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Economic Growth In Middle Income Countries
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Book Synopsis Trapped in the Middle? by : José Antonio Alonso
Download or read book Trapped in the Middle? written by José Antonio Alonso and published by Oxford University Press. This book was released on 2020-10-22 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: There is growing evidence that overcoming the low-income threshold and reaching middle-income status is not sufficient for countries to converge toward high-income levels. Few middle-income countries have successfully completed that transit in recent decades, with the majority remaining in the middle-income group, and so facing what has come to be called "the middle-income trap". It is therefore essential to explore whether middle-income traps really exist and, if they do, how these pitfalls are manifested, what their causes are, what economic policy measures are required to escape from them, and what international cooperation can do to support this process. Trapped in the Middle? brings together diverse perspectives on these important questions, providing new evidence and analytical approaches to enrich the debate on the domestic and international challenges faced by a significant number of middle-income countries, in which over three-quarters of the global population live.
Book Synopsis Increasing Productivity Growth in Middle Income Countries by : Aidar Abdychev
Download or read book Increasing Productivity Growth in Middle Income Countries written by Aidar Abdychev and published by International Monetary Fund. This book was released on 2015-01-13 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many small middle-income countries (SMICs) in sub-Saharan Africa (SSA) have experienced a moderation in growth in recent years. Although factor accumulation, most notably capital deepening, was crucial to the success of many SMICs historically, this growth model appears to have run its course. The analysis in this paper suggests that the decline in the contribution of total factor productivity (TFP) to growth is largely responsible for the slowdown in trend growth in many SMICs, which highlights the need for policy actions to reinvigorate productivity growth. This paper explores the question of what kind of structural policies could boost productivity growth in SMICs and the political economy factors that may be contributing to the slow implementation of these critical reforms in these countries. The findings suggest that although macroeconomic stability and trade openness are necessary for productivity growth, they are not sufficient. SMICs need to improve the quality of their public spending, most notably in education to minimize the skill mismatch in the labor market, reduce the regulatory burden on firms, improve access to finance by small and medium-sized enterprises and create the enabling environment to facilitate structural transformation in these economies.
Book Synopsis Economic Growth in Middle-income Countries by : Manuel Agosin
Download or read book Economic Growth in Middle-income Countries written by Manuel Agosin and published by . This book was released on 2023-10 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book develops a theoretical framework unlike the conventional neoclassical paradigm for the analysis of growth and deploys analytical data to understand the main policy issues affecting developing countries, with particular attention to countries which, after having a spurt of growth, have been unable to maintain the momentum of their economies. One of the guiding ideas of the book is that each one of these countries has its own middle-income trap. The book focuses the discussion on growth and development around the specific characteristics of these countries and the constraints they face to achieve rapid growth. The book offers the building blocks for an integrated approach to development economics from the perspective of developing economies themselves. It looks at real-life constraints to growth and development, such as institutions, access to financing, macroeconomic policies, the role of foreign direct investment, the pros and cons of trade and financial opening to the rest of the world, education and health issues, sustainable development in a world experiencing global warming, productive development policies, income distribution, and poverty. Further, it offers simple growth models that go beyond the conventional neoclassical model to help the reader understand the unique challenges facing developing countries. While recognizing that growth is necessary to achieve development, the book argues that there are other variables that can be just as important to wellbeing and pays close attention to issues such as health, education, and political freedom. The book summarizes the issues that are crucial for countries to be able to accelerate their growth rates and to achieve development and makes a theoretical contribution to the study of economic development, particularly growth models appropriate to middle-income countries. Thus, it will be a useful guide for researchers and academics in the field of development economics and other social sciences dealing with developing countries"--
Book Synopsis Growth Slowdowns and the Middle-Income Trap by : Mr.Shekhar Aiyar
Download or read book Growth Slowdowns and the Middle-Income Trap written by Mr.Shekhar Aiyar and published by International Monetary Fund. This book was released on 2013-03-20 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: The “middle-income trap” is the phenomenon of hitherto rapidly growing economies stagnating at middle-income levels and failing to graduate into the ranks of high-income countries. In this study we examine the middle-income trap as a special case of growth slowdowns, which are identified as large sudden and sustained deviations from the growth path predicted by a basic conditional convergence framework. We then examine their determinants by means of probit regressions, looking into the role of institutions, demography, infrastructure, the macroeconomic environment, output structure and trade structure. Two variants of Bayesian Model Averaging are used as robustness checks. The results—including some that indeed speak to the special status of middle-income countries—are then used to derive policy implications, with a particular focus on Asian economies.
