| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27708 |
| 来源ID | Working Paper 27708 |
| The Baker Hypothesis | |
| Anusha Chari; Peter Blair Henry; Hector Reyes | |
| 发表日期 | 2020-08-24 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | In 1985, James A. Baker III's “Program for Sustained Growth” proposed a set of economic policy reforms including, inflation stabilization, trade liberalization, greater openness to foreign investment, and privatization, that he believed would lead to faster growth in countries then known as the Third World, but now categorized as emerging and developing economies (EMDEs). A country-specific, time-series assessment of the reform process reveals three clear facts. First, in the 10-year-period after stabilizing high inflation, the average growth rate of real GDP in EMDEs is 2.2 percentage points higher than in the prior ten-year period. Second, the corresponding growth increase for trade liberalization episodes is 2.66 percentage points. Third, in the decade after opening their capital markets to foreign equity investment, the spread between EMDEs average cost of equity capital and that of the US declines by 240 basis points. The impact of privatization is less straightforward to assess, but taken together, the three central facts of reform provide empirical support for the Baker Hypothesis and suggest a simple neoclassical interpretation of the unprecedented increase in growth that has taken place in EMDEs since 1995. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Money and Interest Rates ; International Economics ; International Factor Mobility ; International Macroeconomics ; Globalization and International Relations ; Development and Growth ; Development ; Innovation and R& ; D ; Growth and Productivity |
| URL | https://www.nber.org/papers/w27708 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/585380 |
| 推荐引用方式 GB/T 7714 | Anusha Chari,Peter Blair Henry,Hector Reyes. The Baker Hypothesis. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27708.pdf（556KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
