Policy Complementarities and the Washington Consensus

Jahangir Aziz and Robert Wescott
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Jahangir Aziz: International Monetary Fund
Robert Wescott: International Monetary Fund

Development and Comp Systems from EconWPA

Abstract: While economists continue to debate whether individual economic policies, such as those contained in Willliamsons (1993) Washington Consensus, can help to spur growth in developing countries, this paper demonstrates that it is groups of policies that are more critical for growth. Policy complementarity is defined as a set of mutually reinforcing policies that create an environment that is conducive to investment and growth. Quantitative measures of policy complementarity are developed, and the study shows empirically, both through an outcomes-based probability framework and standard regression analysis, that these complementarities are significant and robust in explaining growth outcomes over the period 1985-95.

Keywords: economic growth; development policies; complementarities (search for similar items in EconPapers)
JEL-codes: O38 (search for similar items in EconPapers)
Date: 1999-02-18
Note: Type of Document - Tex/WordPerfect/Handwritten; prepared on IBM PC - PC; to print on HP/; pages: 27 ; figures: included
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Persistent link: http://EconPapers.repec.org/RePEc:wpa:wuwpdc:9902002

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