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New Structural Economics : A Framework for Rethinking Development

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dc.contributor.authorLin, Justin Yifu
dc.date.accessioned2014-09-02T18:25:20Z
dc.date.available2014-09-02T18:25:20Z
dc.date.issued2010-02
dc.description.abstractAs strategies for achieving sustainable growth in developing countries are re-examined in light of the financial crisis, it is critical to take into account structural change and its corollary, industrial upgrading. Economic literature has devoted a great deal of attention to the analysis of technological innovation, but not enough to these equally important issues. The new structural economics outlined in this paper suggests a framework to complement previous approaches in the search for sustainable growth strategies. It takes the following into consideration: First, an economy's structure of factor endowments evolves from one stage of development to another. Therefore, the optimal industrial structure of a given economy will be different at different stages of development. Each industrial structure requires corresponding infrastructure (both "hard" and "soft") to facilitate its operations and transactions. Second, each stage of economic development is a point along the continuum from a low-income agrarian economy to a high-income industrialized economy, not a dichotomy of two economic development stages ("poor" versus "rich" or "developing" versus "industrialized"). Industrial upgrading and infrastructure improvement targets in developing countries should not necessarily draw from those that exist in high-income countries. Third, at each given stage of development, the market is the basic mechanism for effective resource allocation. However, economic development as a dynamic process requires industrial upgrading and corresponding improvements in "hard" and "soft" infrastructure at each stage. Such upgrading entails large externalities to firms' transaction costs and returns to capital investment. Thus, in addition to an effective market mechanism, the government should play an active role in facilitating industrial upgrading and infrastructure improvements.en
dc.description.abstractEste documento se centra en los desafíos del desarrollo a largo plazo. Analiza la evolución del pensamiento sobre el desarrollo desde el término de la Segunda Guerra Mundial y sugiere un marco que permita que los países en vías de desarrollo logren crecer de manera sostenible, erradiquen la pobreza y reduzcan la brecha de ingresos con los países desarrollados. El marco propuesto, denominado enfoque neoclásico respecto de sus estructuras y el cambio en el proceso de desarrollo económico, o nueva economía estructural, se basa en algunos de los conocimientos de la vieja escuela de economía estructuralista. Pone de relieve la idea de que las características estructurales deben ser consideradas en el análisis del proceso de