This book is part of a larger effort undertaken by the World Bank to
understand the development experience of the 1990s, an extraordinary
eventful decade. Each of the project's three volumes serves a
different purpose. Development Challenges in the 1990s: Leading
Policymakers Speak from Experience offers insights on the practical
concerns faced by policymakers, while At the Frontlines of
Development: Reflections from the World Bank considers the
operational implications of the decade for the World Bank as an
institution. This volume, Economic Growth in the 1990s: Learning
from a Decade of Reform, provides comprehensive analysis of the
decade's development experience and examines the impact of key
policy and institutional reforms of growth.
Economic Growth in the 1990s confirms and builds on the
conclusions of an earlier World Bank book, The East Asian
Miracle (1993), which reviewed experiences of highly successful
East Asian economies. It confirms the importance of growth of
fundamental principles: macro stability, market forces governing the
allocation of resources, openness, and the sharing of the benefits of
growth. At the same time, it echoes the finding that these principles
translate into diverse policy and institutional paths, implying the
economic policies and policy advice must be country-specific and
institutional-sensitive if they are to be effective.
The authors examine the impact of growth of key policy and
institutional reforms: macroeconomic stabilization, trade
liberalization, deregulation of finance, privatization, deregulation of
utilities, modernization of the public sector with a view to increasing
its effectiveness and accountability, and the spread of democracy and
decentralization. They draw lessons both from a policy and
institutional perspective and from the perspective of country
experiences about how reforms in each policy and institutional area
have affected growth.
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