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accumulation achieve America and Caribbean Average Bangladesh benefits borrowers bureaucracies China Colombia competition contrast declining deliberation councils demographic transitions developing economies Directed credit directed-credit programs domestic East Asia's success East Asian economies East Asian Miracle Economy/region Explaining East Asia's export growth export-push strategy Figure financial repression firms foreign exchange foreign technology fundamental and interventionist fundamental policies growth rate percent high growth Hong Kong HPAE governments human capital incentives increased Indonesia industrial policies inequality institutions Japan and Korea Kenya Korea Labor Markets Latin America levels macroeconomic stability Malaysia Manufactured Exports ment middle-income economies neoclassical nomic Number policy instruments Policy Research Reports population poverty lines private investment private sector productivity change productivity growth promotion public policy rapid productivity ratio real interest rates regimes regions relative prices Savings Rates school-age Selected Economies selective interventions Shared Growth Singapore South Asia Sub-Saharan Africa subsidies Taiwan technocratic Thailand tion wages World Bank