Book Synopsis Asia and the Middle-Income Trap by : Francis E. Hutchinson
Download or read book Asia and the Middle-Income Trap written by Francis E. Hutchinson and published by Routledge. This book was released on 2016-07-01 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term ‘Middle-Income Trap’ refers to countries which stagnate economically after reaching a certain level of per capita income on the basis of labour- and capital-intensive growth, and are struggling to transition towards more skill-intensive and technology-driven development. It has resonance for the increasing number of countries in Asia who have either languished in middle-income status for extended periods of time, or are worried about growth slow-downs. This book sets outs the conceptual underpinnings of the Middle-Income Trap and explores the various ways it can be defined. It also focuses on the debate surrounding the Middle-Income Trap which questions the appropriate institutional and policy settings for middle-income countries to enable them to continue past the easy phase of economic growth. The book engages with this debate by investigating the role of institutions, human capital, and trade policy in helping countries increase their income levels and by highlighting factors which enable the shift to higher and qualitatively better growth. It questions how the large emerging economies in Asia such as China, Indonesia, and India are currently grappling with the challenges of transitioning from labour-intensive to technology- and knowledge-intensive production, and discusses what can be learnt from the countries that have been able to escape the trap to attain high-income status. Providing a conceptual framework for the Middle-Income Trap, this book will be of interest to students and scholars of Asian Economics, Comparative Economics and Asian Studies.
Book Synopsis Financial Development and Economic Growth by : Mr.Pablo Emilio Guidotti
Download or read book Financial Development and Economic Growth written by Mr.Pablo Emilio Guidotti and published by International Monetary Fund. This book was released on 1992-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the empirical relationship between long–run growth and the degree of financial development, proxied by the ratio of bank credit to the private sector as a fraction of GDP. We find that this proxy enters significantly and with a positive sign in growth regressions on a large cross–country sample, but with a negative sign using panel data for Latin America. Our findings suggest that the main channel of transmission from financial development to growth is the efficiency of investment, rather than its volume. We also present a model where the negative correlation between financial intermediation and growth results from financial liberalization in a poor regulatory environment.
Book Synopsis The Landscape of Economic Growth by : Barry Eichengreen
Download or read book The Landscape of Economic Growth written by Barry Eichengreen and published by . This book was released on 2018 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: We review the growth experience of middle-income countries. Economic factors associated with growth appear to differ between middle income and other countries. The efficiency of the financial system is importantly related to the growth rate in low- and middle-income countries, but appears to matter less as one moves up the income scale. Demographic variables also matter importantly in low-income countries. In middle-income countries, in contrast, measures of the financial system no longer appear to matter as importantly, as if inefficiencies in banking and financial systems are no longer as binding a constraint as at earlier stages of financial development; nor are demographic variables as important as before. At this point, other variables gain a growing role: these include whether the country experiences a banking or currency crisis, the extent of nonforeign direct investment capital inflows, and government debt as a share of gross domestic product.
