Asia's Quest for Inclusive Growth Revisited

Despite the rapid economic growth and poverty reduction, inequality in Asia worsened during last two decades. We focus on the determinants of growth inclusiveness and suggest options for reform. A cross cross-country empirical analysis suggests that fiscal redistribution, monetary policy aimed at ma...

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Bibliographic Details
Main Author: Aoyagi, Chie
Other Authors: Ganelli, Giovanni
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2015
Series:IMF Working Papers
Subjects:
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
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245 0 0 |a Asia's Quest for Inclusive Growth Revisited  |c Chie Aoyagi, Giovanni Ganelli 
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300 |a 29 pages 
651 4 |a China, People's Republic of 
653 |a Macroeconomic Analyses of Economic Development 
653 |a Redistributive Effects 
653 |a Environmental Taxes and Subsidies 
653 |a Economic Growth of Open Economies 
653 |a Income distribution 
653 |a Economic growth 
653 |a Poverty reduction 
653 |a Taxation and Subsidies: Externalities 
653 |a Aggregate Factor Income Distribution 
653 |a Economic Growth and Aggregate Productivity: General 
653 |a National accounts 
653 |a Poverty 
653 |a Income inequality 
653 |a Inclusive growth 
653 |a Macroeconomics 
653 |a Social Services and Welfare 
653 |a Government Policy 
653 |a Economic development 
653 |a Provision and Effects of Welfare Program 
653 |a Social welfare & social services 
653 |a Equity, Justice, Inequality, and Other Normative Criteria and Measurement 
653 |a Fiscal redistribution 
700 1 |a Ganelli, Giovanni 
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520 |a Despite the rapid economic growth and poverty reduction, inequality in Asia worsened during last two decades. We focus on the determinants of growth inclusiveness and suggest options for reform. A cross cross-country empirical analysis suggests that fiscal redistribution, monetary policy aimed at macro stability, and structural reforms to stimulate trade, reduce unemployment and increase productivity are important determinants of inclusive growth. The main policy implication of our analysis is that there is still room to strengthen such policies in Asia to better achieve growth with shared prosperity. In particular, scenario simulations based on our results suggests that the effect of expanding fiscal redistribution on inclusive growth could be sizeable in emerging Asia, since the estimated improvement in our proxy of inclusive growth - a measure of growth in average income "corrected" for the equity impact-ranges from about 1 to about 8 percentage points