There is growing dissatisfaction with the economic policies advocated by the IMF and other international financial institutions - policies that have often resulted in stagnating growth, crises, and recessions for client countries. This book presents an alternative to "Washington Consensus"...

The financial crisis, which originated in developed country financial markets, quickly spread to developing countries. Governments and central banksthough taking many and costly measures were powerless to stop the global economic meltdown, as economies across the globe went into recession. The...

Capital market liberalization has been a key battle in the debate on globalization for much of the previous two decades. Many developing countries, often at the behest of international financial institutions such as the IMF, opened their capital accounts and liberalized their domestic financial...

Beyond Reforms presents the contributions of some United Nations Economic Commission for Latin America and the Caribbean (ECLAC) analysts as well as research articles prepared for the Commission. It reviews long-term growth and development patterns and focuses on macroeconomic vulnerability and...

Beyond Reforms presents the contributions of some United Nations Economic Commission for Latin America and the Caribbean (ECLAC) analysts as well as research articles prepared for the Commission. It reviews long-term growth and development patterns and focuses on macroeconomic vulnerability and...

El documento resume los planteamientos de la Comisión Económica para América Latina -Cepal- en el debate actual sobre el papel del Estado, de las instituciones nacionales e internacionales y la necesidad de reformarlas. La primera sección presenta un diagnóstico de la situación...

The pro-cyclical behavior inherent in the operation of financial markets is at the heart of the current financial crisis. Against the arguments upheld by orthodox economists, these markets do not stabilize by themselves nor tend to smooth the private spending behavior. This problem has been...

The decade of the seventies saw a sharp decline in the relative salaries of the tertiary educated and an increase in their rates of unemployment. It is predicted that in the immediate future one in every three new entrants to the labor markets of the major cities will have some post-secondary...

This paper underscores the need to overcome the fundamental problems of the "Washington Consensus" that have not been entirely solved in its recent reformulations calling for a "second generation of reforms." Such problems are its narrow view of macroeconomic stability; its disregard for the...

This paper argues that the agenda for international financial reform must be broadened in at least two senses. First of all, it should go beyond the issues of financial prevention and resolution to those associated with development finance for poor and small countries, and to the “ownership”...