Global Economic Prospects and the Developing Countries: 1998/99, Beyond Financial CrisisWorld Bank Publications, 1999 - 215 pages This ninth annual edition analyzes short- and long-term future prospects for developing countries in the wake of the East Asia crisis; maps out policies to deal with crises once they erupt; and focuses on ways of preventing future crises on the scale of East Asia's recent experience. The recent crises have exacted an enormous social cost, placing a large burden on the poor and, in some countries, heightening social conflict. The social consequences are likely to be protracted. Social policy concerns must be an integral "up front" part of the selection for overall policy responses to the economic crisis. While never a substitute for sound pro-growth macroeconomic policies, social safety nets can play an important part in mitigating the social effects of crises. According to this report, the lesson coming out of the East Asia crisis is for developing countries to benefit from globalization, and not to retreat from it, by strengthening their institutions and deepening their reforms. |
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Page vi
... with no change in inequality and with a 10 percent increase in inequality . 2-26a - 2-26b Projected poverty trends in Indonesia 89 94 97 • 104 105 106 106 3-1 Incidence of financial crises , 1970-97 3-3 3-4 3-5 vi GLOBAL ECONOMIC PROSPECTS.
... with no change in inequality and with a 10 percent increase in inequality . 2-26a - 2-26b Projected poverty trends in Indonesia 89 94 97 • 104 105 106 106 3-1 Incidence of financial crises , 1970-97 3-3 3-4 3-5 vi GLOBAL ECONOMIC PROSPECTS.
Page ix
... increased poverty , poorer health . In the midst of this uncertainty , it is important for us to have a sense of where the global economy is going , what has brought us to this juncture , and what can be done both to enhance our current ...
... increased poverty , poorer health . In the midst of this uncertainty , it is important for us to have a sense of where the global economy is going , what has brought us to this juncture , and what can be done both to enhance our current ...
Page xii
... increase overnight , undoing the slow progress that has been ple in those many developing countries without an adequate safety net , the risks are indeed high , perhaps unacceptably so . While the consequences of the crisis have been ...
... increase overnight , undoing the slow progress that has been ple in those many developing countries without an adequate safety net , the risks are indeed high , perhaps unacceptably so . While the consequences of the crisis have been ...
Page xvii
... increase over 1997's total of 21 countries ( which accounted for 10 percent of the developing world's GDP and 7 per ... increased efficiency and growth ; and the United States shows improved productivity perfor- mance . Avoiding a near ...
... increase over 1997's total of 21 countries ( which accounted for 10 percent of the developing world's GDP and 7 per ... increased efficiency and growth ; and the United States shows improved productivity perfor- mance . Avoiding a near ...
Page xviii
... increases in central bank credit to failing banks helped trigger the run on the baht . The crisis spread to other ... increased uncertainty , the withdrawal of external financing , and the impact of higher interest rates and currency ...
... increases in central bank credit to failing banks helped trigger the run on the baht . The crisis spread to other ... increased uncertainty , the withdrawal of external financing , and the impact of higher interest rates and currency ...
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Argentina Asia and Pacific assets banking crises billion borrowing Brazil capital account Caribbean Central Asia Chile commodity corporate costs coun crisis countries currency crises current account deficits debt decline developing countries East and North East Asia East Asian countries East Asian crisis Economic effects emerging markets equity Europe and Central exchange rate expected export external Figure financial crises financial sector financial system fiscal forecast foreign GDP growth global impact improve income increase Indonesia industrial countries inflows institutions interest rates International Monetary Fund investment Japan Korea Latin America loans macroeconomic Malaysia ment Mexico Middle East moral hazard nomic non-FDI North Africa output percent in 1998 percent of GDP Philippines portfolio poverty private capital flows Prospects ratio reduce reforms region Republic restructuring risk Russian short-term Source South Asia Sub-Saharan Africa terms of trade Thailand tion U.S. dollars volatility Washington World Bank
Popular passages
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Page 115 - ... Market Economy. 2nd ed. Baltimore, Md.: Johns Hopkins University Press. Roubini, N., and Xavier Sala-i-Martin. 1992. "Financial Repression and Economic Growth." Journal of Development Economics 39: 5-30. Shaw, E. 1973. Financial Deepening in Economic Development. New York: Oxford University Press. Sheng, Andrew. 1996. Bank Restructuring: Lessons from the 1980s. Washington, DC: World Bank. Stiglitz, Joseph E. 1985. "Credit Markets and the Control of Capital.
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