Policy space and the changing paradigm in conducting macroeconomic policies in developing countries
Working Paper #146
This paper argues that a more developmental and growth-friendly approach to macroeconomic policies in developing countries requires measures to mitigate the procyclical effects of financial markets, provide more stable aid inflows, deepen financial markets and strengthen domestic financial governance structures. Such conditions will create “policy space” for countercyclical macroeconomic policies.
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.
Director Development Policy and Analysis
United Nations Department of Economic and Social Affairs