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There is growing dissatisfaction with the economic policies advocated by many international financial institutions. This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis. Written by the leading names in the field, this book introduces the issues and the objectives of macroeconomic policy from various perspectives. It also presents an analysis of macroeconomic models and policy perspectives on stabilization and capital markets liberalization from conservative, Keynesian and heterodox perspectives. (Klappentext). / The authors discuss the current debates on macroeconomics, capital market liberalization, and development, and develop a new framework within which one can assess alternative policies. They explain their belief that the Washington consensus (Washington Konsensus) has advocated for narrow goals for development (with a focus on price stability), prescribed too few policy instruments (emphasizing monetary and fiscal policies), and places unwarranted faith in the role of markets. The new framework focuses on real stability and long-term sustainable and equitable growth, offers a variety of non-standard ways to stabilize the economy and promote growth, and accepts that market imperfections necessitate government interventions. Policy-makers have pursued stabilization goals with little concern for growth consequences, while trying to increase growth through structural reforms focused on improving economic efficiency. Moreover, structural policies, such as capital market liberalization, have had major consequences for economic stability. This book challenge these policies by arguing that stabilization policy has important consequences for long-term growth and has often been implemented with adverse consequences. The first part of the book introduces the key questions and looks at the objectives of economic policy from different perspectives. The second part examines the central issues of macroeconomics, presenting an analysis of economic models and policy perspectives on stabilization from conservative, Keynesian, and heterodox perspectives. The third part presents a similar analysis for capital market liberalization. (www.wikipedia.org)

 

/ AUS DEM INHALT: / / / Part IOverview

1Introducing the Key Questions

2Objectives

Part IIMacroeconomics

3Three Perspectives on Policy

4Is Macroeconomics Different in Developing Countries?

5Policy Instruments from Three Perspectives: Fiscal and

Monetary Policy

6Open Economy Complications

7Exchange Rate Management and Micro Tools for

Macro-Management

8Policy Frameworks

9Formal Approaches

Part IIICapital Market Liberalization (CML)

10Capital Market Liberalization: The Arguments For and Against 167

11A Formal Approach: Capital Market Failures 188

12Interventions in Capital Markets 197

13Capital Market Liberalization: Summary and

Remaining Debates 220

Conclusion

14Stabilization, Liberalization, and Growth

Notes

References

Index