Michael Bruno
- Published in print:
- 1993
- Published Online:
- September 2006
- ISBN:
- 9780198286639
- eISBN:
- 9780191603839
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198286635.003.0008
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter returns to a number of common issues that emerged from the cumulative experience reviewed in previous chapters, considers open theoretical questions, and discusses some of the policy ...
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This chapter returns to a number of common issues that emerged from the cumulative experience reviewed in previous chapters, considers open theoretical questions, and discusses some of the policy lessons. It looks at some of the theoretical arguments that have been suggested to explain the long delays in the adoption of stabilization programmes. It asks whether a universal paradigm has emerged on the necessary basic components of stabilization and structural reform programmes. It then broadens the question by asking if any generalizable lessons can be learned on the optimal sequencing of the various components of reform and whether there exists a real choice between ‘big bang’ and gradualist stabilization and reform strategies.Less
This chapter returns to a number of common issues that emerged from the cumulative experience reviewed in previous chapters, considers open theoretical questions, and discusses some of the policy lessons. It looks at some of the theoretical arguments that have been suggested to explain the long delays in the adoption of stabilization programmes. It asks whether a universal paradigm has emerged on the necessary basic components of stabilization and structural reform programmes. It then broadens the question by asking if any generalizable lessons can be learned on the optimal sequencing of the various components of reform and whether there exists a real choice between ‘big bang’ and gradualist stabilization and reform strategies.
Tito Boeri, Micael Castanheira, Riccardo Faini, Vincenzo Galasso, Giorgio Barba Navaretti, Carcillo Stéphane, Jonathan Haskel, Giuseppe Nicoletti, Enrico Perotti, Carlo Scarpa, Lidia Tsyganok, and Christian Wey
- Published in print:
- 2006
- Published Online:
- May 2007
- ISBN:
- 9780199203628
- eISBN:
- 9780191708169
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199203628.003.0002
- Subject:
- Economics and Finance, Public and Welfare
This chapter introduces the first part of the book, which examines the question: do product market reforms contribute to Europe's poor growth and productivity record? The key finding is that although ...
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This chapter introduces the first part of the book, which examines the question: do product market reforms contribute to Europe's poor growth and productivity record? The key finding is that although reforms are difficult to implement and do not always deliver the expected gains, particularly in the short term, deregulation of services in all three countries analysed is found to be associated with faster productivity growth and competitiveness both in the service sector and in the rest of the economy. This latter result is largely due to the fact that services play a much more pervasive role in the overall economy than generally acknowledged as they have a significant input into non-service activities like manufacturing and agriculture. Consequently, changes in efficiency, quality, and costs of services delivered trickle down to large competitive gains in the overall economy. The bottom line is that liberalization in services has the potential to bring large welfare gains and governments need to persevere in their effort to reform the service sector.Less
This chapter introduces the first part of the book, which examines the question: do product market reforms contribute to Europe's poor growth and productivity record? The key finding is that although reforms are difficult to implement and do not always deliver the expected gains, particularly in the short term, deregulation of services in all three countries analysed is found to be associated with faster productivity growth and competitiveness both in the service sector and in the rest of the economy. This latter result is largely due to the fact that services play a much more pervasive role in the overall economy than generally acknowledged as they have a significant input into non-service activities like manufacturing and agriculture. Consequently, changes in efficiency, quality, and costs of services delivered trickle down to large competitive gains in the overall economy. The bottom line is that liberalization in services has the potential to bring large welfare gains and governments need to persevere in their effort to reform the service sector.
Juliana Martínez Franzoni
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780199226801
- eISBN:
- 9780191710285
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199226801.003.0013
- Subject:
- Business and Management, Pensions and Pension Management
During the past two decades, Costa Rica has transformed its pension system into a ‘mixed model’ that combines collective and individual savings. This chapter focuses on the structural reform approved ...
