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Author: Michael Bruno
Publisher: Oxford University Press
ISBN: 0198286635
Category : Business & Economics
Languages : en
Pages : 321
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Book Description
This book authoritatively considers the phenomenon of the severe economic crises of the 1970s and 1980s, as exemplified by the combination of high inflation and negative growth in Israel and Latin America. The author analyses the common characteristics of such processes and their possible cures-with a detailed first-hand account of Israeli stabilization policy, and a comparative policy-oriented analysis of Latin American reforms. Professor Bruno also calls on his experience to give a preliminary evaluation of recent stabilizations and reform attempts in several East European economies. The discussion of the theoretical underpinnings of `shock' treatments provides a good example for the blending of a number of disciplines: lessons of economic history; open economy monetary and macro theory; game-theoretic applications to the theory of economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility); and the rationalization of incomes policy. The Clarendon Lectures in Economics were established in 1987. They consist of coherent sets of three or four lectures given by distinguished economists which are accessible to advanced undergraduates and also of interest to academics. Subjects vary from high theory and applications of theory to policy-oriented topics. Lecturers include Professors J.-M. Grandmont, David Kreps, Kenneth Arrow, Angus Deaton, Robert Schiller, and Oliver Hart.
Author: Michael Bruno
Publisher: Oxford University Press
ISBN: 0198286635
Category : Business & Economics
Languages : en
Pages : 321
Get Book Here
Book Description
This book authoritatively considers the phenomenon of the severe economic crises of the 1970s and 1980s, as exemplified by the combination of high inflation and negative growth in Israel and Latin America. The author analyses the common characteristics of such processes and their possible cures-with a detailed first-hand account of Israeli stabilization policy, and a comparative policy-oriented analysis of Latin American reforms. Professor Bruno also calls on his experience to give a preliminary evaluation of recent stabilizations and reform attempts in several East European economies. The discussion of the theoretical underpinnings of `shock' treatments provides a good example for the blending of a number of disciplines: lessons of economic history; open economy monetary and macro theory; game-theoretic applications to the theory of economic policy design (concepts such as dynamic inconsistency, government reputation, and credibility); and the rationalization of incomes policy. The Clarendon Lectures in Economics were established in 1987. They consist of coherent sets of three or four lectures given by distinguished economists which are accessible to advanced undergraduates and also of interest to academics. Subjects vary from high theory and applications of theory to policy-oriented topics. Lecturers include Professors J.-M. Grandmont, David Kreps, Kenneth Arrow, Angus Deaton, Robert Schiller, and Oliver Hart.
Author: Steven J. Ericson
Publisher: Cornell University Press
ISBN: 1501746936
Category : History
Languages : en
Pages : 141
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Book Description
With a new look at the 1880s financial reforms in Japan, Steven J. Ericson's Financial Stabilization in Meiji Japan overturns widely held views of the program carried out by Finance Minister Matsukata Masayoshi. As Ericson shows, rather than constituting an orthodox financial-stabilization program—a sort of precursor of the "neoliberal" reforms promoted by the IMF in the 1980s and 1990s—Matsukata's policies differed in significant ways from both classical economic liberalism and neoliberal orthodoxy. The Matsukata financial reform has become famous largely for the wrong reasons, and Ericson sets the record straight. He shows that Matsukata intended to pursue fiscal retrenchment and budget-balancing when he became finance minister in late 1881. Various exigencies, including foreign military crises and a worsening domestic depression, compelled him instead to increase spending by running deficits and floating public bonds. Though he drastically reduced the money supply, he combined the positive and contractionary policies of his immediate predecessors to pull off a program of "expansionary austerity" paralleling state responses to financial crisis elsewhere in the world both then and now. Through a new and much-needed recalibration of this pivotal financial reform, Financial Stabilization in Meiji Japan demonstrates that, in several ways, ranging from state-led export promotion to the creation of a government-controlled central bank, Matsukata advanced policies that were more in line with a nationalist, developmentalist approach than with a liberal economic one. Ericson shows that Matsukata Masayoshi was far from a rigid adherent of classical economic liberalism.
