation
Public Policy Evaluation
Project Evaluation & Review Technique
Operations Evaluation
Governance
Corporate Governance Reform
Public Administration
Institutional Framework
Corporate Restructuring
Needs assessment
Project impact
Resources evaluation
Grievance procedures
Risk assessment
Decentralization in government
Civil government
Political development
Subnational governments
Law
Civil rights
Legislation
Municipal government
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Citable URI
http://hdl.handle.net/11540/4179Metadata
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