The Washington Consensus Reconsidered: Towards a New Global by Narcís Serra, Joseph E. Stiglitz

By Narcís Serra, Joseph E. Stiglitz

This quantity brings jointly a few of the major foreign figures in improvement stories, reminiscent of Jose Antonio Ocampo, Paul Krugman, Dani Rodrik, Joseph Stiglitz, Daniel Cohen, Olivier Blanchard, Deepak Nayyer and John Williamson to reassess and suggest replacement improvement guidelines to the Washington Consensus. protecting a variety of matters from macro-stabilization to exchange and the way forward for worldwide governance, this significant quantity makes a true contribution to this crucial and ongoing debate. the quantity starts off via introducing the Washington Consensus, discussing the way it was once initially formulated, what it passed over, and the way it was once later interpreted, and units the degree for a formula of a brand new improvement framework within the post-Washington Consensus period. It then is going directly to research and provide differing views and strength suggestions to a few key improvement matters, a few that have been addressed via the Washington Consensus and others which have been no longer. the quantity concludes via taking a look towards formulating new coverage frameworks and gives attainable reforms to the present process of worldwide governance.

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Goldstein and Turner 2004). This is because currency depreciation, which does—and should—occur when a crisis develops, increases the real value of the debts of those who have their obligations denominated in foreign currency. If the banks took the exchange risk by borrowing in foreign currency and on-lending in local currency, then their solvency will be threatened directly. If they sought to avoid that risk by onlending in foreign currency, then their debtors’ financial position will be undermined (especially if they are in the non-tradable sector) and the banks are likely to end up with a large volume of bad loans, which may also threaten their solvency.

Stiglitz’s view that the IMF has a theological belief in market fundamentalism is pure assertion, unsupported by a single citation. In any event, surely intellectual integrity demands a conscientious attempt in the future to distinguish alternative concepts of the Washington Consensus. Semantic issues may not be the most exciting ones, but being clear about the way in which terms are being used is a necessary condition for serious professional discussion. The practice of dismissing requests for clarification as tedious pedantry should be unacceptable.

In the months that followed, I participated in several meetings where I not only argued that the policies included in my ten points were in fact being adopted fairly widely in Latin America, as our conference had confirmed, but also that this was a good thing and that lagging countries should catch up. I know that I never regarded those ten points as constituting the whole of what should be on the policy agenda, but perhaps I was not always as careful in spelling that out as I should have been. The two points in my original list that seem to me in retrospect the least adequate as a summary of conventional thinking are the two identified by Allan Meltzer—namely, financial liberalization and exchange rate policy.

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