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Structural Adjustment and Crises –Which Way Now?

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  • Anis Chowdhury

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    (University of Western Sydney, Australia)

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    Abstract

    This paper provides a critical evaluation of an orthodox policy framework that came to be known as the “Washington consensus”. The paper traces its ideological and political genesis as it became embodied in World Bank and International Monetary Fund aid conditionalities. Despite following reforms prescribed by the donors as part of aid conditionalities, many developing countries failed to achieve 1960s per capita growth rates. The Washington consensus prescriptions are too restrictive. They not only limited developing countries’ fiscal and policy space to deal with shocks and support structural change, but also increased their vulnerability to crises. The paper calls for governments to play a stronger role in dealing with developmental issues.

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    File URL: http://ijie.um.edu.my/filebank/published_article/3199/Fulltext5.pdf
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    Bibliographic Info

    Article provided by Faculty of Economics and Administration, University of Malaya in its journal International Journal of Institutions and Economies.

    Volume (Year): 4 (2012)
    Issue (Month): 1 (April)
    Pages: 85-118

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    Handle: RePEc:umk:journl:v:4:y:2012:i:1:p:85-118

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    Related research

    Keywords: growth; inequality; poverty; structural adjustment programme;

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    References

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    1. World Bank, 2002. "Globalization, Growth, and Poverty : Building an Inclusive World Economy," World Bank Publications, The World Bank, number 14051, October.
    2. Sebastian Edwards, 1989. "Structural Adjustment Policies in Highly Indebted Countries," NBER Chapters, in: Developing Country Debt and Economic Performance, Volume 1: The International Financial System, pages 159-208 National Bureau of Economic Research, Inc.
    3. Government of the United Republic of Tanzania & World Bank, 2001. "Tanzania at the Turn of the Century : From Reforms to Sustained Growth and Poverty Reduction," World Bank Publications, The World Bank, number 13905, October.
    4. repec:ilo:esbook:ebook11 is not listed on IDEAS
    5. Juan Carlos Hallak & James Levinsohn, 2004. "Fooling Ourselves: Evaluating the Globalization and Growth Debate," NBER Working Papers 10244, National Bureau of Economic Research, Inc.
    6. Eduardo Lora, 2007. "Public Investment in Infrastructure in Latin America: Is Debt the Culprit?," IDB Publications 6727, Inter-American Development Bank.
    7. World Bank & International Monetary Fund, 2009. "Global Monitoring Report 2009 : A Development Emergency," World Bank Publications, The World Bank, number 2625, October.
    8. John Bennett & Saul Estrin & James Maw & Giovanni Urga, 2004. "Privatisation Methods and Economic Growth in Transition Economies," Working Papers 2004.105, Fondazione Eni Enrico Mattei.
    9. Zuzana Brixiova, 2009. "Labour Market Flexibility in Estonia: What more Can be Done?," OECD Economics Department Working Papers 697, OECD Publishing.
    10. Chang, Ha-Joon, 2006. "Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues," Working Paper Series DP2006/05, World Institute for Development Economic Research (UNU-WIDER).
    11. Trujillo, Lourdes & Martin, Noelia & Estache, Antonio & Campos, Javier, 2002. "Macroeconomics effects of private sector participation in Latin America's infrastructure," Policy Research Working Paper Series 2906, The World Bank.
    12. Dean Baker & Andrew Glyn & David Howell & John Schmitt, 2002. "Labor Market Institutions and Unemployment: A Critical Assessment of the Cross-Country Evidence," SCEPA working paper series. SCEPA's main areas of research are macroeconomic policy, inequality and poverty, and globalization. 2002-17, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    13. Aysan, Ahmet Faruk, 2006. "The Effects of Volatility on Growth and Financial Development through Capital Market Imperfections," MPRA Paper 5486, University Library of Munich, Germany.
    14. Lone Engbo Christiansen & Thierry Tressel & Martin Schindler, 2009. "Growth and Structural Reforms," IMF Working Papers 09/284, International Monetary Fund.
    15. Carlos Leite & Charalambos G. Tsangarides & Dhaneshwar Ghura, 2002. "Is Growth Enough? Macroeconomic Policy and Poverty Reduction," IMF Working Papers 02/118, International Monetary Fund.
    16. World Bank, 2005. "Economic Growth in the 1990s : Learning from a Decade of Reform," World Bank Publications, The World Bank, number 7370, October.
    17. Jonathan David Ostry & Atish R. Ghosh & Karl Friedrich Habermeier & Marcos Chamon & Mahvash Saeed Qureshi & Dennis B. S. Reinhardt, 2010. "Capital Inflows," IMF Staff Position Notes 2010/04, International Monetary Fund.
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