Download e-book for kindle: After the Washington Consensus: Restarting Growth and Reform by Pedro-Pablo Kuczynski, John Williamson
By Pedro-Pablo Kuczynski, John Williamson
This quantity is a successor of varieties to an previous research, towards Renewed financial progress in Latin the United States (Institute for overseas Economics; 1986), which blazed the path for the market-oriented financial reforms that have been followed in Latin the USA within the next years. It back provides the paintings of a bunch of best economists (*) who have been requested to consider the character of the industrial coverage time table that the sector can be pursuing after the higher a part of a decade that was once punctuated via crises, accomplished disappointingly sluggish progress, and observed no development within the region's hugely skewed source of revenue distribution. It diagnoses the first-generation (liberalizing and stabilizing) reforms which are nonetheless missing, the complementary second-generation (institutional) reforms which are essential to give you the institutional infrastructure of a industry financial system with an egalitarian bias, and the hot projects which are had to crisis-proof the economies of the sector to finish its perpetual sequence of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, middle for worldwide Development), Miguel Szekely (Mexico), Ricardo Lopez Murphy (Argentina), Jaime Saavedra (Peru), Claudio de Moura Castro (Brazil), Liliana Rojas-Suarez (Peru), Andres Velasco (Harvard), and Roberto Bouzas (Argentina).
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Extra resources for After the Washington Consensus: Restarting Growth and Reform in Latin America
1 illustrates Latin America’s high inequality of land and human capital relative to other regions. Once the inequality of the latter two “assets” is taken into account, the “Latin America” effect (of lower growth than elsewhere) disappears (Birdsall and Londoño 1997); moreover, across countries, the effect of inequality of land and education is twice as great in reducing the income growth of the poorest 20 percent of households as in reducing average growth. De Janvry and Sadoulet (2000) present compelling evidence that in Latin America, where land inequality is high, growth in agricultural production and productivity has worsened rural income inequality because it has failed to raise employment and income levels of landless poor people.
Alberto Fujimori in Peru and Carlos Menem in Argentina, both of whom were trying to get elected to unconstitutional third terms) and therefore that there was limited political mileage in pursuing privatization. com 02--CH. 2--33-48 3/13/03 3:44 PM Page 41 utility services of 10 years ago are fading in a number of countries. Third and most important, very little effort was made to create a wide shareholding for privatized companies. The exceptions were some of the telephone companies and the energy company YPF in Argentina, but in the end it was sold in its entirety to Repsol of Spain.
Com 45 02--CH. 2--33-48 3/13/03 3:44 PM Page 46 bellions and unrest, especially in such far-flung and diverse countries as Argentina, Brazil, Colombia, Mexico, and Peru, where impoverished local populations feel they are getting a bad bargain from a distant capital. Today, decentralization is widely seen as a test of democracy, a necessary reversal of past authoritarian trends. However, the long tradition of centralization and authoritarianism dies hard, and change is not easy. Despite this difficulty, there is no doubt that the benefits of properly managed decentralization can be considerable for economic development: the ability to relate investments to local needs, a sense of local involvement that breeds greater interest in how public money is spent—especially if it is seen as coming from local taxation—and better knowledge of local conditions, which is especially important in the agricultural areas where lowincome people usually are concentrated.
After the Washington Consensus: Restarting Growth and Reform in Latin America by Pedro-Pablo Kuczynski, John Williamson