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During the past two decades, Costa Rica has transformed its pension system into a ‘mixed model’ that combines collective and individual savings. This chapter focuses on the structural reform approved in 2000 and in effect since May 2001 and the parametric reform approved in May 2005. The 2000 reform created a multipillar system, which included the R égimen de Invalidez, Vejez y Muerte (RIVM, or the Disability, Old-Age, and Survivorship Regime). The RIVM was created in 1943 and currently reaches nine out of every ten insured workers in the country. The 2005 parametric reform modified requirements and benefits of the RIVM and created new benefits while seeking to strengthen the collective capitalization system. Both reforms strengthened the administrative effectiveness of the RIVM. The chapter discusses the main historical characteristics of the pension system, focusing on the RIVM; describes the political context for the design and adoption of the main reforms of the past five years; and explains both reforms in detail. It also examines the strengths and weaknesses of the implementation process and concludes with an exploration of tensions within the Costa Rican pension reform.Less
During the past two decades, Costa Rica has transformed its pension system into a ‘mixed model’ that combines collective and individual savings. This chapter focuses on the structural reform approved in 2000 and in effect since May 2001 and the parametric reform approved in May 2005. The 2000 reform created a multipillar system, which included the R égimen de Invalidez, Vejez y Muerte (RIVM, or the Disability, Old-Age, and Survivorship Regime). The RIVM was created in 1943 and currently reaches nine out of every ten insured workers in the country. The 2005 parametric reform modified requirements and benefits of the RIVM and created new benefits while seeking to strengthen the collective capitalization system. Both reforms strengthened the administrative effectiveness of the RIVM. The chapter discusses the main historical characteristics of the pension system, focusing on the RIVM; describes the political context for the design and adoption of the main reforms of the past five years; and explains both reforms in detail. It also examines the strengths and weaknesses of the implementation process and concludes with an exploration of tensions within the Costa Rican pension reform.
Michael Bruno
- Published in print:
- 1993
- Published Online:
- September 2006
- ISBN:
- 9780198286639
- eISBN:
- 9780191603839
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198286635.003.0005
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter analyzes the efforts to establish the credibility of both fiscal and nominal anchors in the aftermath of sharp stabilization as well as the ongoing structural reform process. It begins ...
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This chapter analyzes the efforts to establish the credibility of both fiscal and nominal anchors in the aftermath of sharp stabilization as well as the ongoing structural reform process. It begins with an analysis of the initial stabilization phase, and then considers various alternative interpretations of the business-cycle phenomenon. It defends the real fundamentals, namely the establishment of credible fiscal discipline. This is followed by an analysis of the struggle led mainly by the Bank of Israel, over the defence of the nominal anchor, including the evolution of the exchange-rate regime in the aftermath of stabilization, and the gradual and costly learning process it entailed in wage and labour-market behaviour. The successful introduction and gradual phase-out of price controls, financial restructuring in ailing enterprises, financial market reform, and structural reform in the real economy are discussed.Less
This chapter analyzes the efforts to establish the credibility of both fiscal and nominal anchors in the aftermath of sharp stabilization as well as the ongoing structural reform process. It begins with an analysis of the initial stabilization phase, and then considers various alternative interpretations of the business-cycle phenomenon. It defends the real fundamentals, namely the establishment of credible fiscal discipline. This is followed by an analysis of the struggle led mainly by the Bank of Israel, over the defence of the nominal anchor, including the evolution of the exchange-rate regime in the aftermath of stabilization, and the gradual and costly learning process it entailed in wage and labour-market behaviour. The successful introduction and gradual phase-out of price controls, financial restructuring in ailing enterprises, financial market reform, and structural reform in the real economy are discussed.
Tetsuro Toya
Jennifer A. Amyx (ed.)
- Published in print:
- 2006
- Published Online:
- May 2006
- ISBN:
- 9780199292394
- eISBN:
- 9780191603525
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199292396.001.0001
- Subject:
- Economics and Finance, South and East Asia
This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative ...
