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Making the Transition

其他書名	From Middle-income to Advanced Economies
出版	Carnegie Endowment for International Peace, 2011
URL	http://books.google.com.hk/books?id=_kSVAQAACAAJ&hl=&source=gbs_api

註釋Shows that few middle-income countries have successfully transitioned into advanced economies in the past twenty years. Demonstrates that as the world struggles with a new economic slowdown, middle-income countries should look at the lessons from the economies that successfully made the jump. Shows that the more successful countries in the bunch - particularly Finland and South Korea - set themselves apart from the rest by investing early in improving the quality of education and inducing high investment in research and development. Shows also that by opening up to world trade and using tax incentives and access to subsidized credit, successful countries were able to attract foreign direct investment in high-technology sectors. And shows that to allow for continued growth, Finland and South Korea were able to turn financial crises into opportunities to undertake much-needed economic reforms - this was only possible because there were broad political and social agreements on the essential elements for sustaining high growth rates. But demonstrates also that not every newly developed economy enjoyed this level of success, notably Spain, Portugal, and Ireland. With these experiences in mind, there are four lessons that middle-income countries should learn to increase the probability that they will break through the so-called middle-income trap and successfully maintain strong economic growth rates: good macroeconomic management during crises is not enough; rigid exchange rates and labour markets make it hard to maintain competitiveness; investments in education and innovation are essential for long-term growth; political and social agreements are critical to avoid stagnation.