Macroeconomic Stability in Developing Countries : How Much Is Enough?

Over the 1990s macroeconomic policies improved in most developing countries, but the growth dividend from this improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of finan...

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Bibliographic Details
Main Authors:	Montiel, Peter, Servén, Luis
Format:	Journal Article
Language:	English en_US
Published:	Oxford University Press on behalf of the World Bank 2013
Subjects:	ADJUSTMENT EPISODES ADVERSE EFFECTS ADVERSE IMPACTS ADVERSE SHOCKS AVERAGE INFLATION BALANCE SHEETS BANKING CRISES BANKING SYSTEM BAILOUTS BORROWING COSTS BUDGET CONSTRAINT BUDGET CONSTRAINTS BUSINESS CYCLE CAPITAL ACCOUNT CAPITAL FLOWS CAPITAL INFLOWS CAPITAL MOBILITY CASH DEFICITS CENTRAL BANK CENTRAL BANKS COMPLEMENTARY FACTORS COMPLEMENTARY REFORMS CONTINGENT LIABILITIES CONVENTIONAL INDICATORS COUNTRY INCOME GROUP CRITICAL SOCIAL CURRENCY BOARD CURRENCY BOARDS CURRENCY CRASHES CURRENCY CRISES CURRENCY PREMIUM CURRENT ACCOUNT CURRENT ACCOUNT DEFICIT CURRENT DEFICIT CYCLICAL BEHAVIOR DEBT ACCUMULATION DEBT GUARANTEES DEBT ISSUANCE DEBT RATIO DEBT RATIOS DEFICIT MONETIZATION DEPOSIT DOLLARIZATION DEVELOPING COUNTRIES DEVELOPING COUNTRY DEVELOPING ECONOMIES DOLLARIZATION RATIOS DOMESTIC INTEREST RATES ECONOMIC CONTRACTION ECONOMIC GROWTH EMERGING MARKETS EXCHANGE RATE EXCHANGE RATE ARRANGEMENTS EXCHANGE RATE CRISES EXCHANGE RATE POLICIES EXCHANGE RATE POLICY EXCHANGE RATE REGIMES EXOGENOUS SHOCKS EXTERNAL ENVIRONMENT FEASIBLE POLICY ADJUSTMENTS FINANCE MINISTRY FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DOLLARIZATION FINANCIAL INSTITUTIONS FINANCIAL SECTOR FINANCIAL SECTOR SOUNDNESS FINANCIAL SYSTEM FOREIGN CURRENCY FOREIGN EXCHANGE GROWTH MOMENTUM GROWTH PAYOFF GROWTH RATE GROWTH VOLATILITY HIGH DEBT HIGH DEFAULT RISK HIGH INCIDENCE HIGH INFLATION HUMAN CAPITAL INDEPENDENT COMMITMENT INDIRECT APPROACH INDUSTRIAL COUNTRIES INFLATION RATE INFLATION RATES INFLEXIBLE EXCHANGE RATES INSTITUTIONAL ARRANGEMENT INSTITUTIONAL ARRANGEMENTS INSTITUTIONAL CONTEXT INSTITUTIONAL FOUNDATIONS INSTITUTIONAL FRAMEWORK INSTITUTIONAL PROBLEMS INSTITUTIONAL SETTING INTERNATIONAL MARKETS INVESTMENT OPPORTUNITIES LOW-INCOME COUNTRIES LOW-INCOME ECONOMIES MACROECONOMIC ENVIRONMENT MACROECONOMIC FRAGILITIES MACROECONOMIC FRAGILITY MACROECONOMIC INSTABILITY MACROECONOMIC OUTCOMES MACROECONOMIC PERFORMANCE MACROECONOMIC PERSPECTIVE MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC POLICY IMPROVEMENTS MACROECONOMIC POLICY REGIME MACROECONOMIC POLICY SENSE MACROECONOMIC REFORM MACROECONOMIC REFORM AGENDA MACROECONOMIC STABILITY MACROECONOMIC VARIABLES MACROECONOMIC VOLATILITY MADE STABILITY MEDIAN DEGREE MEDIAN VALUE MICROECONOMIC PERSPECTIVE MIDDLE-INCOME COUNTRIES MONETARY ARRANGEMENTS MONETARY POLICY MONETARY STABILITY MONEY FINANCING MONEY GROWTH RATES MORAL HAZARD NATIONAL INCOME NET DEBT NET WORTH NOMINAL EXCHANGE RATE ARRANGEMENTS NOMINAL INSTABILITY NOMINAL STABILITY NORMAL VOLATILITY ONE-TIME ASSET SALES OUTPUT GROWTH OUTPUT VOLATILITY PERCEIVED LIKELIHOOD PERCEIVED VULNERABILITY PERSISTENT VULNERABILITY POLICY AGENDA POLICY PARALYSIS POLICY STABILITY PREVIOUS CRISIS PRICE STABILITY PRIMARY DEFICIT PRIMARY DEFICITS PRIMARY SURPLUS PRIMARY SURPLUSES PRIVATE SECTOR PRO-GROWTH REFORMS PRODUCTIVE EXPENDITURES PROMPT GROWTH PAYOFF PUBLIC CONSUMPTION PUBLIC DEBT PUBLIC EXPENDITURES PUBLIC FINANCES PUBLIC FIRMS PUBLIC GOODS REAL DISTURBANCES REAL EXCHANGE REAL EXCHANGE RATE REAL EXCHANGE RATE VOLATILITY REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATES REDUCING INFLATION RESOURCE ALLOCATION DECISIONS SEIGNIORAGE COLLECTION SEIGNIORAGE REVENUE SEIGNIORAGE REVENUES SHORT-RUN STABILIZATION CAPABILITY SLOW GROWTH SOCIAL EXPENDITURES SOCIAL INVESTMENTS SOFT PEGS SOLVENCY CONSTRAINT SOVEREIGN BORROWING STABILITY AGENDA STABILIZATION EFFORTS STABILIZATION INSTRUMENTS STABILIZATION POLICIES STABILIZATION PROGRAM STABILIZING ECONOMIES STANDARD DEVIATION SYSTEMIC BANKING CRISES TOTAL GROWTH VOLATILITY TOTAL VOLATILITY TRADITIONAL BANK RUNS VOLATILE ISLAND ECONOMIES
Online Access:	http://hdl.handle.net/10986/16427

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http://hdl.handle.net/10986/16427

Macroeconomic Stability in Developing Countries : How Much Is Enough?

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