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By Pradeep Agrawal, Subir V. Gokarn, Veena Mishra, Kirit S. Parikh
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Extra resources for Policy Regimes and Industrial Competitiveness: A Comparative Study of East Asia and India
Example text
The observed outcomes of these studies are then related to the respective policies followed by the countries, in our sample, during the same period. 24 Fundamentals: The Macroeconomic Environment 25 The macroeconomic environment The key macroeconomic determinant of a country’s international competitiveness in exports, manufacturing or otherwise, is the real exchange rate (Edwards 1989). An ‘over-valued’ real exchange rate can distort incentives for producers in the home country so as to make the non-tradeable sector more profitable as compared to the tradeable sector and, consequently, draw resources away from the latter.
In effect, these countries seemed to use export performance as a kind of intermediate target around which the policy regime was focused. A second set of issues was based on a number of important criticisms of the approach that the EAM followed in denying the effectiveness of selective policies. One important issue here was the role of the institutional structure within which these policies were undertaken; the EAM appears to have taken a somewhat mechanistic view of such structures Introduction: The State of the Debate 19 in concluding that these policies, with the exception of the export push, were generally non-replicable.
Another indicator of macroeconomic stability is the degree of foreign indebtedness as measured by the ratio of external debt to exports of goods and services. Of the six East Asian countries in the sample, the governments of Singapore and Taiwan never borrowed abroad. Among the other four, Indonesia, Korea, Malaysia borrowed fairly heavily till the mid-1980s, with debt to GNP ratios comparable to other highly indebted economies (World Bank, 1993). 3 Source: Real exchange rate, 1966–92, India International Financial Statistics, IMF.