Finance and Development

Finance and Development
Journal
Publisher:
International Monetary Fund
ISSN:
0145-1707
For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance and Development. This lively quarterly magazine brings you in-depth analysis of these and other subjects by the IMF’s staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF. Additional features include book reviews; profiles of prominent economists; and a regular column, Back to Basics, that explores key economic concepts for the nonspecialist reader. Finance and Development is read by policymakers, academics, economic practitioners, and decision makers around the world.
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Finance & Development, September 2003

Finance & Development, September 2003
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Journal Issue
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Volume/Issue:
40/3
Series:
Finance & Development
Author(s):
International Monetary Fund. External Relations Dept.
Publisher:
INTERNATIONAL MONETARY FUND
Published Date:
August 2003
DOI:
http://dx.doi.org/10.5089/9781451952414.022
ISBN:
9781451952414
ISSN:
0145-1707
Page:
58
This paper highlights that the Washington Consensus helped fill the need for an economic policy framework following the discrediting of central planning and import-substitution trade strategies. Latin American governments championed the Consensus in the early 1990s, and the policy agenda delivered some of the things it was supposed to-healthier budgets, lower inflation, lower external debt ratios, and economic growth. But unemployment rose in many countries and poverty remained widespread, while the emphasis on market openness made states vulnerable to the side effects of globalization.
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