Real Exchange Rates, Price Competitiveness and Structural Adjustment in Asian and Pacific Economies

Ponciano Intal

Asian Development Review (ADR), 1992, vol. 10, issue 02, 86-123

Abstract: Economic outwardness is a critical pillar of the new development policy consensus; it is also the emerging policy bias in a number of developing countries. Economic outwardness entails: (i) a relatively neutral policy stance between exports and import substitutes, and (ii) a relatively open domestic economy towards foreign market competition, technology and investments. Economic outwardness—together with the fostering of competition domestically, a simple, transparent and flexible government regulatory framework, and investments in human capital formation—strengthens the linkages of a country with the rest of the world and facilitates the flow of products, resources and technology that are essential in the drive to improve labor and total productivity domestically, which ultimately determines the robustness of the country’s trade, growth and welfare performances…

Date: 1992
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DOI: 10.1142/S0116110592000113

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