Some believe that the current financial and economic crises have ended the dominance of the Washington Consensus once and for all. In a ceremony at Tufts University, two eminent international economists, Robert Wade and José Antonio Ocampo, were recently awarded the Leontief Prize for advancing...

[eng] Developing countries and global financial governance . This paper deals with the issues related to developing countries and global financial governance. The latter issue is understood in a broad sense, to include the clear identification of the objectives of global financial governance...

The book is organized in two parts. The first part looks at issues of long-term growth and development patterns, and the second part focuses on issues of macroeconomic vulnerability and its social effects. Chapter 1, looks at the determinants of dynamic efficiency in developing countries, which...

This paper argues that the current global reserve system is inherently unstable due to the use of a national currency as the major international reserve currency, and the high demand for “self-insurance” by developing countries. The latter is due to the mix of highly pro-cyclical capital...

This paper argues that developing countries’ growth successes and collapses tend to cluster in specific time periods—and that only the existence of a global development cycle can explain this. The cycle reflects the external factors that affect all, or large clusters of developing countries,...

The current world economic crisis has hit Latin America very hard. Although financial conditions have deteriorated, particularly since September 2008, the financial shock has been less severe than during the two previous crises. Thanks to improvements in external balance sheets, there has been...

This paper argues that Latin America's market-oriented reforms, together with increased monetary and fiscal discipline, were successful in bringing down inflation, inducing export growth and diversification, and attracting foreign direct investment. Nonetheless, economic growth was frustratingly...