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Global rules and markets : constraints over policy autonomy in developing countries

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  • Akyüz, Yilmaz
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    Abstract

    This paper examines in an integrated manner the multiple dimensions of what has come to be called the “policy space” or “policy autonomy” of developing countries, i.e. their ability to calibrate national policies to local conditions and needs (especially with respect to their development objectives and capacity to foster conditions for steady quality employment growth) in relation to global economic rules and practices. After a brief discussion of the concept of policy autonomy, the paper focuses on the sources of the constraints, the rationale for multilateral rules as a global collective action, the nature of existing multilateral disciplines and their relative impact on policy space in developed and developing countries. This is followed by a discussion of the constraints exerted by multilateral rules and practices on development policy in four key areas: industrial tariffs, industrial subsidies, investment and technology policies. The paper then concentrates on macroeconomic policies and examines the extent to which they are circumscribed by influences associated with external financing, both private and official.

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    File URL: http://www.ilo.org/public/libdoc/ilo/2008/108B09_116_engl.pdf
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    Bibliographic Info

    Paper provided by International Labour Organization in its series ILO Working Papers with number 420405.

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    Length: 33 pages
    Date of creation: 2008
    Date of revision:
    Publication status: Published in Working paper series, International Labour Office.
    Handle: RePEc:ilo:ilowps:420405

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    Keywords: development policy; economic policy; trade agreement; economic integration; developing countries; politique de développement; politique économique; accord commercial; intégration économique; pays en développement; política de desarrollo; política económica; convenio comercial; integración económica; países en desarrollo;

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    1. Graciela L. Kaminsky & Carmen M. Reinhart & Carlos A. Végh, 2005. "When It Rains, It Pours: Procyclical Capital Flows and Macroeconomic Policies," NBER Chapters, in: NBER Macroeconomics Annual 2004, Volume 19, pages 11-82 National Bureau of Economic Research, Inc.
    2. Carmen M. Reinhart, 2002. "Default, Currency Crises, and Sovereign Credit Ratings," World Bank Economic Review, World Bank Group, vol. 16(2), pages 151-170, August.
    3. Rajah Rasiah, 2005. "Trade-related Investment Liberalization under the WTO: The Malaysian Experience," Global Economic Review, Taylor & Francis Journals, vol. 34(4), pages 453-471.
    4. Ethan Kaplan & Dani Rodrik, 2001. "Did the Malaysian Capital Controls Work?," NBER Working Papers 8142, National Bureau of Economic Research, Inc.
    5. Robert Lensink & Oliver Morrissey, 2000. "Aid instability as a measure of uncertainty and the positive impact of aid on growth," Journal of Development Studies, Taylor & Francis Journals, vol. 36(3), pages 31-49.
    6. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
    7. Amelia Santos-Paulino & A. P. Thirlwall, 2004. "The impact of trade liberalisation on exports, imports and the balance of payments of developing countries," Economic Journal, Royal Economic Society, vol. 114(493), pages F50-F72, 02.
    8. Sarno, Lucio & Taylor, Mark P, 2001. "Official Intervention in the Foreign Exchange Market: Is It Effective, and, If So, How Does It Work?," CEPR Discussion Papers 2690, C.E.P.R. Discussion Papers.
    9. Hostland, Doug & Karam, Philippe, 2006. "Assessing debt sustainability in emerging market economies using stochastic simulation methods," Policy Research Working Paper Series 3821, The World Bank.
    10. Timothy D. Lane & Ales Bulir, 2002. "Aid and Fiscal Management," IMF Working Papers 02/112, International Monetary Fund.
    11. Ale Bulir & A. Javier Hamann, 2003. "Aid Volatility: An Empirical Assessment," IMF Staff Papers, Palgrave Macmillan, vol. 50(1), pages 4.
    12. Luis Catão & Sandeep Kapur, 2004. "Missing Link," IMF Working Papers 04/51, International Monetary Fund.
    13. Ruth Vargas Hill, 2005. "Assessing rhetoric and reality in the predictability of aid," Human Development Occasional Papers (1992-2007) HDOCPA-2005-25, Human Development Report Office (HDRO), United Nations Development Programme (UNDP).
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