Asia's Quest for Inclusive Growth Revisited

Despite the rapid economic growth and poverty reduction, inequality in Asia worsened during last two decades. We focus on the determinants of growth inclusiveness and suggest options for reform. A cross cross-country empirical analysis suggests that fiscal redistribution, monetary policy aimed at macro stability, and structural reforms to stimulate trade, reduce unemployment and increase productivity are important determinants of inclusive growth. The main policy implication of our analysis is that there is still room to strengthen such policies in Asia to better achieve growth with shared prosperity. In particular, scenario simulations based on our results suggests that the effect of expanding fiscal redistribution on inclusive growth could be sizeable in emerging Asia, since the estimated improvement in our proxy of inclusive growth – a measure of growth in average income "corrected" for the equity impact—ranges from about 1 to about 8 percentage points.
Publication date: February 2015
ISBN: 9781498340144
$18.00
Add to Cart by clicking price of the language and format you'd like to purchase
Available Languages and Formats
Paperback
PDF
English
Prices in red indicate formats that are not yet available but are forthcoming.
Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

inequality , growth , poverty , gini index , Equity , Justice , and Other Normative Criteria and Measurement , Economic Growth of Open Economies , Macroeconomic Analyses of Economic Development

Summary