ACHIEVING MACROECONOMIC STABILITY AND EXPORT GROWTH – REGULATIONS USED
•HPAE’s Maintained Macroeconomic stability with three functions:
• Accumulation, efficient allocation and technological catching up. Used combination of policies ranging from market-oriented to state-led, across economies and over time.
• Some East Asia’s successful interventions are Government-initiated responses to coordinate problems, clear performance-based standard.
• Competitive discipline (2nd column) – for efficient investment.
• HPAE’s combined competition with Government and private sector.
• Growth function: require high-quality civil service with the capacity to monitor performance.
•HPAE’s used multiple, shifting policy instruments in pursuit of more immediate economic objectives.