{
  "title": "A New Look at the Determinants of Growth in Asian Countries",
  "publication": "IMF Working Papers, September 3, 2015",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/a-new-look-at-the-determinants-of-growth-in-asian-countries-43246",
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  "summary": "This study examines the drivers of growth in Asian countries, with focus on the role of investment, the exchange rate regime, financial risk, and capital account openness. We use a panel data set of a sample of Asian countries over the period 1980 to 2012.",
  "sections": [
    {
      "heading": "Summary and Main Findings",
      "content": "- Study examines drivers of growth in Asian countries with focus on: investment, the exchange rate regime, financial risk, and capital account openness.\n- Data: panel data set of a sample of Asian countries over the period 1980 to 2012.\n- Key empirical results:\n  - Private and public investments are strong drivers of growth.\n  - More limited evidence that reduced financial risk supports growth.\n  - More limited evidence that higher foreign direct investment supports growth.\n  - The exchange rate regime does not appear to be a strongly significant determinant of growth, but some specifications suggest that more flexible regimes are beneficial.\n  - Financial crises have a stronger dampening effect on growth in countries with more open capital accounts."
    },
    {
      "heading": "Methodology and Scope",
      "content": "- Empirical approach: panel data analysis covering a sample of Asian countries.\n- Time coverage: 1980 to 2012.\n- Focus variables: private investment, public investment, exchange rate regime, financial risk, foreign direct investment, capital account openness, financial crises."
    },
    {
      "heading": "Policy-Relevant Interpretations",
      "content": "- Investment-led growth:\n  - Strengthening private and public investment is identified as a robust channel to foster economic growth.\n- Financial stability and openness:\n  - Reducing financial risk can support growth, though the evidence is more limited than for investment.\n  - Capital account openness intensifies the growth-dampening impact of financial crises, suggesting that policies to manage capital flow volatility and to shore up financial resilience are important when capital accounts are open.\n- Exchange rate regime:\n  - No strong general effect of exchange rate regime on growth across specifications.\n  - Some model specifications indicate potential benefits of more flexible exchange rate regimes for growth.\n\n---\n\n Content in this bundle\n\n- wp15195 - Appendix A\n  - wp15195 - Appendix A (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - wp15195 - Appendix A (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/a-new-look-at-the-determinants-of-growth-in-asian-countries-43246"
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    "Authors: Manuk Ghazanchyan, Janet Gale Stotsky, Qianqian Zhang",
    "Published: September 3, 2015",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781513524535.001",
    "Study examines drivers of growth in Asian countries with focus on: investment, the exchange rate regime, financial risk, and capital account openness.",
    "Data: panel data set of a sample of Asian countries over the period 1980 to 2012.",
    "Key empirical results:",
    "Empirical approach: panel data analysis covering a sample of Asian countries.",
    "Time coverage: 1980 to 2012.",
    "Focus variables: private investment, public investment, exchange rate regime, financial risk, foreign direct investment, capital account openness, financial crises.",
    "Investment-led growth:",
    "Financial stability and openness:",
    "Exchange rate regime:",
    "**_wp15195 - Appendix A**"
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