Growth Strategies and Dynamics : Insights from Country Experiences
The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing econo...
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| Format: | Working Paper |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/121881468161096755/Growth-strategies-and-dynamics-insights-from-country-experiences http://hdl.handle.net/10986/28006 |
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okr-10986-28006 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ACCUMULATION OF RESERVES ADVANCED ECONOMIES ADVANCED ECONOMY AGRICULTURE ALLOCATION OF CAPITAL ANNUAL GROWTH ASSET PRICE ASSET PRICES ASSETS BALANCE OF PAYMENTS BANKING SYSTEM BROKERAGE BROKERAGE FIRMS CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CENTRALLY PLANNED ECONOMY CLARITY COMPARATIVE ADVANTAGE COMPETITIVENESS CONSUMERS CREDIBILITY CROSS-BORDER FLOWS CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT SURPLUSES DEBT DECENTRALIZATION DECISION MAKING DEFICITS DEPOSITS DEREGULATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCOUNT RATE DOMESTIC BANKING DOMESTIC CONSUMPTION DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKETS DOMESTIC INFLATION DOMESTIC PRICES DURABLE DURABLE ASSET ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC THEORY EMERGING ECONOMIES ENFORCEABILITY EXCHANGE RATE EXCHANGE RATE MANAGEMENT EXCHANGE RATE POLICY EXCHANGE RATES EXPORT COMPETITIVENESS EXPORT DIVERSIFICATION EXPORTS EXPOSURE EXTERNAL INVESTORS EXTERNAL SHOCKS FINANCES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL POLICIES FLEXIBLE EXCHANGE RATES FOOD PRICES FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN RESERVES GDP GDP PER CAPITA GLOBAL DEMAND GLOBAL ECONOMY GLOBAL MARKETS GLOBAL PRIVATE SECTORS GOVERNMENT DEBT GOVERNMENT DEBT MARKETS GOVERNMENT POLICIES GROSS CAPITAL FORMATION GROWTH MODELS GROWTH PERFORMANCE GROWTH POLICIES GROWTH RATE HEDGE FUNDS HIGH INFLATION HOLDING HUMAN CAPITAL HUMAN RESOURCES IMPORT IMPORT TARIFF IMPORTS INCOME INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INDUSTRIALIZATION INFLATION INFLATIONARY IMPACT INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INSTITUTIONAL DEVELOPMENT INSURANCE INTANGIBLE INTANGIBLE ASSETS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL TRADE INVESTING INVESTMENT PROCESS INVESTMENT RATE INVESTMENT RATES INVESTMENT RISK JUDICIAL INSTITUTIONS LABOR MARKET LABOR MARKETS LIBERALIZATION LOSS OF COMPETITIVENESS MACROECONOMIC ENVIRONMENT MACROECONOMIC MODELS MARGINAL PRODUCT MARKET ECONOMIES MARKET ECONOMY MARKET EFFICIENCY MARKET ENVIRONMENT MARKET MECHANISMS MARKET PRESSURE MARKET PRICES MARKET REFORM MARKET STABILITY MATURE MARKET MATURITY MODERN FINANCIAL SYSTEM MONETARY POLICY OPEN ECONOMY OPEN MARKET OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA INCOME PHYSICAL ASSETS POLICY RESPONSE POLITICAL ECONOMIES POLITICAL ECONOMY POLITICAL RISKS PORTFOLIO POSTWAR PERIOD POTENTIAL OUTPUT POVERTY REDUCTION POVERTY REDUCTIONS PRICE CHANGES PRICE FORMATION PRICE INFLATION PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE EQUITY PRIVATE SECTOR INVESTMENT PRODUCTIVE ASSETS PUBLIC INVESTMENT PUBLIC SPENDING RAPID GROWTH REAL GDP REGULATORY STRUCTURE REGULATORY SYSTEMS RELATIVE PRICE RELATIVE PRICES RESERVE RESERVE ACCUMULATION RESERVES RETAIL INVESTORS RETURN RETURNS REVALUATION SAVINGS RATE SAVINGS RATES SECURITIES SECURITIES LAWS SHAREHOLDER SOCIAL MARGINAL COST STRUCTURAL CHANGE STRUCTURAL PROBLEM SUPPLY CURVE SURPLUS SURPLUS LABOR TANGIBLE ASSETS TARIFFS ON IMPORTS TAX TAX POLICY TAX PROVISIONS TECHNICAL ASSISTANCE TIME HORIZONS TRADE SURPLUS UNCERTAINTIES UNCERTAINTY WAGES WEALTH WITHDRAWAL WTO |
| spellingShingle |
