WPS 280 Adjustment Policies

Policy differences explain why East Asia's newly industrializ-ing economies outperformed Latin America's in per capita income. But it is inappropriate for Korea and Taiwan to run current account surpluses when they can get higher returns from domestic investment than from foreign securities or gold. The Policy, Planning, and Research Complex distributes PPR Working Papers to disseminate the findings of work in progress and to encourage the exchange of ideas among Bank staff and a*1 others interested in development issues. These papers carry the names of the authors, reflect only their views, and should be used and cited accordingly. The findings, interpretaions, and conclusions arc the authors ' own. They should not be attributed to the World Bank, its Board of Disectors, its management, or any of its membcr countries. Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz ed Pu bl ic Di sc lo su re A ut ho riz e