By Boris Pleskovic, Nicholas Stern
The 'Annual international financial institution convention on improvement Economics' is an international amassing of students and practitioners of improvement coverage together with contributors from executive, deepest zone, and academia. The twelfth annual convention, held in April 2000, targeted generally on 4 parts: new improvement pondering, crises and restoration, company governance and restructuring, and social protection together with private and non-private discounts. This convention emphasizes the contribution that empirical and uncomplicated financial learn could make to the knowledge of improvement methods and to formulating improvement guidelines. This ebook is the gathering of convention papers from this discussion board.
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Additional resources for Annual World Bank Conference on Development Economics 2000
But Turkey has shown that it is possible to have sustained (though precarious) growth even with rather high inflation, and econometric studies have shown that reducing inflation below a critical threshold yields few if any discernible benefits, though disinflation may have large costs. The recent crisis in East Asia has reminded us—if we needed reminding—that economic instability may arise from a multitude of sources other than bad macroeconomic policies. Indeed, it is increasingly recognized that some of the same policies that the international financial institutions pushed in the name of promoting growth also increased economic volatility (see Easterly, Islam, and Stiglitz in this volume).
23. Note that nothing in neoclassical theory itself ensures a unique equilibrium, but the simple aggregative models typically had structures that guaranteed that outcome. 24. For instance, that of Paul Rosenstein-Rodan, the World Bank’s first chief economist. See, for instance, Rosenstein-Rodan (1943). 25. Note that the last set of crises occurred in the Scandinavian countries, countries with the seemingly highest level of transparency. This certainly suggests that transparency itself does not inoculate against crises.
Among the sources of change, as I have said, are changes in knowledge and information or, more broadly, in beliefs and perceptions. But such changes cannot be forced. Encounters across cultures have such impacts in part because they indirectly change people’s beliefs about what is possible. Outside advisers can thus have the most profound and lasting effects not through conditions attached to loans and aid (which are unlikely to be sustainable through the vicissitudes of changing political currents) but through analysis—by exposing the alternatives and the risks and consequences of each.
Annual World Bank Conference on Development Economics 2000 by Boris Pleskovic, Nicholas Stern