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

  • Akyüz, Yilmaz
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    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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    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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    1. M S Mohanty & Michela Scatigna, 2003. "Countercyclical fiscal policy and central banks," BIS Papers chapters, in: Bank for International Settlements (ed.), Fiscal issues and central banking in emerging economies, volume 20, pages 38-70 Bank for International Settlements.
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    6. Timothy D. Lane & Ales Bulir, 2002. "Aid and Fiscal Management," IMF Working Papers 02/112, International Monetary Fund.
    7. Fischer, Stanley, 1993. "The role of macroeconomic factors in growth," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 485-512, December.
    8. 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.
    9. 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.
    10. Carmen M. Reinhart, 2002. "Default, Currency Crises and Sovereign Credit Ratings," NBER Working Papers 8738, National Bureau of Economic Research, Inc.
    11. Mark P. Taylor & Lucio Sarno, 2001. "Official Intervention in the Foreign Exchange Market: Is It Effective and, If So, How Does It Work?," Journal of Economic Literature, American Economic Association, vol. 39(3), pages 839-868, September.
    12. 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.
    13. 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.
    14. 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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