Book Synopsis Moving Up The Ladder: Development Challenges For Low And Middle-income Asia by : Shigesaburo Kabe
Download or read book Moving Up The Ladder: Development Challenges For Low And Middle-income Asia written by Shigesaburo Kabe and published by World Scientific. This book was released on 2016-03-07 with total page 267 pages. Available in PDF, EPUB and Kindle. Book excerpt: Besides export expansion, a growing middle class in Asia has contributed to the area's economic expansion, providing Asian countries with a window of opportunity to leap from low/middle income levels to high income levels. It may sound easy for these countries to run up the ladder of economic growth, but the potential risks of quickly shifting from low/middle to high income levels are often overlooked. Careful studies in history reveal that the experience of moving up the ladder of economic growth has varied among countries.This book explores (1) the current state of Asian economies and 2) the conditions or policy counter-measures that lead to higher income levels under changing external circumstances. This is illustrated through case studies on five Asian economies, with emphasis on their structural problems. It also aims to paint a comprehensive picture of necessary policies, which will encourage Asian countries to move up the ladder of growth.
Book Synopsis China: Surpassing the “Middle Income Trap” by : Shaojie Zhou
Download or read book China: Surpassing the “Middle Income Trap” written by Shaojie Zhou and published by Springer Nature. This book was released on 2020-10-02 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: This open access book explores one of the most fiercely debated issues in China: if and how China will surpass the middle income trap that has plagued many developing countries for years. This book gives readers a clear picture of China today and acts as a reference for other developing countries. China is facing many setbacks and experiencing an economic slowdown in recent years due to some serious issues, and income inequality is one such issue deferring China’s development potential by creating a middle income trap. This book thoroughly investigates both the unpromising factors and favorable conditions for China to overcome the trap. It illustrates that traps may be encountered at any stage of development and argues that political stability is the prerequisite to creating a favorable environment for economic development and addressing this “middle income trap”. Written by one of China's central planners, this book offers precious insights into the industrial policies that are transforming China and the world and will be of interest to China scholars, economists and political scientists.
Book Synopsis Accounting for Mismatch in Low- and Middle-Income Countries by : Michael J. Handel
Download or read book Accounting for Mismatch in Low- and Middle-Income Countries written by Michael J. Handel and published by World Bank Publications. This book was released on 2016-09-16 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt: To stimulate economic advancement, low- and middle-income countries need well-educated and trained workforces to fill the types of skilled jobs that drive economic growth. Improving educational quality and attainment and providing better training are all rightly put forth as policy recommendations to leverage economic growth and job creation. However, new findings based on large scale surveys of adult skills from the World Bank Group’s STEP (Skills toward Employment and Productivity) Skills Measurement Program suggest that many workers are overqualified for their current jobs (based on the education those jobs require). The results of this study suggest that countries may not reap as much benefit from their investments in quality education and training if weak job creation leaves workers’ skills underutilized. Most of the literature on mismatch focuses on higher-income countries and rates of over-education among college graduates. Accounting for Mismatch in Low- and Middle-Income Countries uses new STEP Skills Survey data from 12 low- and middle-income countries, representing a range of economic and educational and training climates, to better understand the scope and patterns of education and skills mismatch. STEP collects information not only on workers’ level of education and employment status, but also on the types, frequency, and durations of tasks they carry out at their jobs as well as some of the cognitive skills they use. The study also explores additional factors such as gender, health, career stage, and participation in the informal labor sector that may help explain the degree of mismatch rates. The study’s findings indicate that over-education is common in low and middle income countries with both lower and higher rates of educational attainment. There is also evidence that over-educated tertiary workers do not use all of their skills, potentially wasting valuable human capital and educational resources. Aimed at policy makers, business and education leaders, and employers, Accounting for Mismatch in Low- and Middle-Income Countries suggests that job growth must go hand-in-hand with investments in education and training.
Book Synopsis Avoiding the Middle-Income Trap in Asia by : Naoyuki Yoshino
Download or read book Avoiding the Middle-Income Trap in Asia written by Naoyuki Yoshino and published by Asian Development Bank. This book was released on 2017-12-26 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since many policymakers aspire to pull their countries out of the middle-income trap and into the ranks of high-income countries, they must understand the factors that hinder or support the transition. This book defines the middle-income trap and examines the roles of manufacturing, finance, and trade openness in achieving sustainable development. The book also explores the role of government policy in fostering growth in the People's Republic of China. A common theme is that such policies may have unforeseen side effects that undermine their effectiveness, including how the hukou registration system and land-use policy control the pace of urbanization.