ACCUMULATION OF RESERVES ADVANCED ECONOMIES ADVANCED ECONOMY AGRICULTURE ALLOCATION OF CAPITAL ANNUAL GROWTH ASSET PRICE ASSET PRICES ASSETS BALANCE OF PAYMENTS BANKING SYSTEM BROKERAGE BROKERAGE FIRMS CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CENTRALLY PLANNED ECONOMY CLARITY COMPARATIVE ADVANTAGE COMPETITIVENESS CONSUMERS CREDIBILITY CROSS-BORDER FLOWS CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT SURPLUSES DEBT DECENTRALIZATION DECISION MAKING DEFICITS DEPOSITS DEREGULATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCOUNT RATE DOMESTIC BANKING DOMESTIC CONSUMPTION DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKETS DOMESTIC INFLATION DOMESTIC PRICES DURABLE DURABLE ASSET ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC THEORY EMERGING ECONOMIES ENFORCEABILITY EXCHANGE RATE EXCHANGE RATE MANAGEMENT EXCHANGE RATE POLICY EXCHANGE RATES EXPORT COMPETITIVENESS EXPORT DIVERSIFICATION EXPORTS EXPOSURE EXTERNAL INVESTORS EXTERNAL SHOCKS FINANCES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL POLICIES FLEXIBLE EXCHANGE RATES FOOD PRICES FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN RESERVES GDP GDP PER CAPITA GLOBAL DEMAND GLOBAL ECONOMY GLOBAL MARKETS GLOBAL PRIVATE SECTORS GOVERNMENT DEBT GOVERNMENT DEBT MARKETS GOVERNMENT POLICIES GROSS CAPITAL FORMATION GROWTH MODELS GROWTH PERFORMANCE GROWTH POLICIES GROWTH RATE HEDGE FUNDS HIGH INFLATION HOLDING HUMAN CAPITAL HUMAN RESOURCES IMPORT IMPORT TARIFF IMPORTS INCOME INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INDUSTRIALIZATION INFLATION INFLATIONARY IMPACT INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INSTITUTIONAL DEVELOPMENT INSURANCE INTANGIBLE INTANGIBLE ASSETS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL TRADE INVESTING INVESTMENT PROCESS INVESTMENT RATE INVESTMENT RATES INVESTMENT RISK JUDICIAL INSTITUTIONS LABOR MARKET LABOR MARKETS LIBERALIZATION LOSS OF COMPETITIVENESS MACROECONOMIC ENVIRONMENT MACROECONOMIC MODELS MARGINAL PRODUCT MARKET ECONOMIES MARKET ECONOMY MARKET EFFICIENCY MARKET ENVIRONMENT MARKET MECHANISMS MARKET PRESSURE MARKET PRICES MARKET REFORM MARKET STABILITY MATURE MARKET MATURITY MODERN FINANCIAL SYSTEM MONETARY POLICY OPEN ECONOMY OPEN MARKET OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA INCOME PHYSICAL ASSETS POLICY RESPONSE POLITICAL ECONOMIES POLITICAL ECONOMY POLITICAL RISKS PORTFOLIO POSTWAR PERIOD POTENTIAL OUTPUT POVERTY REDUCTION POVERTY REDUCTIONS PRICE CHANGES PRICE FORMATION PRICE INFLATION PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE EQUITY PRIVATE SECTOR INVESTMENT PRODUCTIVE ASSETS PUBLIC INVESTMENT PUBLIC SPENDING RAPID GROWTH REAL GDP REGULATORY STRUCTURE REGULATORY SYSTEMS RELATIVE PRICE RELATIVE PRICES RESERVE RESERVE ACCUMULATION RESERVES RETAIL INVESTORS RETURN RETURNS REVALUATION SAVINGS RATE SAVINGS RATES SECURITIES SECURITIES LAWS SHAREHOLDER SOCIAL MARGINAL COST STRUCTURAL CHANGE STRUCTURAL PROBLEM SUPPLY CURVE SURPLUS SURPLUS LABOR TANGIBLE ASSETS TARIFFS ON IMPORTS TAX TAX POLICY TAX PROVISIONS TECHNICAL ASSISTANCE TIME HORIZONS TRADE SURPLUS UNCERTAINTIES UNCERTAINTY WAGES WEALTH WITHDRAWAL WTO El-Erian, Mohamed A. Spence, Michael Growth Strategies and Dynamics : Insights from Country Experiences |
| geographic_facet |
China India |
| relation |
Commission on Growth and Development Working Paper;No. 6 |
| description |
The paper examines the challenges that
developing countries face in accelerating and sustaining
growth. The cases of China and India are examined to
illustrate a more general phenomenon which might be called
model uncertainty. As a developing economy grows, its market
and regulatory institutions change and their capabilities
