Adjustment policies in East Asia

Bela Balassa

No 280, Policy Research Working Paper Series from The World Bank

Abstract: This paper examines the adjustment policies applied by two East Asian newly industrializing economies, Korea and Taiwan, in the period following the quadrupling of oil prices in 1973. As an introduction to the discussion, the policy performance of the two East Asian economies prior to 1973 is analyzed, comparing their performance to that of three Latin American newly industrializing economies, Argentina, Brazil, and Mexico. This is followed by an examination of adjustment policies in the periods of the first and the second oil shocks and a discussion of the policies applied in the subsequent period, when shifts from current account deficits to current account surpluses occurred in the two East Asian economies. Finally, desirable policies for the future are considered.

Keywords: Environmental Economics&Policies; Economic Theory&Research; Economic Stabilization; TF054105-DONOR FUNDED OPERATION ADMINISTRATION FEE INCOME AND EXPENSE ACCOUNT; Banks&Banking Reform (search for similar items in EconPapers)
Date: 1989-09-30
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