Download e-book for iPad: 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 types to an previous research, towards Renewed financial development in Latin the United States (Institute for foreign Economics; 1986), which blazed the path for the market-oriented monetary reforms that have been followed in Latin the US within the next years. It back provides the paintings of a gaggle of major economists (*) who have been requested to contemplate the character of the industrial coverage schedule that the quarter may be pursuing after the higher a part of a decade that used to be punctuated through crises, accomplished disappointingly gradual 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 marketplace financial system with an egalitarian bias, and the hot projects which are had to crisis-proof the economies of the quarter to finish its perpetual sequence of crises. (*) Pedro Pablo Kuczynski (Minister of Finance of Peru), Nancy Birdsall (President, heart for international 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
2--33-48 3/13/03 3:44 PM Page 35 Although European countries today are backtracking from the elitist and competitive civil services that flourished (especially in France and the United Kingdom) in the postwar period, a dose of both elements might be productive today in Latin America, introducing more order and competence in public administration. By creating a kind of elite “officer corps” in the civil service, Latin American countries would not only raise the professional level of the civil service—as Spain has done in the past 50 years—but by raising the social and economic status of senior civil servants, governments would also in time sharply curtail the temptations for corruption.
It is not a coincidence that deregulation, capital inflows, and privatization all went together, each one influencing the other, making the other possible, and reinforcing one another. com 35 02--CH. 2--33-48 3/13/03 3:44 PM Page 36 Privatization Privatization came about in most Latin American countries in the 1990s from a mixture of two main motives. , Salinas 2000, chap. 14), where the losses of state-owned enterprises and the subsidies they received from the central government accounted for as much as half of the public-sector deficits of the largest countries and for most of the deterioration of public finances from the mid-1970s to the early and mid-1980s (Larraín and Selowsky 1991, chapter 8).
Several issues need to be faced to achieve efficiently functioning decentralization. These include training of local officials; a clear framework that delineates responsibilities among the central government, states (or provinces), and municipalities; financially viable municipal units (many are too small to operate efficiently), or schemes to share revenues and functions among municipalities; and, given the large income disparities between large cities and rural areas, functioning schemes that equalize or reduce these disparities through transfers.
After the Washington Consensus: Restarting Growth and Reform in Latin America by Pedro-Pablo Kuczynski, John Williamson