Adjusting to external shocks : the newly industrializing developing economies in 1974-76 and 1979-81 (Английский)

This paper provides evidence on the differential effects of alternative policy responses to external shocks in newly industrializing economies during the three-year period following the quadrupling of oil prices in 1973-74 and two-and-a-half fold increase in oil prices in 1979-80. It is concluded that, after a temporary slowdown, the continued application of outward oriented policies permitted regaining relatively high rates of economic growth while...
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