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Adjustment policies in East Asia

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  • Balassa, Bela

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.

Suggested Citation

  • Balassa, Bela, 1989. "Adjustment policies in East Asia," Policy Research Working Paper Series 280, The World Bank.
    • Handle: RePEc:wbk:wbrwps:280
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    References listed on IDEAS

    as
    1. Bela Balassa, 1981. "The newly-industrializing developing countries after the oil crisis," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 117(1), pages 142-194, March.
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