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 Governmentinitiated
responses to coordinate problems, clear performancebased
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.
• Two important aspects: macroeconomic stability and