Book Synopsis Law and Development of Middle-Income Countries by : Randall Peerenboom
Download or read book Law and Development of Middle-Income Countries written by Randall Peerenboom and published by Cambridge University Press. This book was released on 2014-02-10 with total page 399 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1960, there were 101 middle-income countries. By 2008, only thirteen of these had become high-income countries. Why do so many middle-income countries fail to develop after a promising start, becoming mired in the so-called middle-income trap? This interdisciplinary volume addresses the special challenges that middle-income countries confront from both a theoretical and a practical perspective. It is the first volume that addresses law and development issues in middle-income countries from the perspective of political, administrative and legal institutions and policies. The goal is to provide international development agencies and domestic policy makers with feasible recommendations to address the wide range of technically, politically and socially complex issues that middle-income countries face.
Book Synopsis Beyond Economic Growth by : Tatyana P. Soubbotina
Download or read book Beyond Economic Growth written by Tatyana P. Soubbotina and published by World Bank Publications. This book was released on 2000-01-01 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book, which draws on data published by the World Bank, is addressed to teachers, students, and all those interested in exploring issues of global development.
Book Synopsis An East Asian Renaissance by : Indermit Singh Gill
Download or read book An East Asian Renaissance written by Indermit Singh Gill and published by World Bank Publications. This book was released on 2007 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: An East Asian Renaissance, by a World Bank team led by Chief Economist for East Asia & Pacific, Dr Homi Kharas and Economic Adviser, Dr Indermit Gill is the first comprehensive analysis of the new forces and challenges at play in the region since the Bank's seminal report of 1993, The East Asian Miracle. The report argues that regional flows of goods, finance and technology are helping even smaller East Asian countries reap the benefits of economies of scale and that this regional integration must be encouraged. But it also points out that these measures have to be supported by actions at the domestic level to ease the stresses and strains that rapid economic growth leaves in its wake. East Asia must now turn to the urgent domestic challenges of inequality, social cohesion, corruption and environmental degradation arising from its economic success.
Download or read book World Development Report, 1985 written by and published by World Bank Publications. This book was released on 1985 with total page 259 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report focuses on the contribution that international capital makes to economic development. While the report pays close attention to the events of the recent past, it also places the use of foreign capital in a broader and longer-term perspective. Using such a perspective, the report shows how countries at different stages of development have used external finance productively; how the institutional and policy environment affects the volume and composition of financial flows to developing countries; and how the international community has dealt with financial crises. This report concludes that the developing countries will have a continuing need for external finance. It demonstrates that many of the policies required to attract external finance and promote economic growth are either being implemented or planned already.
Book Synopsis Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America by : International Monetary Fund
Download or read book Credit Growth and the Effectiveness of Reserve Requirements and Other Macroprudential Instruments in Latin America written by International Monetary Fund and published by International Monetary Fund. This book was released on 2012-06-01 with total page 57 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade policy makers in Latin America have adopted a number of macroprudential instruments to manage the procyclicality of bank credit dynamics to the private sector and contain systemic risk. Reserve requirements, in particular, have been actively employed. Despite their widespread use, little is known about their effectiveness and how they interact with monetary policy. In this paper, we examine the role of reserve requirements and other macroprudential instruments and report new cross-country evidence on how they influence real private bank credit growth. Our results show that these instruments have a moderate and transitory effect and play a complementary role to monetary policy.
Download or read book At Your Service? written by Gaurav Nayyar and published by World Bank Publications. This book was released on 2021-10-18 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt: Manufacturing-led development has provided the traditional model for creating jobs and prosperity. But in the past three decades the conventional pattern of structural transformation has changed, with the services sector growing faster than the manufacturing sector. This raises critical questions about the ability of developing economies to close productivity gaps with advanced economies and to create good jobs for more people. At Your Service? The Promise of Services-Led Development (www.worldbank.org/services-led-development) assesses the scope of a services-driven development model and policy directions that can maximize the model’s potential.
