The 1990s have seen renewed interest in themes of economic growth and development. This is a welcome change after a decade and a half during which macroeconomics was dominated by a concern with short-term adjustment and stabilization issues -- and basic problems of growth, capital accumulation,...

The author identifies fundamental economic changes in the last 20 years that have influenced the emergence of a new paradigm on economic reform. The new orthodoxy on economic reform emphasizes smaller government, trade liberalization, business deregulation and privatization, macroeconomic...

The recovery of the Chilean economy since the mid 1980s, has certainly been successful in macroeconomic terms. In fact, the restoration of growth and the correction of external imbalances after the severe economic crises of 1982 -83 has taken place in a macroeconomic environment of moderate...

In the 1980s and 1990s, economic growth (material progress) became the main development goal under the policies known as the"Washington Consensus". Earlier concerns about inequalities of income and wealth were replaced by policies emphasizing macroeconomic stabilization (reducing inflation and...

Bulgaria's shaky macroeconomic situation is a serious obstacle for a smooth transition from central planning to markets. It has to correct large current account deficits with the convertible currencyarea. It has to eliminate inflationary pressures and large price distortions, and get into a path...

After relatively stable income distribution in the 1960s, and a redistribution toward low income groups under Allende, income shares declined for the 40 percent of the population (low and lower middle income groups) under Pinochet. The top 20 percent benefited most from the income shift away...

The authors empirically explore the inflationary process in Hungary. Using monthly data, they provide econometric estimates of the determinants of inflation for 1990-92. Empirical estimates of price equations - both consumer price index (CPI) and producer price index (PPI) - show the exchange...

This paper simulates a model of joint determination of private investment spending, aggregate investment profitability and the level of GDP for Chile. It addresses the following issues: (a) sharp cycles in economic activity - the boom of 1980-81, the steep recession of 1982-83, and the recovery...

Recent literature suggests that because investment expenditures are irreversible and can be delayed, they may be highly sensitive to uncertainty. The authors briefly summarize the theory, stressing its empirical implications. Then, using cross-section and time-series data for a set of developing...

Globalization could significantly expand trade, international investment, and technological advances, but the gains from global integration have been unevenly distributed across and within nations. Greater global interdependence has also brought greater macroeconomic volatility, resulting in...