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This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.Less
This book is a case study of structural reform in the Japanese financial sector. It adopts a novel approach, combining rational choice analysis from the field of political science with comparative institutional analysis from the field of economics. Its central hypothesis is that Japanese politics and policymaking have changed due to a combination of policy failures and scandals, as well as the emergence of the possibility of a change in government after 37 years of uninterrupted Liberal Democratic Party (LDP) rule. These factors are likely to affect other policy areas, meaning that decay in the financial policymaking process may lead to changes throughout the political economy. In making this argument, the book attempts to provide a realistic image of post-1995 financial politics by improving on existing behavioral assumptions of actors. It demonstrates that the Big Bang can be best understood as an outcome of the strategic interaction of state actors. More specifically, the Big Bang is the product of interaction between the LDP and Ministry of Finance, each pursuing organizational survival through cooperation, competition, and confrontation. The book is divided into three parts. Part I discusses the conceptual tools and background information in preparation for later analysis. Part II provides an empirical analysis of financial politics. Part III attempts to make sense of the developments analyzed in Part II by returning to the analytical frameworks developed in Part I.
M. Victoria Murillo
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780199241149
- eISBN:
- 9780191598920
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199241147.003.0002
- Subject:
- Political Science, Comparative Politics
After the Debt Crisis of 1982, the PRI implemented policies of stabilization and structural reforms although it had previously advanced protectionism and state intervention during the post‐war ...
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After the Debt Crisis of 1982, the PRI implemented policies of stabilization and structural reforms although it had previously advanced protectionism and state intervention during the post‐war period. These reforms triggered processes of industrial restructuring in the private and public sector and challenged the very institutions, which had sustained the historic alliance between unions and the PRI in the aftermath of the Mexican Revolution. Although the majority of Mexican unions were subordinated to the governing party, some unions chose to negotiate or oppose the reforms. This chapter analyses the responses of the Mexican Workers’ Confederation (CTM) and industry‐specific unions in the automobile, education, electricity, oil, and telecommunication sectors, to explain the variation in the responses of Mexican unions. It focuses on the common behaviour of union leaders facing similar challenges linked to structural reform and the resulting exposure to international economic forces. It explains union responses by highlighting the influence of the competition among unions for the representation of workers and the competition among leaders for the control of the union as well as the historical legacies of the PRI‐CTM relationship.Less
After the Debt Crisis of 1982, the PRI implemented policies of stabilization and structural reforms although it had previously advanced protectionism and state intervention during the post‐war period. These reforms triggered processes of industrial restructuring in the private and public sector and challenged the very institutions, which had sustained the historic alliance between unions and the PRI in the aftermath of the Mexican Revolution. Although the majority of Mexican unions were subordinated to the governing party, some unions chose to negotiate or oppose the reforms. This chapter analyses the responses of the Mexican Workers’ Confederation (CTM) and industry‐specific unions in the automobile, education, electricity, oil, and telecommunication sectors, to explain the variation in the responses of Mexican unions. It focuses on the common behaviour of union leaders facing similar challenges linked to structural reform and the resulting exposure to international economic forces. It explains union responses by highlighting the influence of the competition among unions for the representation of workers and the competition among leaders for the control of the union as well as the historical legacies of the PRI‐CTM relationship.
RUMU SARKAR
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780195398281
- eISBN:
- 9780199866366
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195398281.003.003
- Subject:
- Law, Human Rights and Immigration, Public International Law
This chapter examines and critiques a projectized approach to development (especially within the context of multilateral institutions such as the World Bank). It examines an analytical framework for ...
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This chapter examines and critiques a projectized approach to development (especially within the context of multilateral institutions such as the World Bank). It examines an analytical framework for establishing legal reform programs (e.g.,good governance, structural legal reform, and the administration of justice). This analysis takes place within the backdrop of actual development programs and projects (with their relative merits and successes) in order to provide the student with a “real world” context for this discussion. Tables for this analysis are also presented to help clarify the issues. The chapter provides an analytical framework for legal reform programs spanning good governance, structural legal reforms, and the administration of justice. The post-conflict context for such legal reforms is also reviewed with special attention given to social reconciliation strategies in support of systemic and sustainable legal reforms in post-conflict societies.Less
This chapter examines and critiques a projectized approach to development (especially within the context of multilateral institutions such as the World Bank). It examines an analytical framework for establishing legal reform programs (e.g.,good governance, structural legal reform, and the administration of justice). This analysis takes place within the backdrop of actual development programs and projects (with their relative merits and successes) in order to provide the student with a “real world” context for this discussion. Tables for this analysis are also presented to help clarify the issues. The chapter provides an analytical framework for legal reform programs spanning good governance, structural legal reforms, and the administration of justice. The post-conflict context for such legal reforms is also reviewed with special attention given to social reconciliation strategies in support of systemic and sustainable legal reforms in post-conflict societies.
