Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments April 27, 2018 erstellt
Beschreibung:
The objective of this paper is to identify the common factors that enable the East Asian economies to become developed in the post-World War II period. The East Asian economies have been able to take advantage of the open global economy. They all have sound economic fundamentals — a high domestic savings rate, the existence of abundant surplus labour, and investment in intangible capital — which provide the necessary domestic conditions for an economy to grow and prosper. They have also been able to maintain domestic macroeconomic stability and a relatively low rate of inflation, which are essential for the stability of the exchange rate and the success of an export promotion policy. They have all adopted export promotion, as opposed to import substitution, economic development policy, capitalising on their comparative advantages and using the exchange rate as one of the instruments. Exports also provided the initial growth in the aggregate demand for these economies. Finally, the continuity of governance has been an important factor in the early stage of development of these economies as it facilitates not only long-term planning but also faithful implementation of the plan once adopted