{"title":"Financing Industrial Development in Korea and Implications For Africa","authors":"Keun Lee","doi":"10.1093/OXFORDHB/9780198793847.013.24","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.24","url":null,"abstract":"This chapter examines the implications of Korea’s industrial policy and financing for African economies that are trying to build their industrial bases. It considers industrial policy as essentially building the capabilities of private firms to sustain long-term economic growth and looks at the role of the government or industrial policy in this process of capability building. The chapter first provides an overview of the financial systems and industrial policy in Korea, focusing on the nature of financial control by the government and the roles and evolution of key development banks such as the Korea Development Bank. It then discusses three episodes of industrial policy and financing in these cases involving POSCO, targeted development of bottleneck technologies for small and medium-sized enterprises (SMEs), and leapfrogging into digital TV since the mid-1990s. Finally, it assesses the significance of the Korean experience for Africa, especially with regards to export manufacturing and resource-based development.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134156923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Structural Transformation","authors":"C. Ketels","doi":"10.1093/oxfordhb/9780198793847.013.7","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198793847.013.7","url":null,"abstract":"This chapter examines the relationship between competitiveness and structural transformation. It first provides an overview of the similarities and complementarities that link the competitiveness approach with the new literature on structural transformation, along with the differences between them, before discussing the role of competitiveness in economic development. The focus is on competitiveness as defined by the productivity-based view, along with drivers of competitiveness, the goals and motivations for economic policy aimed at improving competitiveness, and the new structural economics that offers a novel set of recommendations for how economies can speed up the process of structural transformation. The chapter identifies an integrated view that captures both the role of competitiveness fundamentals and industrial composition in driving productivity and prosperity outcomes.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123374152","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Participation in Global Value Chains","authors":"Xubei Luo, G. Gereffi","doi":"10.1093/OXFORDHB/9780198793847.013.12","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.12","url":null,"abstract":"This chapter examines the opportunities and challenges brought about by global value chains (GVCs). It first considers how GVCs are (re)shaping geography and transforming the global economy before discussing some of the main risks and opportunities that firms and people face as they participate in GVCs, with a focus on special challenges from the perspective of developing countries. Participation in GVCs creates new opportunities for firms to profit, provides employment and income sources for people, and widens their spectrum of consumption and investment. However, the economic gains of participating in GVCs do not automatically translate into good jobs or stable employment in both developed and developing countries. The extent to which firms and workers can benefit from participation in GVCs depends on their competitiveness. The chapter concludes with an analysis of some policy issues, such as government support for infrastructure improvements to smooth the functioning of GVCs.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126371434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic Reform and Structural Change","authors":"Barry J. Naughton","doi":"10.1093/OXFORDHB/9780198793847.013.23","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.23","url":null,"abstract":"This chapter examines China’s experience with structural change during three distinct periods of economic reform and growth: 1978–1995, 1995 through to about 2010, and 2010 to present. In each case, the chapter finds that the pattern of structural change is related to the choices made by policy makers with respect to reform and market transition. The first period saw a shift towards a more labour-intensive output basket, a structure that was more in line with China’s underlying comparative advantage, while the second period witnessed a move ‘upstream’ toward more capital and skill-intensive industries. Since 2010, China has begun to move toward a service economy and embarked on a new era of structural change. Each of these periods offers specific ‘lessons’ about the relationship between policy and structural change. The chapter concludes with a discussion of these lessons and a number of generalizations that apply to China’s experience as a whole.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115415335","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Remodelling Structural Change","authors":"J. Lin, Yong Wang","doi":"10.1093/OXFORDHB/9780198793847.013.3","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.3","url":null,"abstract":"This chapter examines how structural change can be formally modelled in the New Structural Economics (NSE) proposed by Justin Yifu Lin. According to NSE, the aggregate production function is no longer considered exogenous and time-invariant. Instead, it is derived from the compositions of underlying industries which are in turn determined by the endowment structure. The central economic idea of NSE is that endowment structure determines optimal industrial structures and that capital accumulation (improvement of endowment structure) drives changes in industrial structures. After a brief overview of the current dominant framework for macro-development analysis, the chapter explains why structures are important in understanding economic development. It then introduces a benchmark model of NSE and discusses several theoretical extensions to it. It argues that structural changes should be remodelled to emphasize the key roles of endowment structure and firm viability.