Growth after the Crisis

Rodrik, Dani

Growth after the Crisis

2009

Rodrik, Dani

How hospitable will the global environment be for economic growth in the developing world as we come out of the present financial crisis? The answer depends on how well the author manage the following tension. On the one hand, global macro stability requires that we prevent external imbalances from getting too large. On the other hand, growth in poor nations requires that the world economy be able to absorb a rapid increase in the supply of tradable produced in the developing world. It is possible to render these two requirements compatible, but doing so requires greater use of explicit industrial policies in developing countries, which have the potential of encouraging of modern tradable activities without spilling over into trade surpluses. The 'price' to be paid for greater discipline on real exchange rates and external imbalances is greater use (and permissiveness) towards industrial polices.

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agriculture assets chlorine climate change consumers depreciation developed countries developing countries diversification domestic consumption economic activities economic development economic growth economics equilibrium exports fiscal policies globalization gold greenhouse gases growth rate growth theory import imports income industrial sector industrialization international trade market equilibrium natural resources new products poverty reduction productivity profitability property rights public finance structural change supply response terms of trade trade liberalization trade policies trade protection value added wages world markets world trade organization wto

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Editorial

World Bank, Washington, DC

Otras materias

Economic research; Bilateral trade; Financial stability; Domestic demand; Annual growth; Current account deficits; Gold standard; Capital inflow; Country fixed effects; Comparative advantage; Fiscal policy; Local content; Institutional environment; Risk sharing; Developing economies; Developing world; Real exchange rate appreciation; Political economy; Primary products; Bill; Increase growth; Gdp per capita; External deficits; Dual economy; Growth potential; Intermediate inputs; Private saving; Investment demand; Capital mobility; Macroeconomic policy; Developing country; Income levels; Contract enforcement; Investment levels; External trade; Allocative efficiency; Estimated coefficients; Expenditure function; Policy options; Trade deficit; Capital inflows; Scatter plots; Dutch disease; Export performance; Domestic saving; Market forces; Current account surpluses; Financial crisis; Global macro; Macroeconomic stability; Developed world; Local currency; Significant effect; Tax; Economic activity; Per capita growth; Supply side; Industrial policy; Rich countries; Annual growth rate; Advanced economies; Growth prospects; Policy environment; Commodity prices; Primary commodities; Country dummies; Slow growth; Dependent variable; Growth process; Panel regressions; Public policy; Relative prices; Wealth; World trade; Macro stability; Industrialized countries; Exporters; Cross country; Rapid economic growth; Global risk; Fixed effects; Import barriers; Postwar period; Foreign capital; Currency; Commodity; Net capital; Absolute value; Growth rates; Import demand; Policy makers; Development practitioners; Advanced countries; Foreign companies; Real exchange rate; Trade surplus; Incentive effects; Comparative advantages; Monetary policy; Tradable good; Current account balances; Productivity increases; Incomes; Emissions; Economic relations; Relative price; Technological advance; Binding constraint; Trade deficits; Red tape; Cost of capital; Policy changes; Rapid liberalization; Real income; Tax revenue; Growth performance; World development indicators; Tradable goods; Expenditures; Conditionality; Macroeconomic policies; Current account; Environmental benefits; Producers; Export volumes; World market; External imbalances; Trade surpluses; Neoclassical growth model; Financial liberalization; Financial crises; World economy; External finance; Standard deviation; Slowdown; Deficits; Export processing zones; Uncertainties; Tradable sectors; Endogenous variables; Capital flows; Fiscal deficits; Agency problems; Financial markets; Poor countries; Trade balance; Open capital accounts; Economic history; Adverse effects; Rate of growth; Undervaluation; Estimated coefficient; Capital outflows; Market failures; Price increases; Gdp; Labor markets; General equilibrium; Excess supply; Job creation; Factor endowments; High growth; Country case; Real exchange rates; Current account imbalances; Income share; External balance; Output; Environmental; Industrialization strategy; Externalities; Economic performance; Imbalances

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Inglés

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application/pdf, text/plain

Licencia

CC BY 3.0 IGO, http://creativecommons.org/licenses/by/3.0/igo, World Bank

Tipo

Working Paper; Work; Working Paper

En AGRIS desde: 2024-10-18

Fecha de modificación: 2025-10-25

Formato: Dublin Core

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DOI http://documents.worldbank.org/curated/en/527211468341071399/Growth-after-the-crisis https://hdl.handle.net/10986/27937

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Growth after the Crisis

2009

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Información bibliográfica