Author: Stephan Haggard
Publisher: Princeton University Press
ISBN: 0691188033
Category : Political Science
Languages : en
Pages : 371
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Book Description
In the 1980s some developing countries adopted orthodox market-oriented policies in response to international economic crises, others experimented with alternative programs, and still others failed to develop coherent adjustment strategies of any sort. Building on the case studies in Economic Crisis and Policy Choice, these essays offer comparative analysis of these divergent experiences with macroeconomic stabilization and structural adjustment. Barbara Stallings and Miles Kahler explore the external pressures on governments. Peter Evans and John Waterbury examine the role of the state in the adjustment process, Evans through the lens of earlier historical experience with economic restructuring, Waterbury by focusing on the politics of privatization. Joan Nelson analyzes the politics of income distribution in the adjustment process, and Haggard and Kaufman investigate the political correlates of inflation and stabilization. A final essay assesses the prospects for combining market-oriented reforms with political democratization.
Author: Hermann Sautter
Publisher:
ISBN: 9783893541737
Category :
Languages : en
Pages : 262
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Book Description
Author: Larry Jay Diamond
Publisher:
ISBN:
Category : Business & Economics
Languages : en
Pages : 284
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Book Description
The emergence of new democracies in Eastern Europe has raised anew the question of the relationship between economic reform and political liberalization. This work brings together a group of authorities to examine this question as it relates to Latin America, Europe, Asia, and Africa.
Author: Andrei Shleifer
Publisher: MIT Press
ISBN: 9780262264570
Category : Business & Economics
Languages : en
Pages : 244
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Book Description
A balanced look at Russia's attempts to build capitalism on the ruins of Soviet central planning. Recent commentators on Russia's economic reforms have almost uniformly declared them a disappointing and avoidable—failure. In this book, two American scholars take a new and more balanced look at the country's attempts to build capitalism on the ruins of Soviet central planning. They show how and why the Russian reforms achieved remarkable breakthroughs in some areas but came undone in others. Unlike Eastern European countries such as Poland or the Czech Republic, to which it is often compared, Russia is a federal, ethnically diverse, industrial giant with an economy heavily oriented toward raw materials extraction. The political obstacles it faced in designing reforms were incomparably greater. Shleifer and Treisman tell how Russia's leaders, navigating in uncharted economic terrain, managed to find a path around some of these obstacles. In successful episodes, central reformers devised a strategy to win over some key opponents, while dividing and marginalizing others. Such political tactics made possible the rapid privatization of 14,000 state enterprises in 1992-1994 and the defeat of inflation in 1995. But failure to outmaneuver the new oligarchs and regional governors after 1996 undermined reformers' attempts to collect taxes and clean up the bureaucracy that has stifled business growth.Renewing a strain of analysis that runs from Machiavelli to Hirschman, the authors reach conclusions about political strategies that have important implications for other reformers. They draw on their extensive knowledge of the country and recent experience as advisors to Russian policymakers. Written in an accessible style, the book should appeal to economists, political scientists, policymakers, businesspeople, and all those interested in Russian politics or economics.
Author: John Williamson
Publisher: Peterson Institute
ISBN: 9780881321951
Category : Business & Economics
Languages : en
Pages : 630
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Book Description
Policymakers around the world have increasingly agreed that macroeconomic discipline, microeconomic liberalization, and outward orientation are prerequisites for economic success. But what are the political conditions that make economic transformation possible? At a conference held at the Institute for International Economics, leaders of economic reform recounted their efforts to bring about change and discussed the impact of the political climate on the success of their efforts. In this book, these leaders explore the political conditions conducive to the success of policy reforms. Did economic crisis strengthen the hands of the reformers? Was the rapidity with which reforms were instituted crucial? Did the reformers have a "honeymoon" period in which to transform the economy? The authors answer these and other questions, as well as providing first-hand accounts of the politically charged atmosphere surrounding reform efforts in their countries.