desarrollo económico, y que el estado debe actuar de facilitador, ayudando a un país en desarrollo a convertir su estructura atrasada en una moderna. Sin embargo, este nuevo marco también considera que las diferencias estructurales entre los países en vías de desarrollo y los desarrollados son en gran parte endógenas a las estructuras de su dotación de recursos y determinadas por las fuerzas del mercado, en lugar de ser una consecuencia de la distribución del poder u otras rigideces determinadas exógenamente, como suponía el antiguo enfoque estructuralista.es
dc.identifierhttp://documents.worldbank.org/curated/en/2010/02/11737058/new-structural-economics-framework-rethinking-development
dc.identifier.doi10.1596/1813-9450-5197
dc.identifier.urihttps://hdl.handle.net/10986/19919
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Paper;No. 5197
dc.rightsCC BY 3.0 IGO
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo/
dc.subjectACCESS TO INFORMATION
dc.subjectAGRICULTURE
dc.subjectAMOUNT OF CAPITAL
dc.subjectARBITRAGE
dc.subjectBANK ACCOUNT
dc.subjectBANK LENDING
dc.subjectBINDING CONSTRAINT
dc.subjectBOND
dc.subjectBOND FINANCING
dc.subjectBUDGET CONSTRAINTS
dc.subjectBUSINESS CYCLES
dc.subjectCAPITAL INFLOWS
dc.subjectCAPITAL INVESTMENT
dc.subjectCAPITAL REQUIREMENTS
dc.subjectCENTRAL BANK
dc.subjectCENTRAL BANKS
dc.subjectCENTRAL PLANNING
dc.subjectCLASSICAL ECONOMICS
dc.subjectCOLLECTIVE ACTION
dc.subjectCOLLECTIVE ACTIONS
dc.subjectCOMMODITY PRICE
dc.subjectCOMMODITY PRICES
dc.subjectCOMPARATIVE ADVANTAGE
dc.subjectCOMPARATIVE ADVANTAGES
dc.subjectCOMPETITIVE ADVANTAGE
dc.subjectCOMPETITIVE MARKET
dc.subjectCOMPETITIVE MARKETS
dc.subjectCREDIT RATIONING
dc.subjectCURRENCY COMPOSITION
dc.subjectDEBT
dc.subjectDEBT CRISIS
dc.subjectDECISION TREE
dc.subjectDEVELOPING COUNTRIES
dc.subjectDEVELOPING COUNTRY
dc.subjectDEVELOPMENT AGENCIES
dc.subjectDEVELOPMENT ECONOMICS
dc.subjectDEVELOPMENT POLICIES
dc.subjectDEVELOPMENT PROJECTS
dc.subjectDEVELOPMENT STRATEGIES
dc.subjectDEVELOPMENT STRATEGY
dc.subjectDOMESTIC CURRENCIES
dc.subjectDOMESTIC CURRENCY
dc.subjectDOMESTIC MARKET
dc.subjectDOMESTIC MARKETS
dc.subjectECONOMIC COOPERATION
dc.subjectECONOMIC DEVELOPMENT
dc.subjectECONOMIC EFFICIENCY
dc.subjectECONOMIC GROWTH
dc.subjectECONOMIC HISTORIANS
dc.subjectECONOMIC LIBERALIZATION
dc.subjectECONOMIC LIFE
dc.subjectECONOMIC SECTORS
dc.subjectECONOMIC STRUCTURE
dc.subjectECONOMIC STRUCTURES
dc.subjectECONOMIC SYSTEMS
dc.subjectECONOMIC THEORIES
dc.subjectECONOMIC THEORY
dc.subjectECONOMICS
dc.subjectECONOMICS LITERATURE
dc.subjectECONOMICS RESEARCH
dc.subjectECONOMIES OF SCALE
dc.subjectECONOMISTS
dc.subjectELASTICITY
dc.subjectEQUIPMENT
dc.subjectEQUITY MARKET
dc.subjectEQUITY MARKETS
dc.subjectEXCESS DEMAND
dc.subjectEXCHANGE RATE
dc.subjectEXPENDITURE
dc.subjectEXPENDITURES
dc.subjectEXTERNAL ASSETS
dc.subjectEXTERNAL FUNDING
dc.subjectEXTERNALITIES
dc.subjectEXTERNALITY
dc.subjectFINANCIAL CAPITAL
dc.subjectFINANCIAL CRISIS
