Macroeconomic Stability in Developing Countries:How Much is Enough?
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 o...
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| Format: | Policy Research Working Paper |
| Language: | English en_US |
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World Bank, Washington, D.C.
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2004/11/5493469/macroeconomic-stability-developing-countries-much-enough http://hdl.handle.net/10986/13998 |
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okr-10986-139982021-04-23T14:03:21Z Macroeconomic Stability in Developing Countries:How Much is Enough? Montiel, Peter Servén, Luis ADVERSE CONSEQUENCES ADVERSE EFFECTS ASSET SALES BALANCE OF PAYMENTS BANKING CRISES BANKING SYSTEM BENCHMARKS BORROWING BORROWING COSTS CAPITAL ACCOUNT CAPITAL FLOW CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CONTINGENT LIABILITIES CREDIBILITY CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS DEBT DEBT MANAGEMENT DEBT/ DEFAULT RISK DEVALUATION DISINFLATION EARNINGS ECONOMIC GROWTH ECONOMICS EFFECTIVE USE EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE EXCHANGE RATE POLICIES EXCHANGE RATE POLICY EXCHANGE RATE VOLATILITY FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL COSTS FISCAL DEFICITS FISCAL GAP FISCAL POLICY FISCAL YEARS FOREIGN CURRENCY GDP GDP DEFLATOR GNP GROWTH RATE HUMAN CAPITAL IFIS INCOME INCOME COUNTRIES INCOME DISTRIBUTION INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INSTITUTIONAL FRAMEWORK INTEREST RATES INTERNATIONAL FINANCIAL MARKETS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET ECONOMIES MATURITY MONETARY POLICY NATIONAL INCOME NET WORTH OUTPUT PAYMENTS ARREARS POLICY ENVIRONMENT PRESENT VALUE PRIVATE CONSUMPTION PUBLIC DEBT PUBLIC EXPENDITURES REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP RETIREMENT SEIGNIORAGE SOLVENCY STABILIZATION POLICIES STOCKS SYSTEMIC BANKING CRISES TAX COLLECTION TERMS OF TRADE VALUATION VOLATILITY VULNERABILITY 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. The authors 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. 2013-06-18T21:00:57Z 2013-06-18T21:00:57Z 2004-11 http://documents.worldbank.org/curated/en/2004/11/5493469/macroeconomic-stability-developing-countries-much-enough http://hdl.handle.net/10986/13998 English en_US Policy Research Working Paper;No. 3456 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, D.C. Publications & Research :: Policy Research Working Paper Publications & Research World |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
ADVERSE CONSEQUENCES ADVERSE EFFECTS ASSET SALES BALANCE OF PAYMENTS BANKING CRISES BANKING SYSTEM BENCHMARKS BORROWING BORROWING COSTS CAPITAL ACCOUNT CAPITAL FLOW CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CONTINGENT LIABILITIES CREDIBILITY CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS DEBT DEBT MANAGEMENT DEBT/ DEFAULT RISK DEVALUATION DISINFLATION EARNINGS ECONOMIC GROWTH ECONOMICS EFFECTIVE USE EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE EXCHANGE RATE POLICIES EXCHANGE RATE POLICY EXCHANGE RATE VOLATILITY FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL COSTS FISCAL DEFICITS FISCAL GAP FISCAL POLICY FISCAL YEARS FOREIGN CURRENCY GDP GDP DEFLATOR GNP GROWTH RATE HUMAN CAPITAL IFIS INCOME INCOME COUNTRIES INCOME DISTRIBUTION INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INSTITUTIONAL FRAMEWORK INTEREST RATES INTERNATIONAL FINANCIAL MARKETS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET ECONOMIES MATURITY MONETARY POLICY NATIONAL INCOME NET WORTH OUTPUT PAYMENTS ARREARS POLICY ENVIRONMENT PRESENT VALUE PRIVATE CONSUMPTION PUBLIC DEBT PUBLIC EXPENDITURES REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP RETIREMENT SEIGNIORAGE SOLVENCY STABILIZATION POLICIES STOCKS SYSTEMIC BANKING CRISES TAX COLLECTION TERMS OF TRADE VALUATION VOLATILITY VULNERABILITY |
| spellingShingle |
ADVERSE CONSEQUENCES ADVERSE EFFECTS ASSET SALES BALANCE OF PAYMENTS BANKING CRISES BANKING SYSTEM BENCHMARKS BORROWING BORROWING COSTS CAPITAL ACCOUNT CAPITAL FLOW CAPITAL FLOWS CAPITAL FORMATION CAPITAL INFLOWS CONTINGENT LIABILITIES CREDIBILITY CURRENCY CURRENT ACCOUNT CURRENT ACCOUNT DEFICITS DEBT DEBT MANAGEMENT DEBT/ DEFAULT RISK DEVALUATION DISINFLATION EARNINGS ECONOMIC GROWTH ECONOMICS EFFECTIVE USE EMERGING MARKETS ENDOGENOUS VARIABLES EXCHANGE RATE EXCHANGE RATE POLICIES EXCHANGE RATE POLICY EXCHANGE RATE VOLATILITY FINANCIAL ASSETS FINANCIAL CRISES FINANCIAL MARKETS FINANCIAL SECTOR FINANCIAL SYSTEM FISCAL CONSOLIDATION FISCAL COSTS FISCAL DEFICITS FISCAL GAP FISCAL POLICY FISCAL YEARS FOREIGN CURRENCY GDP GDP DEFLATOR GNP GROWTH RATE HUMAN CAPITAL IFIS INCOME INCOME COUNTRIES INCOME DISTRIBUTION INDUSTRIAL ECONOMIES INFLATION INFLATION RATE INFLATION RATES INSTITUTIONAL FRAMEWORK INTEREST RATES INTERNATIONAL FINANCIAL MARKETS MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC REFORM MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET ECONOMIES MATURITY MONETARY POLICY NATIONAL INCOME NET WORTH OUTPUT PAYMENTS ARREARS POLICY ENVIRONMENT PRESENT VALUE PRIVATE CONSUMPTION PUBLIC DEBT PUBLIC EXPENDITURES REAL EXCHANGE RATE REAL EXCHANGE RATES REAL GDP RETIREMENT SEIGNIORAGE SOLVENCY STABILIZATION POLICIES STOCKS SYSTEMIC BANKING CRISES TAX COLLECTION TERMS OF TRADE VALUATION VOLATILITY VULNERABILITY Montiel, Peter Servén, Luis Macroeconomic Stability in Developing Countries:How Much is Enough? |
| geographic_facet |
World |
| relation |
Policy Research Working Paper;No. 3456 |
| description |
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. The authors 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. |
| format |
Publications & Research :: Policy Research Working Paper |
| 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 |
World Bank, Washington, D.C. |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2004/11/5493469/macroeconomic-stability-developing-countries-much-enough http://hdl.handle.net/10986/13998 |
| _version_ |
1764430853889327104 |