By Pradeep Agrawal, Subir V. Gokarn, Veena Mishra, Kirit S. Parikh
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Additional info for Policy Regimes and Industrial Competitiveness: A Comparative Study of East Asia and India
74 per cent) and is considerably higher than that of the other ﬁve countries. Moreover, the data reveals that ﬁscal imbalances in the case of India have steadily increased over time. It should also be observed that the late 1980s were a period of ﬁscal consolidation for several countries in our sample, in particular Korea, Malaysia and Thailand; and, as we have seen earlier, a period of strong manufacturing export growth for Malaysia and Thailand. There is indirect evidence here, then, that an improved macroeconomic situation may have contributed to the favourable outcome in the trade sector in these countries.
1995; see also Chapter 5). 1 MAL THAI Real exchange rate,a 1971–92, Indonesia, Malaysia and Thailand a Note: Real exchange rate = exchange rate (domestic currency in terms of US$)*WPIUS/CPIDOMESTIC. Source: International Financial Statistics, IMF. each of these countries during their respective periods of manufacturing export growth (with the exception of Korea in the late 1970s). 2). In this respect, the stability of the macroeconomic environment in Malaysia, Singapore, Taiwan and Thailand has been exemplary, with the mean and variance of the inﬂation rate very close to (or lower than) the averages for industrialized countries.
Once such a goal has been deﬁned, and there is a clear commitment on the state’s part to pursue it, the capacity of the state’s policy-implementing institutions comes into play. Obviously discretionary policies generate potential rents, and it is up to these institutions to ensure that rent-seeking activity does not cause too large a deviation from policy objectives. There are two aspects to this responsibility: the setting up of transparent criteria by which agents are given the beneﬁt of discretion, be it trade protection or preferential credit allocation; and, the credible enforcement of sanctions against the violation of such criteria.