Tito Boeri, Micael Castanheira, Riccardo Faini, Vincenzo Galasso, Giorgio Barba Navaretti, Carcillo Stéphane, Jonathan Haskel, Giuseppe Nicoletti, Enrico Perotti, Carlo Scarpa, Lidia Tsyganok, and Christian Wey
- Published in print:
- 2006
- Published Online:
- May 2007
- ISBN:
- 9780199203628
- eISBN:
- 9780191708169
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199203628.003.0010
- Subject:
- Economics and Finance, Public and Welfare
This chapter concentrates on the reform opportunities that emerge when a government exploits its parliamentary majority. For example the privatizations and pension reforms carried out in the UK by ...
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This chapter concentrates on the reform opportunities that emerge when a government exploits its parliamentary majority. For example the privatizations and pension reforms carried out in the UK by the Thatcher government. When backed by a large parliamentary majority, the policy-makers' only constraint is the need to win a future election, which provides freedom of action in most cases. Yet, this strategy is not always valuable. The mix of successes and failures suggests that other institutional elements are crucial, such as the (lack of) internal cohesion in coalition governments or the existence of strong opposition. A strong parliamentary majority can thus be insufficient to generate sufficient coalition building.Less
This chapter concentrates on the reform opportunities that emerge when a government exploits its parliamentary majority. For example the privatizations and pension reforms carried out in the UK by the Thatcher government. When backed by a large parliamentary majority, the policy-makers' only constraint is the need to win a future election, which provides freedom of action in most cases. Yet, this strategy is not always valuable. The mix of successes and failures suggests that other institutional elements are crucial, such as the (lack of) internal cohesion in coalition governments or the existence of strong opposition. A strong parliamentary majority can thus be insufficient to generate sufficient coalition building.
Tito Boeri, Micael Castanheira, Riccardo Faini, Vincenzo Galasso, Giorgio Barba Navaretti, Carcillo Stéphane, Jonathan Haskel, Giuseppe Nicoletti, Enrico Perotti, Carlo Scarpa, Lidia Tsyganok, and Christian Wey
- Published in print:
- 2006
- Published Online:
- May 2007
- ISBN:
- 9780199203628
- eISBN:
- 9780191708169
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199203628.003.0008
- Subject:
- Economics and Finance, Public and Welfare
This chapter introduces Part II of the book, which focuses on how to gain political support for reforms. The succeeding chapters focus on the political feasibility of these reforms, in an attempt to ...
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This chapter introduces Part II of the book, which focuses on how to gain political support for reforms. The succeeding chapters focus on the political feasibility of these reforms, in an attempt to provide some policy advice on how to push forward with structural reforms. The case studies include a broad array of economic areas — such as labour and product markets, the welfare state, and privatizations — and of political institutions, ranging from majority systems, such as the UK, to proportional systems and consensus democracies, such as Denmark, to hybrid systems (Italy), and to new democracies (Russia and the Czech Republic). Although this methodological approach may fail to identify universal ‘laws’, the wide range of economic and political framework conditions analysed will provide common lessons on how to design politically feasible reforms.Less
This chapter introduces Part II of the book, which focuses on how to gain political support for reforms. The succeeding chapters focus on the political feasibility of these reforms, in an attempt to provide some policy advice on how to push forward with structural reforms. The case studies include a broad array of economic areas — such as labour and product markets, the welfare state, and privatizations — and of political institutions, ranging from majority systems, such as the UK, to proportional systems and consensus democracies, such as Denmark, to hybrid systems (Italy), and to new democracies (Russia and the Czech Republic). Although this methodological approach may fail to identify universal ‘laws’, the wide range of economic and political framework conditions analysed will provide common lessons on how to design politically feasible reforms.
