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Economic Policy Reforms in South Asia: An Overview and the Remaining Agenda

dc.contributor.authorPradumna B. Rana
dc.contributor.authorWa-mun Chia
dc.date.accessioned2016-08-02T14:49:32Z
dc.date.available2016-08-02T14:49:32Z
dc.date.issued2015-03-18
dc.identifier.urihttp://hdl.handle.net/11540/6510
dc.description.abstractIn the past few years, the pace of economic growth in South Asia has slowed considerably for two reasons: unfavourable global economic environment and the slowing pace of economic reforms that once were the key drivers of the region’s dynamic economic performance and resilience. This paper focuses on the latter and following Rana (2011) and Rana and Hamid (1995), it argues that South Asian countries have not sequenced their reforms properly. The first round of reforms in South Asia that began in the 1980s and the early 1990s focused on macroeconomic reforms — monetary, fiscal, and exchange rate management, as well as reducing rigid government controls — which led to private sector driven economic growth. These should have been followed by the more microeconomic reforms — sectoral and the so-called “second generation” reforms to strengthen governance and institutions — to sustain the higher growth levels. But they were not and reforms ran out of steam because of, among others, lack of law and order, and corruption in the public sector. This paper finds a significant “governance gap” in South Asia that refers to how South Asia lags behind East Asia in terms of various governance indicators and how within South Asia some countries are ahead of others. The paper argues that in order to revive economic growth, South Asian countries must implement microeconomic reforms: it identifies the remaining policy agenda for each South Asian country. However, implementation of microeconomic reforms poses a difficult challenge as they require a wider consensus and political support and have a longer term focus. The recent election of Prime Minister Narendra Modi in India with a strong mandate for economic reform provides an environment of “cautious optimism” for all of South Asia.
dc.languageEnglish
dc.publisherS. Rajaratnam School of International Studies
dc.titleEconomic Policy Reforms in South Asia: An Overview and the Remaining Agenda
dc.typeWorking Papers
dc.subject.expertCrisis
dc.subject.expertUnemployment
dc.subject.expertEconomic cooperation
dc.subject.expertGross domestic product
dc.subject.expertEmployment
dc.subject.expertWage payment systems
dc.subject.expertWages
dc.subject.adbEconomic Crisis
dc.subject.adbEconomic Efficiency
dc.subject.adbEconomic Policies
dc.subject.adbRegional Economic Development
dc.subject.adbPublic Sector Wages
dc.subject.naturalFinancial crisis
dc.subject.naturalLabor economics
dc.subject.naturalRegional economics
dc.subject.naturalGuaranteed annual wage
dc.subject.naturalWage differentials
dc.subject.naturalWages and labor productivity
dc.title.seriesRSIS Working Paper
dc.title.volumeNo.289
dc.contributor.imprintS. Rajaratnam School of International Studies
oar.themeEconomics
oar.themePublic Sector
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-006192
oar.authorRana, Pradumna B.
oar.authorChia, Wa-mun
oar.importtrue
oar.googlescholar.linkpresenttrue


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