Stability with Growth: Macroeconomics, Liberalization and Development

by Joseph Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, Deepak Nayyar

Overview

There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. 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.

Product Details

ISBN-13:	9780191647796
Publisher:	OUP Oxford
Publication date:	08/31/2006
Series:	Initiative for Policy Dialogue Series
Sold by:	Barnes & Noble
Format:	eBook
File size:	2 MB

About the Author

Joseph E. Stiglitz was awarded the Nobel Prize in economics in 2001 and is University Professor at Columbia University where he founded the Initiative for Policy Dialogue in 2000. He was Chair of President Bill Clinton's Council of Economic Advisors from 1995-97 and Chief Economist and Senior Vice-President of the World Bank from 1997-2000. His best known recent publications include 'Globalization and its Discontents' (2002) and 'The Roaring Nineties' (2003). José Antonio Ocampo holds a BA degree from the University of Notre Dame, and a Ph.D. in Economics and Sociology from Yale University. He is the United Nations Under-Secretary-General for Economic and Social Affairs. As such, he heads the UN Department of Economic and Social Affairs (DESA) and chairs the UN Executive Committee on Economic and Social Affairs. Prior to assuming his present position in the United Nations, he held a number of posts in the Government of Colombia, including those of Minister of Finance and Public Credit, Director of the National Planning Department and Minister of Agriculture and was former Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC). His academic pursuits have included service as Director of the Foundation for Higher Education and Development, Professor of Economics at the Universidad de los Andes and the Universidad Nacional de Colombia, and Visiting Professor at Cambridge, Yale and Oxford Universities. Shari Spiegel joined IPD from Lazard Asset Management where she was a Director of Lazard LLC. Prior to joining Lazard, Ms. Spiegel spent several years working in Hungary. She was one of the founders of Budapest Investment Management Company, a subsidiary of Budapest Bank, which launched the first domestic investment funds in Hungary. Previous to her work in Hungary, Ms. Spiegel worked at Citibank and Drexel Burnham Lambert and has an MA in economics from Princeton University and a BA in applied mathematics and economics from Northwestern University. She is an Adjunct Professor at Columbia University's School of International and Public Affairs. Ricardo Ffrench-Davis is Principal Regional Adviser of the UN Economic Commission for Latin America and the Caribbean (ECLAC) and a professor of Economics at the University of Chile, Santiago de Chile. He was Chief Economist of the Central Bank of Chile and Director of the Centre for Economic Research on Latin America (CIEPLAN). Vice Chancellor of the University of Delhi. Professor Nayyar is a distinguished economist, having taught at the University of Oxford, University of Sussex, the Indian Institute of Management, Calcutta and Jariasharlal University, New Delhi. He also lectured at the University of Paris and Catholic University in Rio de Janeiro. He served as Chief Economic Advisor to the Government of India and was Permanent Secretary in the Ministry of Finance. The author of numerous books and articles, Professor Nayyar is Chairman of the Board of Governors of the World Institute for Development Economics Research, and a Member of the Advisory Council for the International Development Centre at the University of Oxford.

Table of Contents

Overview1. Introducing the key questions2. ObjectivesMacroeconomics3. Three perspectives on policy4. Why is macroeconomics different in developing countries? 5. Policy instruments from three perspectives: monetary and fiscal policy6. Further implications of alternative policy perspectives in open economies7. Policy frameworks8. Formal approachesCapital Markets Liberalization9. Capital markets liberalization: the arguments for and against10. Interventions in capital markets11. Capital markets liberalization: summary and remaining debatesConclusion12. Stabilization, liberalization, and growth