Boom, Crisis, and Adjustment: The Macroeconomic Experience of Developing Countries

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Ian Malcolm David Little
World Bank Publications, 1993 - Business & Economics - 455 pages
Boom, Crisis, and Adjustment reviews the macroeconomic experiences of eighteen developing countries from 1974 to 1989. The authors address why the experiences and policy reactions have differed among the countries, and how their individual growth rates were affected by these policy reactions.

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Page 9 - International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD, or World Bank).
Page 435 - ... Association; and Peter A. Hall, Governing the Economy: The Politics of State Intervention in Britain and France (Oxford University Press, 1986), chap. 8. The nature of the financial reforms in France is detailed in Didier Bruneel, "Recent Evolution of Financial Structures and Monetary Policy in France," in Donald R. Hodgman and Geoffrey E. Wood, eds., Macroeconomic Policy and Economic Interdependence (St. Martin's Press, 1989), pp. 3-61. See also Jeffrey Sachs and Charles Wyplosz, "The Economic...
Page 371 - ... coalitional consequences; they may also affect the survival of the new regime itself. These uncertainties shorten the time horizons over which politicians calculate the costs of policy choice. Difficult economic policy actions that create resistance or unrest — and that might provide an excuse for a reversal of the democratization process — are likely to be avoided. Finally, democratization is likely to involve more substantial turnover in technical personnel and changes in decisionmaking...
Page 435 - Stephan Haggard, Richard N. Cooper, Susan M. Collins, Choongsoo Kim, and Sung-Tae Ro...
Page 366 - The question to be asked is whether there is any discernible relationship between the various political attributes of these countries — their form of government, political stability, or degree of political freedom — and economic performance. The issue can be formalized somewhat by dividing our countries into those that performed relatively well during the 1980s, following the shocks early in the decade, and those that performed relatively poorly. The main criterion will be economic growth...
Page 371 - ... pressures to reward supporters and incoming groups. Pressures from below are coupled with uncertainties at the top among new political elites. In the immediate post>transition period, the possibility exists that authoritarian political forces will re-enter politics. Short-run macroeconomic policy choices thus not only have coalitional consequences; they may also affect the survival of the new regime itself. These uncertainties shorten the time horizons over which politicians calculate the costs...
Page 402 - ... especially if it is substantial, requires simultaneous or preceding exchange rate adjustment." Some conclusions supported by more rigorous empirical analysis are "that macroeconomic stability is good for long-run growth. . .there is no econometric evidence that moderate inflation is harmful [to growth]; the form of government — democratic or authoritarian — does not determine the success or failure of macroeconomic policy".
Page 155 - It may be owned wholly by the government or partly by the government and partly by the private investors.
Page 402 - They must appreciate the need for financial control. In those countries where macroeconomic policy has on the whole been a success, there have usually been particular individuals in high government positions — above all the Ministry of Finance — who have been well qualified and who have been able to carry weight with the ultimate decisionmakers. They have been the actual makers and implementors of policy. In recent years these have often been professional economists. Such persons are increasingly...
Page 319 - External debt poses another problem. Not only must future revenue be increased to service the debt, but in effect the revenue must be raised in foreign currency, since the debt is overwhelmingly denominated in US dollars or another foreign currency.

About the author (1993)

I. M. D. Little is at Oxford University. Richard N. Cooper is at Harvard University.

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