dc.subjectFINANCIAL DEVELOPMENT
dc.subjectFINANCIAL HISTORY
dc.subjectFINANCIAL SECTOR
dc.subjectFINANCIAL STRUCTURE
dc.subjectFINANCIAL SYSTEM
dc.subjectFIRM PERFORMANCE
dc.subjectFISCAL POLICIES
dc.subjectFISCAL POLICY
dc.subjectFOREIGN CAPITAL
dc.subjectFOREIGN CURRENCY
dc.subjectFOREIGN DIRECT INVESTMENT
dc.subjectFOREIGN EQUITY
dc.subjectFOREIGN EXCHANGE
dc.subjectFOREIGN EXCHANGE RESERVE
dc.subjectFREE TRADE
dc.subjectGDP
dc.subjectGLOBAL ECONOMY
dc.subjectGLOBAL MARKET
dc.subjectGLOBAL MARKETS
dc.subjectGLOBALIZATION
dc.subjectGOVERNMENT INTERVENTION
dc.subjectGOVERNMENT INTERVENTIONS
dc.subjectGOVERNMENT INVESTMENT
dc.subjectGOVERNMENT REVENUES
dc.subjectGOVERNMENT SAVINGS
dc.subjectGOVERNMENT SPENDING
dc.subjectGROSS DOMESTIC PRODUCT
dc.subjectGROSS NATIONAL PRODUCT
dc.subjectGROWTH POTENTIAL
dc.subjectGROWTH RATE
dc.subjectHUMAN CAPITAL
dc.subjectIMPORT QUOTAS
dc.subjectINCOME
dc.subjectINCOME LEVEL
dc.subjectINCOME LEVELS
dc.subjectINDUSTRIALIZATION
dc.subjectINEFFICIENCY
dc.subjectINFLATION
dc.subjectINFLATION RATES
dc.subjectINFORMATIONAL ASYMMETRY
dc.subjectINFRASTRUCTURE INVESTMENTS
dc.subjectINSTRUMENT
dc.subjectINSURANCE
dc.subjectINTANGIBLE
dc.subjectINTEREST RATE
dc.subjectINTEREST RATE POLICY
dc.subjectINTEREST RATES
dc.subjectINTERNATIONAL BANK
dc.subjectINTERNATIONAL FINANCIAL INSTITUTIONS
dc.subjectINTERNATIONAL FINANCIAL MARKETS
dc.subjectINTERNATIONAL MARKETS
dc.subjectINTERNATIONAL TRADE
dc.subjectINVESTMENT CLIMATE
dc.subjectINVESTMENT DECISION
dc.subjectINVESTMENT INSTRUMENTS
dc.subjectINVESTMENT OPPORTUNITIES
dc.subjectINVESTMENT PROJECTS
dc.subjectKEYNESIAN ECONOMICS
dc.subjectLAISSEZ FAIRE
dc.subjectLEGAL FRAMEWORK
dc.subjectLEGAL FRAMEWORKS
dc.subjectLENDERS
dc.subjectLEVEL OF RISK
dc.subjectLIQUIDITY
dc.subjectLOCAL BANKS
dc.subjectLOCAL MARKETS
dc.subjectMACROECONOMIC ENVIRONMENT
dc.subjectMACROECONOMIC MANAGEMENT
dc.subjectMACROECONOMIC POLICIES
dc.subjectMACROECONOMIC VOLATILITY
dc.subjectMACROECONOMICS
dc.subjectMARGINAL RATE OF RETURN
dc.subjectMARKET CONFIDENCE
dc.subjectMARKET ECONOMIES
dc.subjectMARKET ECONOMY
dc.subjectMARKET FAILURES
dc.subjectMARKET MECHANISM
dc.subjectMARKET SHARES
dc.subjectMARKET SIZE
dc.subjectMARKET TRANSACTIONS
dc.subjectMATURE MARKETS
dc.subjectMATURITY
dc.subjectMICROECONOMIC ANALYSES
dc.subjectMONETARY POLICY
dc.subjectMONEY SUPPLY
dc.subjectMONOPOLIES
dc.subjectMONOPOLY
dc.subjectMULTIPLIERS
dc.subjectNATIONAL ECONOMIES
dc.subjectNATIONAL INCOME
dc.subjectNATURAL MONOPOLIES
dc.subjectNATURAL RESOURCES
dc.subjectNEOCLASSICAL ECONOMICS
dc.subjectNET EXPORTS
dc.subjectOPEN ECONOMY
dc.subjectOUTSTANDING DEBT
dc.subjectOVERVALUATION
dc.subjectPATENTS
dc.subjectPER CAPITA INCOME
dc.subjectPORTFOLIO
dc.subjectPORTFOLIO MANAGEMENT
dc.subjectPRICE ELASTICITY
dc.subjectPRICE ELASTICITY OF DEMAND
dc.subjectPRICE FLUCTUATIONS
dc.subjectPRICE STABILITY
dc.subjectPRIVATE CAPITAL
dc.subjectPRIVATE CAPITAL INFLOWS
dc.subjectPRIVATE INVESTMENT
dc.subjectPRODUCTION COSTS