VIJAY JOSHI
- Published in print:
- 2010
- Published Online:
- January 2012
- ISBN:
- 9780197264515
- eISBN:
- 9780191734403
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197264515.003.0004
- Subject:
- Sociology, Politics, Social Movements and Social Change
This chapter discusses the economic growth of India after gaining its independence. It shows that there was growth and poverty reduction after 1980 and looks at the concept of macroeconomic balance. ...
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This chapter discusses the economic growth of India after gaining its independence. It shows that there was growth and poverty reduction after 1980 and looks at the concept of macroeconomic balance. Structural reform is also discussed in the chapter. It is determined that in the second half of India's post-independence career, growth has increased dramatically as a consequence of economic reform. This reform was able to unshackle the economy from the firm grip of controls and exposed it to international competition.Less
This chapter discusses the economic growth of India after gaining its independence. It shows that there was growth and poverty reduction after 1980 and looks at the concept of macroeconomic balance. Structural reform is also discussed in the chapter. It is determined that in the second half of India's post-independence career, growth has increased dramatically as a consequence of economic reform. This reform was able to unshackle the economy from the firm grip of controls and exposed it to international competition.
Amitava Krishna Dutt and J. Mohan Rao
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0006
- Subject:
- Economics and Finance, International
This chapter examines the historical record with a view of assessing the diverse views about India's economic reforms, which have aimed to liberalize and globalize its economy. First, the content of ...
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This chapter examines the historical record with a view of assessing the diverse views about India's economic reforms, which have aimed to liberalize and globalize its economy. First, the content of reforms undertaken are briefly examined and then an account is given of how the effects of globalization are to be explored in the following sections. The third section looks at some macroeconomic dimensions of performance, including the realized effects of openness on external transactions, on economic growth, and on trends in the rural sector, which remains the mainstay of employment. The fourth section summarizes trends in employment and unemployment, and the changing commodity composition of employment and its distribution across the formal/informal divide. The fifth section delves into some controversies surrounding the assessment of changes in income distribution and poverty under the impact of reforms, and the sixth turns to the government policy toward social safety nets.Less
This chapter examines the historical record with a view of assessing the diverse views about India's economic reforms, which have aimed to liberalize and globalize its economy. First, the content of reforms undertaken are briefly examined and then an account is given of how the effects of globalization are to be explored in the following sections. The third section looks at some macroeconomic dimensions of performance, including the realized effects of openness on external transactions, on economic growth, and on trends in the rural sector, which remains the mainstay of employment. The fourth section summarizes trends in employment and unemployment, and the changing commodity composition of employment and its distribution across the formal/informal divide. The fifth section delves into some controversies surrounding the assessment of changes in income distribution and poverty under the impact of reforms, and the sixth turns to the government policy toward social safety nets.
José Antonio Ocampo and Camilo Tovar
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0004
- Subject:
- Economics and Finance, International
This chapter analyzes the link between structural adjustment, macroeconomic performance, and social indicators in Colombia. The first two sections briefly overview structural reforms, the evolution ...
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This chapter analyzes the link between structural adjustment, macroeconomic performance, and social indicators in Colombia. The first two sections briefly overview structural reforms, the evolution of macroeconomic policy, and their outcomes. The third takes a look at the labor market, and the fourth considers the evolution of social policy and major indicators of living conditions. The fifth analyzes in greater detail the evolution of poverty and income distribution. Finally, the sixth draws some conclusions.Less
This chapter analyzes the link between structural adjustment, macroeconomic performance, and social indicators in Colombia. The first two sections briefly overview structural reforms, the evolution of macroeconomic policy, and their outcomes. The third takes a look at the labor market, and the fourth considers the evolution of social policy and major indicators of living conditions. The fifth analyzes in greater detail the evolution of poverty and income distribution. Finally, the sixth draws some conclusions.
Joseph E. Stiglitz, José Antonio Ocampo, Shari Spiegel, Ricardo Ffrench-Davis, and Deepak Nayyar
- Published in print:
- 2006
- Published Online:
- September 2006
- ISBN:
- 9780199288144
- eISBN:
- 9780191603884
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199288143.003.0001
- Subject:
- Economics and Finance, Development, Growth, and Environmental
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have ...
