American Economic Review: Vol. 104 No. 5 (May 2014)

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Learning from the Doers: Developing Country Lessons for Advanced Economy Growth

Article Citation

Chari, Anusha, and Peter Blair Henry. 2014. "Learning from the Doers: Developing Country Lessons for Advanced Economy Growth." American Economic Review, 104(5): 260-65.

DOI: 10.1257/aer.104.5.260

Abstract

From 1980 to 1992, emerging and developing countries grew by 3.4 percent per year. Their annual rate of growth increased to 5.4 percent between 1993 and 2012. No such increase occurred for advanced nations, whose average growth from 1980 to 2012 was roughly constant (excluding the impact of the 2008–2009 Recession). Developing nations turned themselves around by embracing discipline-sustained commitment to a pragmatic and flexible growth strategy. Three illustrations of discipline through the lens of trade, fiscal, and debt reforms in the developing world offer relevant, practical lessons for recovery in advanced economies and continued catch-up growth in developing nations.

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Authors

Chari, Anusha (U NC)
Henry, Peter Blair (NYU)

JEL Classifications

D83: Search; Learning; Information and Knowledge; Communication; Belief
E32: Business Fluctuations; Cycles
E62: Fiscal Policy
G01: Financial Crises
O11: Macroeconomic Analyses of Economic Development
O23: Fiscal and Monetary Policy in Development
O47: Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence


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