By Boris Pleskovic
The "Annual global financial institution convention on improvement Economics" (ABCDE) brings jointly the world's major students and improvement practitioners for a full of life debate on state of the art pondering in improvement coverage and the consequences for the worldwide economic climate. The 10th convention handled 4 tricky themes in improvement: • the position of geography in international locations' luck, with Paul Krugman, John Luke Gallup and Jeffrey Sachs; • the function and layout of legislation and festival coverage, with Paul Joskow and Jean-Jacques Laffont; • the explanations of economic crises and how one can hinder them, with Bruce Greenwald, Asli Demirguc-Kunt and Enrica Detragiache; and • how ethnic clash impacts democracy and development, with Paul Collier and Donald L. Horowitz. This quantity additionally comprises insights from Nobel Prize winner James Tobin, Stanley Fischer, Joseph E. Stiglitz, and international financial institution President James D. Wolfensohn.
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He argued that other interventions-especially aggressively restrictive monetary polices designed to raise domestic interest rates-are likely to do more harm than good. Asli Demirgüç-Kunt and Enrica Detragiache also stressed the importance of a strong institutional setting before undertaking financial market reform. Liberalizing financial markets has been high on the economic policy agenda of many countries over the past 30 years. But during this period the frequency of systemic banking problems has increased markedly, raising the possibility that greater fragility might be a consequence of liberalization.
The second concerns the allegations that lack of openness contributed to the crisis. Those who see this as the problem have tried to push the East Asian countries to open their markets further. But the irony here is that there is a consensus that the success of the East Asian economies was based on their openness, in particular on their willingness and ability to compete effectively in international markets. Certainly, by international standards, it is hard to see lack of openness as one of the fundamental weaknesses of these economies.
Many of the listed factors are neither necessary nor sufficient for a crisis. Some countries with less transparency, more political cronyism, weaker financial systems, and larger fiscal deficits not only avoided a crisis, but were also relatively unaffected by contagion. In the past we have seen countries with high degrees of transparency go through major financial crises, most notably the Scandinavian countries in the late 1980s and early 1990s. 17 The debate about the causes of the crises have been confused by a number of fallacies.
Annual World Bank Conference on Development Econmics 1998 (Annual World Bank Conference on Development Economics) by Boris Pleskovic