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The Importance of Economic Policy in Development: Contrasts Between Korea and Turkey

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  • Anne O. Krueger

Abstract

In the mid-1950's, Turkey was a much richer country than Korea. With about the same population, Turkish GNP was about three times that of Korea, Turkish exports were fifteen times those of Korea, and the Turkish savings rate was much higher than Korean. By 1980, the situation was dramatically reversed, as Turkish income was 40 percent below Korea's, Turkish exports were less than one-fourth those of Korea and the Turkish savings rate was about two-thirds of Korea' s. This paper examines the variables that affected economic growth and shows the critical importance of the different policy choices in the two countries.

Suggested Citation

  • Anne O. Krueger, 1987. "The Importance of Economic Policy in Development: Contrasts Between Korea and Turkey," NBER Working Papers 2195, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:2195
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    Cited by:

    1. Krueger, Anne O., 1992. "Conditions for maximizing the gains from a Western Hemisphere free trade agreement," Sede de la CEPAL en Santiago (Estudios e Investigaciones) 33949, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    2. Amelung, Torsten, 1988. "The political economy of import substitution and subsequent trade liberalization: The case of Turkey," Kiel Working Papers 330, Kiel Institute for the World Economy (IfW Kiel).
    3. James A. Schmitz, 1993. "Early progress on the \\"problem of economic development\\"," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 17(Spr), pages 17-35.
    4. Turhan, Ibrahim M., 2008. "Why did it work this time: a comparative analysis of transformation of Turkish economy after 2002," MPRA Paper 31158, University Library of Munich, Germany.

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