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115968714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Sustainable Structural Change in the Context of Global Value Chains","authors":"P. Lectard","doi":"10.1093/OXFORDHB/9780198793847.013.11","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.11","url":null,"abstract":"This chapter examines sustainable structural change in the context of global value chains (GVCs). More specifically, it considers the complex, multidimensional nature of structural transformation in a productive context characterized by a strong international fractionalization of production. In this chapter, sustainable productive transformation is defined as a process of export diversification and sophistication that results from the accumulation of capabilities and enables a country to enter a virtuous circle of lasting transformation. It first reviews recent empiric literature concerning structural transformation and adopting an approach through exports, with a focus on the two dimensions of productive transformation: export diversification and sophistication. It then analyses the new issues that GVCs raise for the study and process of structural transformation before discussing the sustainability of this process. The chapter shows that the limits of an approach through exports, often ignored in literature, is problematic particularly in the context of value chains.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133577430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Infrastructure Finance","authors":"Kevin Lu, Cledan Mandri-Perrott","doi":"10.1093/oxfordhb/9780198793847.013.14","DOIUrl":"https://doi.org/10.1093/oxfordhb/9780198793847.013.14","url":null,"abstract":"This chapter examines the current investment gap in the emerging market and developing economy (EMDE) infrastructure market and proposes innovative solutions to help close the gap and supplement local financing by mobilizing international financial sources to support EMDE projects. The chapter highlights the importance of treating EMDE infrastructure as an asset class and the associated implications to investors, regulators, project sponsors, and other stakeholders. Specific products include project asset-based securities, puttable bonds, programmatic risk guarantees, and securitized infrastructure loan products. The chapter explores potential investor targets for the emerging market infrastructure sector and lays out proposed structures for alternative financing products that engage commercial and multilateral development banks to mobilize additional finance.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131796765","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Global Megatrends and the Macroeconomics of Gender","authors":"K. Kochhar, Sonali Jain-Chandra, Monique Newiak","doi":"10.1093/OXFORDHB/9780198793847.013.18","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.18","url":null,"abstract":"This chapter examines global megatrends such as demographic shifts, technological progress, globalization, and climate change and emphasizes the important role of gender equality in mitigating their adverse consequences. The chapter first discusses demographic change, globalization, technological progress, and climate change before explaining how the main challenges posed by these megatrends could be offset by increasing gender equality, providing more equal access to economic opportunities for women, and boosting female economic participation. In particular, it considers ways of mitigating the impact of population ageing, harnessing urbanization for growth and gender equity, catalysing change to reduce income inequality, accelerating economic diversification, and mitigating vulnerability to climate change. The chapter concludes with an evaluation of policy options for mitigating the risks posed by megatrends through gender equality, such as unleashing fiscal policy, easing the burden of non-market work, and removing legal discrimination against women.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125429377","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Desirable Directions of Structural Transformation","authors":"E. Phelps","doi":"10.1093/OXFORDHB/9780198793847.013.31","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.31","url":null,"abstract":"This chapter considers three questions arising from the idea of a ‘structural transformation’ of present-day economies: What is harmful in the existing structures? What goals do we want any new structures to serve? And what structures would serve the chosen goals? It begins with a discussion of the various harms attributed to the structures of advanced economies today, noting the frustration and alienation felt by the working class. It then challenges the belief that optimal resource allocation and well-functioning institutions are sufficient for a satisfactory economy, suggesting that the right economic model is the good economy—the kind of economy offering the good life. It also examines structures that make it possible to attain the desirable goals of prospering, flourishing, and self-expression. Finally, it analyses corporatism as the alternative to genuine capitalism and how it has prevented the system of economic dynamism from delivering the good life for many people.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"83 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121405660","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial Reforms, Financial Development, and Structural Change","authors":"Enisse Kharroubi, L. Silva","doi":"10.1093/OXFORDHB/9780198793847.013.9","DOIUrl":"https://doi.org/10.1093/OXFORDHB/9780198793847.013.9","url":null,"abstract":"This chapter explores the interrelationships between financial reforms, financial development, and structural change. More specifically, it considers the impact of financial reform on changes in labour productivity and whether liberalizing the functioning of the financial sector and lifting a number of regulations through financial reforms affect structural change and growth. In this chapter, structural change is defined as the contribution of labour reallocation across sectors to aggregate productivity growth and the difference-in-difference methodology is used to compare the evolution of productivity growth—and its different sources including structural change—before and after a financial reform. This evolution is also contrasted with cases in which financial reform is absent. Drawing on a sample of advanced and emerging market economies, the chapter shows that labour productivity accelerates following periods of intense financial reforms. The results generally suggest that financial reforms positively affect productivity growth, in part through the contribution of structural change.","PeriodicalId":153188,"journal":{"name":"The Oxford Handbook of Structural Transformation","volume":"87 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114321809","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}