Download e-book for iPad: 1998 Annual Review of Development Effectiveness by Robert Buckley

Development Growth

By Robert Buckley

ISBN-10: 0821344749

ISBN-13: 9780821344743

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Extra info for 1998 Annual Review of Development Effectiveness

Sample text

También se apoya en un instrumento relativamente nuevo del DEO-las evaluaciones de la asistencia a los países-con el objeto de poner las La crise financière en cours soulève des questions quant aux principes directeurs de l'aide au développement et au rôle des institutions financières internationales. Un nouveau cadre d'aide au développement axé sur des partenariats fait son apparition. C'est dans ce contexte que le Département de l'évaluation des opérations (OED) de la Banque mondiale a réalisé cette année son Examen annuel de l'efficacité du développement.

1). Except in Thailand, government budgets were balanced or moving into surplus when the crisis hit. Inflation was contained, interest rates were going down, and recorded unemployment was low. Taking into account foreign direct investment, current account deficits were not excessive. Weaknesses in economic management helped trigger the crisis. In all cases the capital account was the main vulnerability. Imbalances between short-term debt and official reservescombined with premature financial liberalization and weak financial discipline in domestic banking systemscreated situations vulnerable to speculative pressures Many fundamentals were sound in crisis-affected countries.

2). Cumulatively, the analysis confirms that East Asian countries were following policies consistent with only 6 or 7 of the 10 tenets of the consensus. Caprio (1998) finds that banking sectors were extremely weak in Indonesia and Thailand. In contrast, according to Rodrik, many Latin American economiesin particular, Argentina, Bolivia, and Mexicofulfilled most of the consensus conditions. The conclusion: Washington consensus policies were neither the cause of high growth, nor the cause of the crisis.

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1998 Annual Review of Development Effectiveness by Robert Buckley


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