Stability with Growth
Macroeconomics, Liberalization and Development
There is growing dissatisfaction with the economic policies advocated by many international financial institutions. One-size-fits-all policy prescriptions are likely to fail given the vast differences between countries.
This book presents an alternative to "Washington Consensus" neo-liberal economic policies by showing that both macro-economic and liberalization policy must be sensitive to the particular circumstances of developing countries. This book discusses how alternative approaches to economic policy can better serve developing countries both in ordinary times and in times of crisis.
Written by the leading names in the field, this book introduces the issues and the objectives of macroeconomic policy from various perspectives. It also presents an analysis of macroeconomic models and policy perspectives on stabilization and capital markets liberalization from conservative, Keynesian and heterodox perspectives.
About the Authors
José Antonio Ocampo
Professor of Professional Practice at Columbia University and former Minister of Finance of Colombia
Jose Antonio Ocampo is a Professor of Professional Practice in the School of International and Public Affairs and former Minister of Finance of Colombia. He is also a Fellow of the Committee on Global Thought at Columbia University. Prior to his appointment at Columbia, Professor Ocampo served as the United Nations Under-Secretary-General for Economic and Social Affairs, and head of UN Department of Economic and Social Affairs (DESA), as Executive Secretary of the UN Economic Commission for Latin America and the Caribbean (ECLAC), and has held a number of high-level posts in the Government of Colombia, including Minister of Finance and Public Credit, Director of the National Planning Department, and Minister of Agriculture . Professor Ocampo is author or editor of over 30 books and has published over 200 scholarly articles on macroeconomic theory and policy, international financial issues, economic development, international trade, and Colombian and Latin American economic history.
University of Delhi
Deepak Nayyar is Professor of Economics at Jawaharlal Nehru University, New Delhi. He has taught at the University of Oxford, the University of Sussex, the Indian Institute of Management Calcutta (IIM-C), and the New School for Social Research, New York. He was Vice Chancellor of the University of Delhi from 2000 to 2005.
Professor of Economics
University of Chile
Ricardo Ffrench-Davis is the Professor of Economics at the University of Chile. He holds the Chilean National Prize for the Humanities and Social Sciences. He is Chairperson of the Committee for Development Policy of the United Nations in 2007-March 2010 and has represented Presidents Ricardo Lagos and Michelle Bachelet in the International Initiative to Fight Hunger and Poverty. He received a PHD degree in Economics from the University of Chicago. Previous positions include the Principal Regional Adviser of ECLAC, 1992-2005; Director of Research and Chief Economist, Central Bank of Chile, 1964-70 and 1990-92; Co-founder and Vice-President of the Center for Economic Research on Latin America (CIEPLAN), 1975-89. He has published 21 books and over 130 articles on international trade and finance, development strategies, and Latin American economies. Author of Reforming Latin America’s Economies after Market Fundamentalism, Palgrave Macmillan, N.Y., 2006; and Economic Reforms in Chile: From Dictatorship to Democracy, second edition, Palgrave Macmillan, 2010.
Initiative for Policy Dialogue (IPD)
Joseph E. Stiglitz is President of the Initiative for Policy Dialogue, and Chairman of the Committee on Global Thought at Columbia University. He is University Professor at Columbia, teaching in its Economics Department, its Business School, and its School of International and Public Affairs. He chaired the UN Commission of Experts on Reforms of the International Monetary and Financial System, created in the aftermath of the financial crisis by the President of the General Assembly. He is former Chief Economist and Senior Vice-President of the World Bank and Chairman of President Clinton’s Council of Economic Advisors. He was awarded the Nobel Memorial Prize in Economics in 2001.
Senior Economic Affairs Officer
Shari Spiegel joined UN DESA as a Senior Economic Affairs Officer in May 2010. She is co-author and co-editor of several of books and articles on capital and financial markets, debt and macroeconomics. She served as Executive Director of the Initiative for Policy Dialogue (IPD). She has extensive experience at the private sector, most recently as a Principal at New Holland Capital and as head of fixed-income emerging markets at Lazard Asset Management. She also served as an advisor to the Hungarian Central Bank in the early 1990s.
Introducing the Key Questions
Three Perspectives on Policy
Is Macroeconomics Different in Developing Countries?
Policy Instruments from Three Perspectives: Fiscal and Monetary Policy
Open Economy Complications
Exchange Rate Management and Micro Tools for Macro-Management
Capital Market Liberalization: The Arguments For and Against
A Formal Approach: Capital Market Failures
Interventions in Capital Markets
Capital Market Liberalization: Summary and Remaining Debates
Stabilization, Liberalization, and Growth