Export Growth and Industrial Policy: Lessons from the East Asian Miracle Experience
The experiences of the high-growth economies of East Asia have been studied extensively. This paper takes a fresh look at an important and still controversial, aspect of this story: the role of government policy in stimulating a cumulative process of export growth-high investment-high savings.
The variety of country experiences in the region is stressed and the key aspects of intervention in the form of industrial policy are identified. Competing assessments of the effectiveness of such interventions are surveyed. The implications of this experience for current policy options are discussed with the conclusion that this is likely to differ depending upon the income level and stage of development of economies.
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The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
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