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 finan...

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Main Authors:	Montiel, Peter, Servén, Luis
Format:	Journal Article
Language:	English en_US
Published:	Oxford University Press on behalf of the World Bank 2013
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 http://hdl.handle.net/10986/16427

id	okr-10986-16427
recordtype	oai_dc
spelling	okr-10986-164272021-04-23T14:03:30Z 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 http://documents.worldbank.org/curated/en/2006/08/17591679/macroeconomic-stability-developing-countries-much-enough World Bank Research Observer doi:10.1093/wbro/lkl005 http://hdl.handle.net/10986/16427 English en_US CC BY-NC-ND 3.0 IGO http://creativecommons.org/licenses/by-nc-nd/3.0/igo/ World Bank Oxford University Press on behalf of the World Bank Publications & Research :: Journal Article Publications & Research :: Journal Article
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	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 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
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	2013
url	http://documents.worldbank.org/curated/en/2006/08/17591679/macroeconomic-stability-developing-countries-much-enough http://hdl.handle.net/10986/16427
_version_	1764433609398157312

Macroeconomic Stability in Developing Countries : How Much Is Enough?

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