Cover Finance & Development
Finance & Development, September 2003
Author:
International Monetary Fund. External Relations Dept.
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Series:
Finance & Development
Volume/Issue:
Volume 40: Issue 003
Language:
English
Publication Date:
22 Aug 2003
DOI:
https://doi.org/10.5089/9781451952414.022
ISBN:
9781451952414
ISSN:
0015-1947
Pages:
58
Keywords:
FD; F&D; country; government; market; The Brussels; Hong Kong SAR; trade restrictiveness database; governance indicators database; emergency event; material damage; reinsurance company; Exchange rates; Income inequality; Natural disasters; Exchange rate arrangements; Global; Africa; Middle East; North Africa; East Africa
Legal-disclaimer:
Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect IMF policy.
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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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Cover Finance & Development
Finance & Development
ISSN:
0015-1947
Publisher:
International Monetary Fund
Volume 40: Issue 003