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Where countries have been able to carry through on their reform commitments -- as in Korea, Thailand and the Philippines -- results are starting to come in the form of lower interest rates, new investment and increased growth.
--
David Ignatius (April 12, 1999) "Clinton's Capitulation on China", The Washington Post, p. A23.

 

Lawrence Summers

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"It was the FLP that was committed to reducing the cost of doing business and started by lowering the cost of utilities, and requested the commercial banks and lending organizations to reduce their fees, charges and interest rates. The FLP also moved to reduce public expenditure, which saw a saving of $96 million in its year in office. It was also the FLP, which lowered interest in Housing Authority home loans from 12 per cent to 6 per cent for those on lower incomes. It was the aggregate effect of this and a range of other measures of tight fiscal control, investment in key growth areas and a firm hand on curbing corruption that saw the economy record an unprecedented growth of 9.6% in 1999."

 

Mahendra Chaudhry

 

Inflation is bad for growth—this has become one of the most widely accepted economic nostrums of our age. But see how you feel about it after digesting the following piece of information.
During the 1960s and the 1970s, Brazil’s average inflation rate was 42% a year. Despite this, Brazil was one of the fastest growing economies in the world for those two decades—its per capita income grew at 4.5% a year during this period. In contrast, between 1996 and 2005, during which time Brazil embraced the neo-liberal orthodoxy, especially in relation to macroeconomic policy, its inflation rate averaged a much lower 7.1% a year. But during this period, per capita income in Brazil grew at only 1.3% a year.
If you are not entirely persuaded by the Brazilian case—understandable, given that hyperinflation went side by side with low growth in the 1980s and the early 1990s—how about this? During its ‘miracle’ years, when its economy was growing at 7% a year in per capita terms, Korea had inflation rates close to 20%-17.4% in the 1960s and 19.8% in the 1970s. These were rates higher than those found in several Latin American countries ... Are you still convinced that inflation is incompatible with economic success?

 

Ha-Joon Chang

 

House prices have risen by nearly 25 percent over the past two years. Although speculative activity has increased in some areas, at a national level these price increases largely reflect strong economic fundamentals, including robust growth in jobs and incomes, low mortgage rates, steady rates of household formation, and factors that limit the expansion of housing supply in some areas.

 

Ben Bernanke

 

And that kind of economic growth, where everybody has opportunity -- if you work hard, you can succeed -- that's what gets a nation moving rapidly when it comes to develop. But that kind of growth can only be created if corruption is left behind. For investment to lead to opportunity, reform must promote budgets that are transparent and industry that is privately owned.

 

Barack Obama

 

One of these is an increasing awareness of the benefits to our economy, particularly in terms of investment and enterprise, both local and from overseas, of not having the inquisitorial type of tax system inevitably associated with a full income tax. Another is that even I, who have always believed in the vigour of our economy under our present tax regime, have been surprised by the growth of revenue generated at our present tax rates.

 

John James Cowperthwaite