"This paper deals with potential instabilities in the Eurozone stemming from an insufficient interplay between monetary policy and reform effort on the one hand and the emergence of intra-Euro area divergences on the other. As a first step, we assess the effect of EMU on structural reform and...

The ‘Washington consensus’ and ‘shock therapy’ approach to transition economies ignored the Keynesian lessons from the Great Depression: that market instability is a possibility and there may be an active role of government in managing stability and growth. The severe output decline in...

The quot;Washington consensusquot; and quot;shock therapyquot; approach to transition economies ignored the Keynesian lessons from the Great Depression: that market instability is a possibility and there may be an active role of government in managing stability and growth. The severe output...

This paper outlines the elements of the colonial heritage which led to divergences in both economics and politics between North and Latin America; the inflence of natural resource abundance on the politics and economics of the region and the reasons for the continent wide reforms and the...

The future of structural reforms in Latin America is under discussion. This paper synthesizes the facts and opinions that underlie this debate. The paper starts by analyzing the status of public opinion of the reform process and points out that disillusionment with the reforms has been growing,...