Economic Reforms, Growth, and Governance : The Political Economy Aspects of Bangladesh's Development Surprise

Bangladesh has in recent decades achieved reasonably rapid economic growth and significant progress in social development indicators despite many impediments: the desperate initial conditions after gaining independence, lack of resources, natural d...

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Bibliographic Details
Main Authors:	Mahmud, Wahiduddin, Ahmed, Sadiq, Mahajan, Sandeep
Format:	Working Paper
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	ACCOUNTABILITY ADVERSE EFFECT AGRICULTURAL LOANS AGRICULTURE AMORTIZATION BANK LENDING BANK LOANS BANKING SECTOR BANKING SECTOR REFORMS BANKING SYSTEM BENEFICIARIES BENEFICIARY BONDED WAREHOUSES BUDGET DEFICIT BUREAUCRACY BUSINESS COMMUNITY BUSINESS CYCLE CAPITAL INFLOWS CAPITAL INVESTMENT CENTRAL BANK CLOSED ECONOMY COMMERCIAL BANKING CONFLICT OF INTEREST CONSUMER GOODS CONSUMER PRICE INDEX CONSUMPTION EXPENDITURE CORE GOVERNANCE CORRUPTION COUNTRY DATA CREDIBILITY CREDIT EXPANSION CRONY CURRENCY CURRENT ACCOUNT DEFICIT DEBT DEFAULTERS DEMOCRACY DEMOCRATIC INSTITUTIONS DEREGULATION DEREGULATION OF INTEREST DEVALUATION DEVALUATIONS DEVELOPING COUNTRIES DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DEVELOPMENT PROJECTS DEVELOPMENT STRATEGIES DEVELOPMENT STRATEGY DIRECT INVESTMENT DOMESTIC BORROWING DOMESTIC CURRENCY ECONOMIC COMPETITIVENESS ECONOMIC DEVELOPMENT ECONOMIC FUNCTIONS ECONOMIC GEOGRAPHY ECONOMIC GROWTH ECONOMIC LIBERALIZATION ECONOMIC ORDER ECONOMIC PERFORMANCE ECONOMIC REFORMS ECONOMIC RELATIONS ECONOMICS RESEARCH ENTRY BARRIERS EQUIPMENT EXCHANGE CONTROL EXCHANGE RATES EXPENDITURE EXPORT GROWTH EXPORTERS EXPORTS EXTERNAL DEFICITS EXTREME POVERTY FINANCIAL LIBERALIZATION FISCAL DEFICIT FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FLEXIBLE EXCHANGE RATE FLOATING EXCHANGE RATE FOREIGN AID FOREIGN CAPITAL FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FOREIGN INVESTORS GDP GINI COEFFICIENT GLOBAL MARKETS GOOD GOVERNANCE GOVERNANCE DATA GOVERNANCE ENVIRONMENT GOVERNANCE PROBLEM GOVERNANCE PROBLEMS GOVERNMENT EFFECTIVENESS GOVERNMENT EXPENDITURE GOVERNMENT POLICIES GOVERNMENT REVENUE GOVERNMENT SUPPORT GROSS NATIONAL SAVINGS GROWTH PERFORMANCE GROWTH RATE GROWTH RATES HOST COUNTRIES HUMAN DEVELOPMENT IMMUNIZATION IMPORT QUOTAS INCOME DISTRIBUTION INCOME GROWTH INCOME INEQUALITY INCOME LEVELS INCOME TAX INEFFICIENCY INEQUALITY INFLATION INFLATION RATE INFRASTRUCTURE DEVELOPMENT INSTITUTIONAL DEVELOPMENT INSTITUTIONAL REFORMS INSTITUTIONAL WEAKNESSES INTEREST PAYMENTS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL DEVELOPMENT INVESTMENT CLIMATE INVESTMENT INCOMES INVESTMENT RATE INVESTOR PROTECTION JUSTICE SYSTEM LEGAL PROVISIONS LETTERS OF CREDIT LOAN LOAN DEFAULT LOAN RECOVERY LOAN REPAYMENT LOCAL BUSINESS LOCAL COMMUNITIES MACROECONOMIC ADJUSTMENT MACROECONOMIC IMBALANCES MACROECONOMIC MANAGEMENT MACROECONOMIC POLICIES MACROECONOMIC REFORMS MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MACROECONOMICS MARKET PRICES MARKET REFORMS MICROCREDIT MONETARY POLICY MULTILATERAL INSTITUTIONS NATIONAL INCOME NATIONAL POLICIES NATURAL DISASTERS NATURAL MONOPOLY NATURAL RESOURCES NONGOVERNMENTAL ORGANIZATIONS OPEN ECONOMY PARLIAMENT PATRON-CLIENT RELATIONSHIPS PER CAPITA INCOME POLITICAL AGENDA POLITICAL ECONOMY POLITICAL INFLUENCE POLITICAL LEGITIMACY POLITICAL PARTIES POLITICAL PARTY POLITICAL STABILITY POLITICAL SYSTEM POOR GOVERNANCE PRIMARY EDUCATION PRIMARY SCHOOL PRIVATE BANKS PRIVATE CAPITAL PRIVATE INVESTMENT PRIVATE SECTOR DEVELOPMENT PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC GOOD PUBLIC INVESTMENT PUBLIC PROCUREMENT PUBLIC SERVICE DELIVERY PUBLIC SPENDING PUBLIC UTILITIES REAL EXCHANGE RATE REAL GDP REGULATORY FRAMEWORK REGULATORY QUALITY REMITTANCES RULE OF LAW SAVINGS CERTIFICATES SECONDARY SCHOOLS SOCIAL DEVELOPMENT SOCIAL SERVICES TAX TAX COMPLIANCE TAX EVASION TAX EXEMPTIONS TAX POLICIES TAX REGIME TAX SYSTEM TELECOMMUNICATIONS TOTAL REVENUE TRADE DEFICIT TRADE LIBERALIZATION TRADE POLICY TRADE PROTECTION TRADE UNIONS UNBUNDLING GOVERNANCE URBANIZATION VALUE ADDED VESTED INTERESTS VOTERS WAGES WITHDRAWAL
Online Access:	http://documents.worldbank.org/curated/en/763541468013237841/Economic-reforms-growth-and-governance-the-political-economy-aspects-of-Bangladeshs-development-surprise http://hdl.handle.net/10986/28037

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Summary:	Bangladesh has in recent decades achieved reasonably rapid economic growth and significant progress in social development indicators despite many impediments: the desperate initial conditions after gaining independence, lack of resources, natural disasters, widespread corruption, and a record of systemic governance failure. By identifying the sources of growth stimulus and the drivers of social transformation, the paper addresses what it calls Bangladesh's development surprise. The policy-making process is analyzed as the outcome of incentives created by patronage politics as opposed to the compulsion for the government to play an effective developmental role. The paper examines the governance-growth nexus as affecting the pace and quality of growth and its inclusiveness. If the governance environment has been barely adequate to cope with an economy breaking out of stagnation and extreme poverty, it increasingly may prove a barrier to putting the economy firmly on a path of modernization and global integration. Bangladesh's experience also shows that it is possible to make rapid initial progress in many social development indicators by creating awareness through successful social mobilization campaigns and by reaping the gains from affordable low-cost solutions. Further progress, however, will require increased public social spending and improved quality of public service delivery.

Economic Reforms, Growth, and Governance : The Political Economy Aspects of Bangladesh's Development Surprise

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