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Adjustment policies in East Asia (English)

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  • Adjustment policies in East Asia (English)
  • Balassa, Bela
  • World Bank (WB)


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Title Adjustment policies in East Asia (English)
Similar Titles
Material Type Reports
Author(English)

Balassa, Bela

Publisher

World Bank (WB)

Date 1989
Language English
File Type Link
Subject Economy < Trade

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.