Author: Kurt Weyland
Publisher: Princeton University Press
ISBN: 0691223432
Category : Political Science
Languages : en
Pages : 353
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Book Description
This book takes a powerful new approach to a question central to comparative politics and economics: Why do some leaders of fragile democracies attain political success--culminating in reelection victories--when pursuing drastic, painful economic reforms while others see their political careers implode? Kurt Weyland examines, in particular, the surprising willingness of presidents in four Latin American countries to enact daring reforms and the unexpected resultant popular support. He argues that only with the robust cognitive-psychological insights of prospect theory can one fully account for the twists and turns of politics and economic policy in Argentina, Brazil, Peru, and Venezuela during the 1980s and 1990s. Assessing conventional approaches such as rational choice, Weyland concludes that prospect theory is vital to any systematic attempt to understand the politics of market reform. Under this theory, if actors perceive themselves to be in a losing situation they are inclined toward risks; if they see a winning situation around them, they prefer caution. In Latin America, Weyland finds, where the public faced an open crisis it backed draconian reforms. And where such reforms yielded an apparent economic recovery, many citizens and their leaders perceived prospects of gains. Successful leaders thus won reelection and the new market model achieved political sustainability. Weyland concludes this accessible book by considering when his novel approach can be used to study crises generally and how it might be applied to a wider range of cases from Latin America, Africa, and Eastern Europe.
Author: Michael Bruno
Publisher:
ISBN:
Category : Economic conditions
Languages : en
Pages : 76
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Book Description
This article analyses the roots of the deep crisis that has afflicted the Israeli economy since 1973 and the attempt at economic reform and recovery since 1985. All of these are discussed against the background of the long-term evolution in Israel's structure and growth process. At the center of the analysis lie the implications of an oversized government and especially the devastating effects on growth and inflation of the large and persistent public sector deficit on top of the growing tax and public expenditure levels. The norm of "living beyond one's means" at the public sector level has also severely affected the norms of behavior of the private, household as well as business, sectors. Since 1985 there have been signs of recovery originating from the balancing of the budget and the relative stabilization of the currency. Labor and capital markets are gradually becoming more flexible and real interest rates are coming down. Even so, inflation rates are not yet down to international levels, continued budget balance is not assured and excessive wage increases have substantially diminished profit rates and investments in the business sector. Structural problems, rooted in economic mismanagement of the crisis years, are surfacing. Resumption of a sustained growth process requires persistent budget balance and a substantial additional reduction in public expenditure and tax levels. Structural reforms, only barely started, have to be persistently followed in the labor and capital markets, in the fiscal system, and in the further opening up of commodity and financial markets to competition from both home and abroad
Author: Joan M. Nelson
Publisher: Princeton University Press
ISBN: 0691228159
Category : Political Science
Languages : en
Pages : 392
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Book Description
The acute economic pressures of the 1980s have forced virtually all of Latin America and Africa and some countries in Asia into painful austerity programs and difficult economic reforms. Scholars have intensively analyzed the economics of this situation, but they have given much less attention to the political forces involved. In this volume a number of eminent contributors analyze the politics of adjustment in thirteen countries and nineteen governments, drawing comparisons not only across the full set of cases but also within clusters selected to clarify specific issues. Why do some governments respond promptly to signs of economic trouble, while others muddle indecisively for years? Why do some confine their response to temporary macroeconomic measures, while others adopt broader, even sweeping, programs of reform? What leads some countries to experiment with heterodox approaches, while most, however reluctantly, pursue orthodox courses? Why, confronted with intense political protest, have some governments persisted while others have altered or abandoned course? The answers to these questions are political, not economic, and they are examined here by Thomas M. Callaghy, Stephan Haggard, Miles Kahler, Robert R. Kauman, Joan M. Nelson, and Barbara Stallings.