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This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.Less
This chapter introduces the book and lays out the key questions of macroeconomic policy. Economists differ greatly in their views and policy prescriptions. All economic policies, though, have trade-offs. Policy choices come with risks, and the risks involve different beneficiaries and victims. Political processes play a key role in macroeconomic policy just as they do in most arenas of economic decision-making. If there were no alternative policies, or if one approach were best for everyone, then we could leave the design of economic policy to domestic and international technocrats and bureaucrats. But there are always alternatives and trade-offs so choices are political in nature and cannot be left to technocrats.
Yung Chul Park
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199276776
- eISBN:
- 9780191603051
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199276773.003.0010
- Subject:
- Economics and Finance, South and East Asia
The IMF programs failed to take into account possible conflicts between different reform measures and objectives such as the conflicts between stabilization policies and structural reforms, and ...
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The IMF programs failed to take into account possible conflicts between different reform measures and objectives such as the conflicts between stabilization policies and structural reforms, and between operational restructuring and institutional reform. Corporate restructuring was not treated as an integral part of financial restructuring, resulting in moral hazard problems.Less
The IMF programs failed to take into account possible conflicts between different reform measures and objectives such as the conflicts between stabilization policies and structural reforms, and between operational restructuring and institutional reform. Corporate restructuring was not treated as an integral part of financial restructuring, resulting in moral hazard problems.
Yung Chul Park
- Published in print:
- 2005
- Published Online:
- February 2006
- ISBN:
- 9780199276776
- eISBN:
- 9780191603051
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199276773.003.0007
- Subject:
- Economics and Finance, South and East Asia
The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of ...
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The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of the post-crisis period questions whether the rapid recovery can be attributed to the IMF structural reform programs.Less
The Asian crisis occurred due to massive foreign investments in East Asia which created strong inflationary pressures, overvalued currencies, and growing current account deficits. An examination of the post-crisis period questions whether the rapid recovery can be attributed to the IMF structural reform programs.
Angela Ferriol Muruaga
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0005
- Subject:
- Economics and Finance, International
The external opening that took place in the Cuban economy in the 1990s has unique characteristics that differentiate it from the experience of other countries: the Cuban opening was accompanied by a ...
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The external opening that took place in the Cuban economy in the 1990s has unique characteristics that differentiate it from the experience of other countries: the Cuban opening was accompanied by a severe external adjustment of magnitude, much greater than that experienced by other economies of the region, and this opening was also part of a wider process of modification of the economic model, since there was a transformation from a highly centralized system based on balancing the distribution of material resources, to a system based mainly on financial mechanisms and a greater degree of managerial autonomy. So, Cuba's external opening has had a strong impact on all social and economic structures, and has become an important stimulating factor in helping to reinsert the Cuban economy into the international economy. This chapter gives an exposition of the main characteristics of the economic reforms, with emphasis on the external opening, changes in the labor market, and social policy measures. Subsequently, three aspects are analyzed (macroeconomic performance; mesoeconomic dynamics; and changes in the labor market, including workers’ remuneration); all those cases that reflect a direct relationship between the opening of the economy and labor revenues obtained by the population are also examined. Lastly, an analysis is made of the relationship between the labor revenues of households and their economic situation.Less
The external opening that took place in the Cuban economy in the 1990s has unique characteristics that differentiate it from the experience of other countries: the Cuban opening was accompanied by a severe external adjustment of magnitude, much greater than that experienced by other economies of the region, and this opening was also part of a wider process of modification of the economic model, since there was a transformation from a highly centralized system based on balancing the distribution of material resources, to a system based mainly on financial mechanisms and a greater degree of managerial autonomy. So, Cuba's external opening has had a strong impact on all social and economic structures, and has become an important stimulating factor in helping to reinsert the Cuban economy into the international economy. This chapter gives an exposition of the main characteristics of the economic reforms, with emphasis on the external opening, changes in the labor market, and social policy measures. Subsequently, three aspects are analyzed (macroeconomic performance; mesoeconomic dynamics; and changes in the labor market, including workers’ remuneration); all those cases that reflect a direct relationship between the opening of the economy and labor revenues obtained by the population are also examined. Lastly, an analysis is made of the relationship between the labor revenues of households and their economic situation.
