Microeconomic Interventions after the Washington Consensus
This paper examines the microeconomic interventions used to complement Washington Consensus reforms in Latin America. It maintains that the kind of interventions currently in vogue in most countries lack a sound theoretical and empirical foundation or are applied in a manner likely to prove ineffective. Arguing that the countries of the region should engage in selective interventions aimed at discovering new profitable activities (horizontal policies) and at creating innovation clusters (vertical policies), the paper discusses how such a strategy could be implemented. Both horizontal and vertical policies are important, although the appropriate mix depends on a countrys stage of development. Pessimism about Latin American economies ability to undertake this more sophisticated set of microeconomic interventions is an exaggerated reaction to the problems of corruption and capture encountered by import-substitution policies. At least in some countries, there is scope for a carefully executed strategy of the type discussed here.
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| Format: | Working Papers biblioteca |
| Language: | English |
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Inter-American Development Bank
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| Subjects: | Economy, WP-524, |
| Online Access: | http://dx.doi.org/10.18235/0010838 https://publications.iadb.org/en/microeconomic-interventions-after-washington-consensus |
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dig-bid-node-100022024-05-30T20:25:17ZMicroeconomic Interventions after the Washington Consensus 2005-02-28T00:00:00+0000 http://dx.doi.org/10.18235/0010838 https://publications.iadb.org/en/microeconomic-interventions-after-washington-consensus Inter-American Development Bank Economy WP-524 This paper examines the microeconomic interventions used to complement Washington Consensus reforms in Latin America. It maintains that the kind of interventions currently in vogue in most countries lack a sound theoretical and empirical foundation or are applied in a manner likely to prove ineffective. Arguing that the countries of the region should engage in selective interventions aimed at discovering new profitable activities (horizontal policies) and at creating innovation clusters (vertical policies), the paper discusses how such a strategy could be implemented. Both horizontal and vertical policies are important, although the appropriate mix depends on a countrys stage of development. Pessimism about Latin American economies ability to undertake this more sophisticated set of microeconomic interventions is an exaggerated reaction to the problems of corruption and capture encountered by import-substitution policies. At least in some countries, there is scope for a carefully executed strategy of the type discussed here. Inter-American Development Bank Andrés Rodríguez-Clare Working Papers application/pdf IDB Publications The Caribbean Central America South America en |
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Biblioteca Felipe Herrera del BID |
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Economy WP-524 Economy WP-524 |
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Economy WP-524 Economy WP-524 Inter-American Development Bank Microeconomic Interventions after the Washington Consensus |
| description |
This paper examines the microeconomic interventions used to complement Washington Consensus reforms in Latin America. It maintains that the kind of interventions currently in vogue in most countries lack a sound theoretical and empirical foundation or are applied in a manner likely to prove ineffective. Arguing that the countries of the region should engage in selective interventions aimed at discovering new profitable activities (horizontal policies) and at creating innovation clusters (vertical policies), the paper discusses how such a strategy could be implemented. Both horizontal and vertical policies are important, although the appropriate mix depends on a countrys stage of development. Pessimism about Latin American economies ability to undertake this more sophisticated set of microeconomic interventions is an exaggerated reaction to the problems of corruption and capture encountered by import-substitution policies. At least in some countries, there is scope for a carefully executed strategy of the type discussed here. |
| author2 |
Andrés Rodríguez-Clare |
| author_facet |
Andrés Rodríguez-Clare Inter-American Development Bank |
| format |
Working Papers |
| topic_facet |
Economy WP-524 |
| author |
Inter-American Development Bank |
| author_sort |
Inter-American Development Bank |
| title |
Microeconomic Interventions after the Washington Consensus |
| title_short |
Microeconomic Interventions after the Washington Consensus |
| title_full |
Microeconomic Interventions after the Washington Consensus |
| title_fullStr |
Microeconomic Interventions after the Washington Consensus |
| title_full_unstemmed |
Microeconomic Interventions after the Washington Consensus |
| title_sort |
microeconomic interventions after the washington consensus |
| publisher |
Inter-American Development Bank |
| url |
http://dx.doi.org/10.18235/0010838 https://publications.iadb.org/en/microeconomic-interventions-after-washington-consensus |
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AT interamericandevelopmentbank microeconomicinterventionsafterthewashingtonconsensus |
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