China and India already rank among the world's largest economies, and each is moving rapidly toward the center stage of the global economy. In this process, different priorities have been placed on economic reforms over the past two decades?China taking a more outward strategy and India, until recently, a more inward one. Can they continue to rank among the fastest-expanding economies? This volume addresses that issue, highlighting what has worked and what more needs to be done to ensure sust...

China's economic reforms over the past two decades have brought tremendous economic transformation, rapid growth, and closer integration into the global economy. Real income per capita has increased fivefold, raising millions of Chinese out of poverty. Despite these achievements, difficult reforms--involving the state-owned enterprises and the financial sector--must still be completed, and social pressures from rising unemployment and income inequalities need to be addressed. China's accessio...

This study reviews recent developments in international trade policies in selected industrial countries. It was prepared for the June 1981 World Economic Outlook.

China's increasing openness to foreign direct investment (FDI) has contributed importantly to its exceptional growth performance. This paper examines China's experience with FDI and identifies some lessons for other countries. Most of the factors explaining China's success have also been important in attracting FDI to other countries: market size, labor costs, quality of infrastructure, and government policies. FDI has contributed to higher investment and productivity growth, and has created ...

This study examines the financial reforms undertaken by nine Asian countries in the 1980s (Indonesia, Korea, Malaysia, Myanmar, Nepal, the Philippines, Singapore, Sri Lanka, and Thailand) and their implications for money demand and monetary policy.

Thailand's sucess with economic development in recent decades is due mainly to is commitment to an outward-looking, market-based economy, a development strategy centered on the private sector, and cautious financial policies. This papers dicusses recent economic strains and how the authorities are coping with them to sustain the momentum of development

China's economic performance hs been remarkable since the the reform process began 15 years ago. Notwithstanding the achievements that have been made, a number of serious problems remain. This papers discusses the current reform program and the effors being made to overcome the structural impediments to growth.

China encountered problems preserving economic stability while pursuing reforms aimed at increasing its economic flexibility and efficiency. This paper examines China's experience with market-oriented reforms since 1978, offering lessons for other centrally planned economies in the midst of transition to free markets.

Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volu...

This book provides a comprehensive review of recent economic developments in South Africa and the structural and policy challenges facing the authorities. Individual papers examine a range of topics such as unemployment and the labor market, recent trends in the private saving rate, the role of foreign direct investment in the development of South Africa’s economy, the human and economic repercussions of the HIV/AIDS epidemic, the role of fiscal policy in economic stabilization, inflation dev...

There is no alternative to neoliberal economics - or so it appeared when Reclaiming Development was published in 2004. Many of the same driving assumptions - monetarism and globalization - remain within the international development policy establishment. Ha-Joon Chang and Ilene Grabel confront this neoliberal development model head-on by combining devastating economic critique with an array of innovative policies and an in-depth analysis of the experiences of leading Western and East Asian...

In June 2008, Justin Yifu Lin was appointed Chief Economist of the World Bank, right before the eruption of the worst global financial and economic crisis since the Great Depression. Drawing on experience from his privileged position, Lin offers unique reflections on the cause of the crisis, why it was so serious and widespread, and its likely evolution. Arguing that conventional theories provide inadequate solutions, he proposes new initiatives for achieving global stability and avoiding ...