dc.subjectPRODUCTIVITY GROWTH
dc.subjectPRODUCTIVITY INCREASES
dc.subjectPROPERTY RIGHTS
dc.subjectPROTECTIONISM
dc.subjectPUBLIC INVESTMENTS
dc.subjectPURCHASING POWER
dc.subjectRESERVES
dc.subjectRETURNS
dc.subjectRISK SHARING
dc.subjectSHADOW PRICES
dc.subjectSHORT-TERM INTEREST RATES
dc.subjectSOCIAL CAPITAL
dc.subjectSOCIAL NETWORKS
dc.subjectSTRUCTURAL CHANGE
dc.subjectTAX
dc.subjectTAX REVENUES
dc.subjectTAX SUBSIDIES
dc.subjectTELECOMMUNICATIONS
dc.subjectTOTAL OUTPUT
dc.subjectTRANSACTION
dc.subjectTRANSACTION COST
dc.subjectTRANSACTION COSTS
dc.subjectTRANSITION ECONOMIES
dc.subjectTRANSPARENCY
dc.subjectTRUST FUND
dc.subjectUNEMPLOYMENT
dc.subjectWAGES
dc.subjectWEALTH
dc.titleNew Structural Economics : A Framework for Rethinking Developmenten
dc.titleNueva economía estructural : un marco para reformular el desarrolloes
dc.title.alternativeNueva economia estructural : un marco para reformular el desarrolloen
dc.title.alternativeNueva economia estructural : un marco para reformular el desarrolloes
dspace.entity.typePublication
okr.crossref.titleNew Structural Economics : A Framework For Rethinking Development
okr.date.disclosure2010-02-28
okr.date.doiregistration2025-04-10T11:57:02.985594Z
okr.doctypePublications & Research::Policy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/2010/02/11737058/new-structural-economics-framework-rethinking-development
okr.globalpracticeMacroeconomics and Fiscal Management
okr.globalpracticePoverty
okr.globalpracticeFinance and Markets
okr.globalpracticeTrade and Competitiveness
okr.guid187671468332481827
okr.guid923091468150302607
okr.guid394311468152081859
okr.identifier.doi10.1596/1813-9450-5197
okr.identifier.externaldocumentum000158349_20100203090711
okr.identifier.internaldocumentum11737058
okr.identifier.reportWPS5197
okr.language.supporteden
okr.language.supportedes
okr.pdfurlhttp://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2010/02/03/000158349_20100203090711/Rendered/PDF/WPS5197.pdfen
okr.pdfurlhttp://documents.worldbank.org/curated/en/394311468152081859/pdf/WPS5197SPANISH.pdfes
okr.relation.associatedurlhttps://openknowledge.worldbank.org/handle/10986/13507
okr.topicFinance and Financial Sector Development::Debt Markets
okr.topicBanks and Banking Reform
okr.topicEconomic Theory and Research
okr.topicPrivate Sector Development::Emerging Markets
okr.topicPoverty Reduction::Achieving Shared Growth
okr.topicMacroeconomics and Economic Growth
okr.txturlhttp://documents.worldbank.org/curated/en/394311468152081859/text/WPS5197SPANISH.txtes
okr.unitOffice of the Vice President, Development Economics
okr.volume1 of 1
relation.isAuthorOfPublication6f9860c3-5c17-54f1-92fb-9f5055cc0038
relation.isAuthorOfPublication.latestForDiscovery6f9860c3-5c17-54f1-92fb-9f5055cc0038
relation.isSeriesOfPublication26e071dc-b0bf-409c-b982-df2970295c87
relation.isSeriesOfPublication.latestForDiscovery26e071dc-b0bf-409c-b982-df2970295c87
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