While economists continue to debate whether particular economic policies, such as those referred to in Willliamson`s (1993) quot;Washington Consensus,quot; can spur growth in developing countries, this paper demonstrates that it is combinations of policies that are more critical for growth....

This paper constructs a general equilibrium model with monopolistically competitive firms and endogenous markups where government spending consists of both consumption and investment goods. It is shown that when markups are countercyclical, increases in the share of investment goods in aggregate...

This paper studies the relationship between economic growth and financial development in China during the post-1978 reform period. Recent studies, based on cross-country data, have found a positive association between these two variables. We find that while a positive correlation between growth...

The paper seeks to identify common characteristics among a variety of macroeconomic and financial variables for a large sample of currency crises in industrial countries and emerging market economies. It covers crises which culminated in large currency depreciation as well as those in which...

In the spirit of what is known as business cycle accounting, this paper finds that the investment wedge - the gap between household's rate of intertemporal substitution and the marginal product of capital - is large and quantitatively significant in explaining China's and India's growth....

India's progress in reducing poverty at the national level masks substantial disparity in the incidence of poverty at the state level. This paper provides a description of the trends in interstate differences in rural poverty for the period 1978-97. Key findings are that poverty generally...

China's rapid overall growth since 1978 masks significant differences in relative economic performance across its provinces. This paper finds that, while per capita income of poor provinces are catching up with those in the rich, the relative income distribution appears to be stratifying into a...

This paper constructs a general equilibrium model with monopolistically competitive firms and endogenous markups where government spending consists of both consumption and investment goods. It is shown that when markups are countercyclical, an increase in the share of investment goods in total...

The paper seeks to identify common characteristics among a variety of macroeconomic and financial variables for a large sample of currency crises in industrial countries and emerging market economies. It covers crises which culminated in large currency depreciation as well as those in which...