Roberto Frenkel and Martín González Rozada
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0003
- Subject:
- Economics and Finance, International
This chapter gives a summary analysis of the growth process, the performance of the labor market, and the evolution of income and wages in the context generated by the market‐friendly structural ...
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This chapter gives a summary analysis of the growth process, the performance of the labor market, and the evolution of income and wages in the context generated by the market‐friendly structural reforms of the early 1990s in Argentina, which targeted the privatization of a large proportion of state‐owned enterprises, as well as trade and financial openings; the stabilization policies that were applied in the 1990s are also discussed. There are seven sections to the chapter: the first presents some aspects of the macroeconomic dynamics, mainly in the form of graphs that facilitate the comparison between the 1980s and 1990s; the second presents an econometric model that describes the macroeconomic performance in the 1990s and summarizes the estimation results; the third focuses on the behavior of the urban labor market at the national level and in Greater Buenos Aires (GBA); the fourth includes the formulation and estimation of an econometric model of the aggregate urban labor market; the fifth uses GBA data to analyze variations in urban employment by sector of activity and sociodemographic characteristics; the sixth studies the performance of production, employment, and productivity in the manufacturing sector using data from the industrial survey, and an econometric model of labor demand in this sector is presented – the econometric estimations, together with the trade information on the manufacturing sector, are utilized to separate and calculate the different effects on the employment contraction in this sector. The last section focuses on income and its distribution.Less
This chapter gives a summary analysis of the growth process, the performance of the labor market, and the evolution of income and wages in the context generated by the market‐friendly structural reforms of the early 1990s in Argentina, which targeted the privatization of a large proportion of state‐owned enterprises, as well as trade and financial openings; the stabilization policies that were applied in the 1990s are also discussed. There are seven sections to the chapter: the first presents some aspects of the macroeconomic dynamics, mainly in the form of graphs that facilitate the comparison between the 1980s and 1990s; the second presents an econometric model that describes the macroeconomic performance in the 1990s and summarizes the estimation results; the third focuses on the behavior of the urban labor market at the national level and in Greater Buenos Aires (GBA); the fourth includes the formulation and estimation of an econometric model of the aggregate urban labor market; the fifth uses GBA data to analyze variations in urban employment by sector of activity and sociodemographic characteristics; the sixth studies the performance of production, employment, and productivity in the manufacturing sector using data from the industrial survey, and an econometric model of labor demand in this sector is presented – the econometric estimations, together with the trade information on the manufacturing sector, are utilized to separate and calculate the different effects on the employment contraction in this sector. The last section focuses on income and its distribution.
Alexander Vorobyov and Stanislav Zhukov
- Published in print:
- 2001
- Published Online:
- September 2007
- ISBN:
- 9780195145465
- eISBN:
- 9780199783960
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195145465.003.0008
- Subject:
- Economics and Finance, International
By introducing convertibility of the national currency and liberalizing both current and capital accounts of her balance of payments, Russia fully exposed herself to globalization. In this chapter, a ...