increase. As a result, growth strategies and policies and
the role of government shift. Further, as the models of
economies in these transitional states are incomplete and
because models used to predict policy impacts in advanced
economies may not provided accurate predictions in the
developing economy case, growth strategies and policies need
to be responsive and to evolve as the economy matures. This
has lead governments in countries that have sustained high
growth to be somewhat pragmatic, to treat the policy
directions that emerge from the advanced economy model with
circumspection, to be somewhat experimental in seeking to
accelerate export diversification, to be sensitive to risks,
and as a result to proceed gradually in areas such as the
timing and sequencing of opening up on the current and
capital accounts. The last is an area in which existing
theory provides relatively little specific guidance, but in
which there are relatively high risks that decline over time
as the market matures. |
| format |
Working Paper |
| author |
El-Erian, Mohamed A. Spence, Michael |
| author_facet |
El-Erian, Mohamed A. Spence, Michael |
| author_sort |
El-Erian, Mohamed A. |
| title |
Growth Strategies and Dynamics : Insights from Country Experiences |
| title_short |
Growth Strategies and Dynamics : Insights from Country Experiences |
| title_full |
Growth Strategies and Dynamics : Insights from Country Experiences |
| title_fullStr |
Growth Strategies and Dynamics : Insights from Country Experiences |
| title_full_unstemmed |
Growth Strategies and Dynamics : Insights from Country Experiences |
| title_sort |
growth strategies and dynamics : insights from country experiences |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/121881468161096755/Growth-strategies-and-dynamics-insights-from-country-experiences http://hdl.handle.net/10986/28006 |
| _version_ |
1764465947755675648 |
| spelling |
okr-10986-280062021-04-23T14:04:46Z Growth Strategies and Dynamics : Insights from Country Experiences El-Erian, Mohamed A. Spence, Michael ACCUMULATION OF RESERVES ADVANCED ECONOMIES ADVANCED ECONOMY AGRICULTURE ALLOCATION OF CAPITAL ANNUAL GROWTH ASSET PRICE ASSET PRICES ASSETS BALANCE OF PAYMENTS BANKING SYSTEM BROKERAGE BROKERAGE FIRMS CAPITAL ACCOUNT CAPITAL ACCOUNTS CAPITAL ACCUMULATION CAPITAL CONTROLS CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CAPITAL OUTFLOWS CENTRAL BANK CENTRAL BANK INDEPENDENCE CENTRAL BANKS CENTRALLY PLANNED ECONOMY CLARITY COMPARATIVE ADVANTAGE COMPETITIVENESS CONSUMERS CREDIBILITY CROSS-BORDER FLOWS CURRENCY CRISES CURRENT ACCOUNT CURRENT ACCOUNT SURPLUSES DEBT DECENTRALIZATION DECISION MAKING DEFICITS DEPOSITS DEREGULATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DISCOUNT RATE DOMESTIC BANKING DOMESTIC CONSUMPTION DOMESTIC DEMAND DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKETS DOMESTIC INFLATION DOMESTIC PRICES DURABLE DURABLE ASSET ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECONOMIC OUTCOMES ECONOMIC PERFORMANCE ECONOMIC THEORY EMERGING ECONOMIES ENFORCEABILITY EXCHANGE RATE EXCHANGE RATE MANAGEMENT EXCHANGE RATE POLICY EXCHANGE RATES EXPORT COMPETITIVENESS EXPORT DIVERSIFICATION EXPORTS EXPOSURE EXTERNAL INVESTORS EXTERNAL SHOCKS FINANCES FINANCIAL CRISIS FINANCIAL FLOWS FINANCIAL INSTITUTION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL STABILITY FINANCIAL SYSTEM FISCAL POLICIES FLEXIBLE EXCHANGE RATES FOOD PRICES FOREIGN CAPITAL FOREIGN CURRENCY FOREIGN DIRECT INVESTMENT FOREIGN INVESTMENT FOREIGN INVESTORS FOREIGN RESERVES GDP GDP PER CAPITA GLOBAL DEMAND GLOBAL ECONOMY GLOBAL MARKETS GLOBAL PRIVATE SECTORS GOVERNMENT DEBT GOVERNMENT DEBT