Macroeconomic Stability in Developing Countries : How Much Is Enough?
Over the 1990s macroeconomic policies improved in most developing countries, but the growth dividend from this improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. This article examines the contents and implementation of the macroeconomic reform agenda of the 1990s. It reviews the progress achieved through fiscal, monetary, and exchange rate policies across the developing world and the effectiveness of the changing policy framework in promoting stability and growth. The main lesson is that more often than not slow growth and frequent crises resulted from shortcomings in the reform agenda of the 1990s. These concern limitations in the depth and scope of the reform agenda, its lack of attention to macroeconomic vulnerabilities, and its inadequate attention to complementary reforms outside the macroeconomic sphere.
Main Authors: | , |
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Format: | Journal Article biblioteca |
Language: | English en_US |
Published: |
Oxford University Press on behalf of the World Bank
2006-08-09
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Subjects: | EXCHANGE RATE, FINANCIAL CRISES, FISCAL RATE, MACROECONOMIC REFORM, MACROECONOMIC STABILITY, MACROECONOMIC VULNERABILITIES, POLICY FRAMEWORK, SLOW GROWTH, |
Online Access: | http://documents.worldbank.org/curated/en/2006/08/17591679/macroeconomic-stability-developing-countries-much-enough https://hdl.handle.net/10986/16427 |
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dig-okr-10986164272024-08-08T14:39:18Z Macroeconomic Stability in Developing Countries : How Much Is Enough? Montiel, Peter Servén, Luis EXCHANGE RATE FINANCIAL CRISES FISCAL RATE MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITIES POLICY FRAMEWORK SLOW GROWTH Over the 1990s macroeconomic policies improved in most developing countries, but the growth dividend from this improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. This article examines the contents and implementation of the macroeconomic reform agenda of the 1990s. It reviews the progress achieved through fiscal, monetary, and exchange rate policies across the developing world and the effectiveness of the changing policy framework in promoting stability and growth. The main lesson is that more often than not slow growth and frequent crises resulted from shortcomings in the reform agenda of the 1990s. These concern limitations in the depth and scope of the reform agenda, its lack of attention to macroeconomic vulnerabilities, and its inadequate attention to complementary reforms outside the macroeconomic sphere. 2013-12-20T18:10:09Z 2013-12-20T18:10:09Z 2006-08-09 Journal Article Article de journal Artículo de revista http://documents.worldbank.org/curated/en/2006/08/17591679/macroeconomic-stability-developing-countries-much-enough World Bank Research Observer doi:10.1093/wbro/lkl005 https://hdl.handle.net/10986/16427 English en_US World Bank Research Observer CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank text/plain application/pdf Oxford University Press on behalf of the World Bank |
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Estados Unidos |
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biblioteca |
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America del Norte |
libraryname |
Biblioteca del Banco Mundial |
language |
English en_US |
topic |
EXCHANGE RATE FINANCIAL CRISES FISCAL RATE MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITIES POLICY FRAMEWORK SLOW GROWTH EXCHANGE RATE FINANCIAL CRISES FISCAL RATE MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITIES POLICY FRAMEWORK SLOW GROWTH |
spellingShingle |
EXCHANGE RATE FINANCIAL CRISES FISCAL RATE MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITIES POLICY FRAMEWORK SLOW GROWTH EXCHANGE RATE FINANCIAL CRISES FISCAL RATE MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITIES POLICY FRAMEWORK SLOW GROWTH Montiel, Peter Servén, Luis Macroeconomic Stability in Developing Countries : How Much Is Enough? |
description |
Over the 1990s macroeconomic policies
improved in most developing countries, but the growth
dividend from this improvement fell short of expectations,
and a policy agenda focused on stability turned out to be
associated with a multiplicity of financial crises. This
article examines the contents and implementation of the
macroeconomic reform agenda of the 1990s. It reviews the
progress achieved through fiscal, monetary, and exchange
rate policies across the developing world and the
effectiveness of the changing policy framework in promoting
stability and growth. The main lesson is that more often
than not slow growth and frequent crises resulted from
shortcomings in the reform agenda of the 1990s. These
concern limitations in the depth and scope of the reform
agenda, its lack of attention to macroeconomic
vulnerabilities, and its inadequate attention to
complementary reforms outside the macroeconomic sphere. |
format |
Journal Article |
topic_facet |
EXCHANGE RATE FINANCIAL CRISES FISCAL RATE MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITIES POLICY FRAMEWORK SLOW GROWTH |
author |
Montiel, Peter Servén, Luis |
author_facet |
Montiel, Peter Servén, Luis |
author_sort |
Montiel, Peter |
title |
Macroeconomic Stability in Developing Countries : How Much Is Enough? |
title_short |
Macroeconomic Stability in Developing Countries : How Much Is Enough? |
title_full |
Macroeconomic Stability in Developing Countries : How Much Is Enough? |
title_fullStr |
Macroeconomic Stability in Developing Countries : How Much Is Enough? |
title_full_unstemmed |
Macroeconomic Stability in Developing Countries : How Much Is Enough? |
title_sort |
macroeconomic stability in developing countries : how much is enough? |
publisher |
Oxford University Press on behalf of the World Bank |
publishDate |
2006-08-09 |
url |
http://documents.worldbank.org/curated/en/2006/08/17591679/macroeconomic-stability-developing-countries-much-enough https://hdl.handle.net/10986/16427 |
work_keys_str_mv |
AT montielpeter macroeconomicstabilityindevelopingcountrieshowmuchisenough AT servenluis macroeconomicstabilityindevelopingcountrieshowmuchisenough |
_version_ |
1807156975274819584 |