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By introducing convertibility of the national currency and liberalizing both current and capital accounts of her balance of payments, Russia fully exposed herself to globalization. In this chapter, a narrow functional meaning is ascribed to globalization: convertibility – with minor exceptions, the exchange rate regime in force from the end of 1994 until August 1998 – combined with free movements of capital and hard currency, pushed local producers into global competition. For Russia, with an economy historically built upon absolute and relative prices (and production costs) totally different from prevailing world prices, entering into global competition was an enormous shock. Seen in this perspective, globalization is the driving force in Russia's transition. The chapter is organized in six sections: post‐Soviet and economic chaos; external liberalization; dual economic structure; “shadowization” – the shift of a substantial part of production and consumption outside official recognition (a salient feature of the Russian transition) to the shadow economy; segmentation of the labor market; and conclusion.Less
By introducing convertibility of the national currency and liberalizing both current and capital accounts of her balance of payments, Russia fully exposed herself to globalization. In this chapter, a narrow functional meaning is ascribed to globalization: convertibility – with minor exceptions, the exchange rate regime in force from the end of 1994 until August 1998 – combined with free movements of capital and hard currency, pushed local producers into global competition. For Russia, with an economy historically built upon absolute and relative prices (and production costs) totally different from prevailing world prices, entering into global competition was an enormous shock. Seen in this perspective, globalization is the driving force in Russia's transition. The chapter is organized in six sections: post‐Soviet and economic chaos; external liberalization; dual economic structure; “shadowization” – the shift of a substantial part of production and consumption outside official recognition (a salient feature of the Russian transition) to the shadow economy; segmentation of the labor market; and conclusion.
Grzegorz W. Kolodko
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297437
- eISBN:
- 9780191685354
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297437.003.0013
- Subject:
- Economics and Finance, Development, Growth, and Environmental
In the attempt to supervise international revolutionary activities, international institutions are regarded as portraying a significant position. Emphasized here is the significance of international ...
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In the attempt to supervise international revolutionary activities, international institutions are regarded as portraying a significant position. Emphasized here is the significance of international organisations such as the International Monetary Fund and the World Bank in the appropriate flow of capital and other resources in the aim to recover from distressful conditions. These institutions coordinate with other agencies and market nations, specifically the G-7 Group or the most advanced market economies, which is comprised of United States, Canada, Japan, France, Italy, Great Britain, and Germany. While some observe collaborative efforts in employing structural reforms, there are postsocialist countries that do not. Such inattention is due to the notion that regional synchronisation is not vital or based on neo-liberalists and market fundamentalists along with the idea that teamwork can as well be facilitated by specific institutions within the bounds of a specific nation, thus, defying international coordination.Less
In the attempt to supervise international revolutionary activities, international institutions are regarded as portraying a significant position. Emphasized here is the significance of international organisations such as the International Monetary Fund and the World Bank in the appropriate flow of capital and other resources in the aim to recover from distressful conditions. These institutions coordinate with other agencies and market nations, specifically the G-7 Group or the most advanced market economies, which is comprised of United States, Canada, Japan, France, Italy, Great Britain, and Germany. While some observe collaborative efforts in employing structural reforms, there are postsocialist countries that do not. Such inattention is due to the notion that regional synchronisation is not vital or based on neo-liberalists and market fundamentalists along with the idea that teamwork can as well be facilitated by specific institutions within the bounds of a specific nation, thus, defying international coordination.
Nauro F. Campos, Paul De Grauwe, and Yuemei Ji
- Published in print:
- 2018
- Published Online:
- August 2018
- ISBN:
- 9780198821878
- eISBN:
- 9780191861000
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/oso/9780198821878.003.0001
- Subject:
- Economics and Finance, Macro- and Monetary Economics
This chapter provides a critical overview of the state of the art in the economics literature on structural reforms. It takes stock of theoretical developments, measurement efforts, and of the ...
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This chapter provides a critical overview of the state of the art in the economics literature on structural reforms. It takes stock of theoretical developments, measurement efforts, and of the econometric evidence. We start with a simple theoretical framework for the relationship between structural reforms, economic growth, and income inequality. We argue that whether structural reforms have a positive or negative impact depends on various factors. The type of reform, timing, sequence, and political constraints play crucial roles in determining the effectiveness of reforms on economic growth and income inequality. We conclude by proposing a 7-point agenda for future research.Less
This chapter provides a critical overview of the state of the art in the economics literature on structural reforms. It takes stock of theoretical developments, measurement efforts, and of the econometric evidence. We start with a simple theoretical framework for the relationship between structural reforms, economic growth, and income inequality. We argue that whether structural reforms have a positive or negative impact depends on various factors. The type of reform, timing, sequence, and political constraints play crucial roles in determining the effectiveness of reforms on economic growth and income inequality. We conclude by proposing a 7-point agenda for future research.
