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The Washington consensus: a Latin American perspective fifteen years later

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  • JUAN CARLOS MORENO-BRID
  • ESTEBAN PÉREZ CALDENTEY
  • PABLO RUÍZ NÁPOLES

Abstract

The paper analyzes the economic and social development of Latin America after nearly two decades of macroeconomic policies and reforms in line with the "Washington Consensus." It shows that these policies lowered inflation and induced an export boom but failed to boost domestic investment and to remove the balance-of-payments binding constraint on the region's long-term path of economic expansion. Four alternative explanations of such poor performance of the Washington Consensus are compared. In particular, the paper argues that, contrary to mainstream opinion, in Latin America, there is no clear association between the depth of macroeconomic reforms and economic growth performance.

Suggested Citation

  • Juan Carlos Moreno-Brid & Esteban Pérez Caldentey & Pablo Ruíz Nápoles, 2004. "The Washington consensus: a Latin American perspective fifteen years later," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 27(2), pages 345-365.
  • Handle: RePEc:mes:postke:v:27:y:2004:i:2:p:345-365
    DOI: 10.1080/01603477.2004.11051439
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    Cited by:

    1. Eric Berr & François Combarnous & Eric Rougier, 2005. "Too much consensus could be harmful : measuring the degree of implementation of the Washington consensus and its impact on economic growth," Documents de travail 116, Groupe d'Economie du Développement de l'Université Montesquieu Bordeaux IV.
    2. Helen Shapiro, 2007. "Industrial Policy and Growth," Working Papers 53, United Nations, Department of Economics and Social Affairs.
    3. Priewe, Jan, 2015. "Eight strategies for development in comparison," IPE Working Papers 53/2015, Berlin School of Economics and Law, Institute for International Political Economy (IPE).
    4. Jan PRIEWE, 2016. "Eight Strategies for Development in Comparison," Turkish Economic Review, KSP Journals, vol. 3(3), pages 401-430, September.

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