MARKETS GOVERNMENT POLICIES GROSS CAPITAL FORMATION GROWTH MODELS GROWTH PERFORMANCE GROWTH POLICIES GROWTH RATE HEDGE FUNDS HIGH INFLATION HOLDING HUMAN CAPITAL HUMAN RESOURCES IMPORT IMPORT TARIFF IMPORTS INCOME INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INDUSTRIALIZATION INFLATION INFLATIONARY IMPACT INFORMATION TECHNOLOGY INFRASTRUCTURE INVESTMENT INSTITUTIONAL DEVELOPMENT INSURANCE INTANGIBLE INTANGIBLE ASSETS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL INSTITUTIONS INTERNATIONAL TRADE INVESTING INVESTMENT PROCESS INVESTMENT RATE INVESTMENT RATES INVESTMENT RISK JUDICIAL INSTITUTIONS LABOR MARKET LABOR MARKETS LIBERALIZATION LOSS OF COMPETITIVENESS MACROECONOMIC ENVIRONMENT MACROECONOMIC MODELS MARGINAL PRODUCT MARKET ECONOMIES MARKET ECONOMY MARKET EFFICIENCY MARKET ENVIRONMENT MARKET MECHANISMS MARKET PRESSURE MARKET PRICES MARKET REFORM MARKET STABILITY MATURE MARKET MATURITY MODERN FINANCIAL SYSTEM MONETARY POLICY OPEN ECONOMY OPEN MARKET OPPORTUNITY COST OPPORTUNITY COSTS PER CAPITA INCOME PHYSICAL ASSETS POLICY RESPONSE POLITICAL ECONOMIES POLITICAL ECONOMY POLITICAL RISKS PORTFOLIO POSTWAR PERIOD POTENTIAL OUTPUT POVERTY REDUCTION POVERTY REDUCTIONS PRICE CHANGES PRICE FORMATION PRICE INFLATION PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE EQUITY PRIVATE SECTOR INVESTMENT PRODUCTIVE ASSETS PUBLIC INVESTMENT PUBLIC SPENDING RAPID GROWTH REAL GDP REGULATORY STRUCTURE REGULATORY SYSTEMS RELATIVE PRICE RELATIVE PRICES RESERVE RESERVE ACCUMULATION RESERVES RETAIL INVESTORS RETURN RETURNS REVALUATION SAVINGS RATE SAVINGS RATES SECURITIES SECURITIES LAWS SHAREHOLDER SOCIAL MARGINAL COST STRUCTURAL CHANGE STRUCTURAL PROBLEM SUPPLY CURVE SURPLUS SURPLUS LABOR TANGIBLE ASSETS TARIFFS ON IMPORTS TAX TAX POLICY TAX PROVISIONS TECHNICAL ASSISTANCE TIME HORIZONS TRADE SURPLUS UNCERTAINTIES UNCERTAINTY WAGES WEALTH WITHDRAWAL WTO The paper examines the challenges that developing countries face in accelerating and sustaining growth. The cases of China and India are examined to illustrate a more general phenomenon which might be called model uncertainty. As a developing economy grows, its market and regulatory institutions change and their capabilities increase. As a result, growth strategies and policies and the role of government shift. Further, as the models of economies in these transitional states are incomplete and because models used to predict policy impacts in advanced economies may not provided accurate predictions in the developing economy case, growth strategies and policies need to be responsive and to evolve as the economy matures. This has lead governments in countries that have sustained high growth to be somewhat pragmatic, to treat the policy directions that emerge from the advanced economy model with circumspection, to be somewhat experimental in seeking to accelerate export diversification, to be sensitive to risks, and as a result to proceed gradually in areas such as the timing and sequencing of opening up on the current and capital accounts. The last is an area in which existing theory provides relatively little specific guidance, but in which there are relatively high risks that decline over time as the market matures. 2017-08-28T16:29:45Z 2017-08-28T16:29:45Z 2008 Working Paper http://documents.worldbank.org/curated/en/121881468161096755/Growth-strategies-and-dynamics-insights-from-country-experiences World Economics http://hdl.handle.net/10986/28006 English en_US Commission on Growth and Development Working Paper;No. 6 All rights reserved NTC Economic & Financial Publishing World Bank, Washington, DC Publications & Research :: Working Paper Publications & Research China India |