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Policies to Move from Stabilization to Growth

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  • Dornbusch, Rudiger

Abstract

The tradition in discussions of stabilization is to assume that fiscal austerity, competitive real exchange rates, sound financial markets and deregulation provide the preconditions for a resumption of growth. There is, however, a need to distinguish the necessary and the sufficient conditions. Adjustment is strictly necessary, but it may not be sufficient. Asset holders can postpone repatriation of capital flight and investors can delay initiating projects, so that there is an important coordination problem that classical economics does not recognize.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 456.

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Date of creation: Sep 1990
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Handle: RePEc:cpr:ceprdp:456

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Keywords: Growth; Stabilization;

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Cited by:
  1. Nina Dodig & Hansjorg Herr, 2014. "Previous financial crises leading to stagnation – selected case studies," Working papers wpaper24, Financialisation, Economy, Society & Sustainable Development (FESSUD) Project.
  2. De Gregorio, Jose & Guidotti, Pablo E., 1995. "Financial development and economic growth," World Development, Elsevier, vol. 23(3), pages 433-448, March.
  3. Lopez, Juan J., 1998. "Private Investment Response to Neoliberal Reforms in a Delegative Democracy: Reflections on Argentina," The Quarterly Review of Economics and Finance, Elsevier, vol. 38(3, Part 1), pages 441-457.
  4. Parikh, Ashok, 2002. "Impact of Liberalization, Economic Growth and Trade Policies on Current Accounts of Developing Countries: An Econometric Study," Working Paper Series UNU-WIDER Research Paper , World Institute for Development Economic Research (UNU-WIDER).
  5. Pindyck, Robert S. & Solimano, Andres, 1993. "Economic instability and aggregate investment," Policy Research Working Paper Series 1148, The World Bank.
  6. Sushanta Mallick, 2006. "Policy instruments to avoid output collapse: an optimal control model for India," Applied Financial Economics, Taylor & Francis Journals, vol. 16(10), pages 761-776.
  7. Ariane TICHIT MINISCLOUX, 1997. "Reprise économique dans les pays post-communistes: application d'un modèle de durée," Working Papers 199719, CERDI.
  8. Michael Bruno, 1993. "Inflation and Growth in an Integrated Approach," NBER Working Papers 4422, National Bureau of Economic Research, Inc.
  9. José De Gregorio & Pablo Guidotti, 1992. "Notas sobre la Intermediación Financiera y Crecimiento Económico," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 29(87), pages 329-348.
  10. Pastor, Manuel Jr. & Conroy, Michael E., 1995. "Distributional implications of macroeconomic policy: Theory and applications to El Salvador," World Development, Elsevier, vol. 23(12), pages 2117-2131, December.
  11. Dodig, Nina & Herr, Hansjörg, 2014. "Previous financial crises leading to stagnation: Selected case studies," IPE Working Papers 33/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
  12. Alexander Galetovic, 1994. "Finance and growth: a synthesis and interpretation of the evidence," International Finance Discussion Papers 477, Board of Governors of the Federal Reserve System (U.S.).
  13. Giuseppina Testa, 2005. "Economic Growth and Finance. A cointegration analysis in US and Japan," Quaderni DSEMS 22-2005, Dipartimento di Scienze Economiche, Matematiche e Statistiche, Universita' di Foggia.
  14. Buffie, Edward F., 1998. "Public sector price increases, credibility and welfare," Journal of Monetary Economics, Elsevier, vol. 41(1), pages 127-151, February.
  15. Yilmaz Akyuz, 2005. "Trade, Growth and Industralization: Issues, Experience and Policy Challenges," Working Papers 2005/3, Turkish Economic Association.
  16. Mehlum, Halvor, 2001. "Speed of adjustment and self-fulfilling failure of economic reform," Journal of International Economics, Elsevier, vol. 53(1), pages 149-167, February.
  17. Ibrahim A. Elbadawi, 1996. "Structural adjustment and drought in Sub-Saharan Africa," Journal of International Development, John Wiley & Sons, Ltd., vol. 8(5), pages 581-595.
  18. Serven, Luis, 1997. "Uncertainty, instability, and irreversible investment : theory, evidence, and lessons for Africa," Policy Research Working Paper Series 1722, The World Bank.

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