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Towards a Market Economy: Structures of Governance
Author:
Mr. Pierre Dhonte
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and
Mr. Ishan Kapur
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Series:
IMF Working Papers
Volume/Issue:
Volume 1997: Issue 011
Language:
English
Publication Date:
01 Jan 1997
DOI:
https://doi.org/10.5089/9781451842746.001
ISBN:
9781451842746
ISSN:
1018-5941
Pages:
16
Keywords:
WP; government; government credibility; economic policy; authority; economy; investment; market economy; government behavior; government decision; government activity; discretionary power; government predictability; government policy; governance consist; economic system; consists of policy action; Securities; Corruption
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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This paper proposes an operational interpretation of the concept of economic governance. It argues that the capacity of governments to credibly ensure a secure economic environment provides an important benchmark against which governance can be evaluated. Such an environment—which is essential for sustained growth in a market economy—can be established through a rules–based system which ensures freedom of entry into the market, access to information, and sanctity of contracts. Since creating a secure economic environment involves profound, far–reaching social change, it has historically been a complex and lengthy process in most societies. However, basing policy prescriptions on this benchmark helps avoid possible conflicts between different social and moral values.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund