Language:
English
Pages:
Online-Ressource
Edition:
Online-Ausg. World Bank E-Library Archive Also available in print
Series Statement:
Policy research working paper 3456
Parallel Title:
Serven, Luis Macroeconomic stability in developing countries
Keywords:
Economic stabilization
;
Economic stabilization
;
Developing countries Economic policy
;
Developing countries Economic policy
Abstract:
"In the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. Montiel and Serven take a retrospective look at the content and implementation of the macroeconomic reform agenda of the 1990s. They review the progress achieved with 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 slow growth and frequent crises resulted, more often than not, from shortcomings in the reform agenda of the 1990s. These shortcomings essentially concern the depth and breadth of the macroeconomic reform agenda, its attention to macroeconomic vulnerabilities, and the complementary reforms outside the macroeconomic sphere. This paper--a joint product of the Office of the Chief Economist, Latin America and the Caribbean Region, and the Poverty Reduction and Economic Management Network--is part of a larger effort in the Bank to draw policy lessons from the development experience of the 1990s"--World Bank web site
Note:
Includes bibliographical references
,
Title from PDF file as viewed on 11/19/2004
,
Also available in print.
URL:
Volltext
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