
The Great Recession: Rethinking Macroeconomics for Employment and Development
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Content
- Intro
- Contents
- List of Figures
- List of Tables
- Preface
- Introduction: Rethinking Macroeconomics - Relevance for Development and Employment
- Setting the Context
- The Evolution of Pre-Crisis Macroeconomics
- Keynesian Activism Misses Developing Countries
- Monetarist Counter Revolution and Forsaking of Full-Employment in Developed Countries
- The Triumph, Consensus and Complacency
- Pre-Crisis Macroeconomics and Developing Countries
- Era of Structural Adjustment and the Washington Consensus
- Asian Financial Crisis and the Demise of Washington Consensus
- but Orthodoxy Survives
- Rethinking Macroeconomics in the Post-Crisis Era
- Advanced Country Bias
- Modest Reconstruction Even for Industrialised Countries
- Rethinking Macroeconomics: The Role of the UN
- Stabilisation and Development
- Stagflation: Set-Back for Development, and the UN's Call for International Policy Coordination and Heterodox Policies
- Debt Crisis: The UN Proposes Adjustment with a Human Face
- The Great Recession and the UN
- Conclusion
- References
- Part I: Crisis and Response
- Chapter 1
- From Optimism to Pessimism
- Chapter 2
- The Confidence Game
- Chapter 3
- The G20 Declaration at the London Summit: A Global New Deal?
- Introduction
- Evaluation
- References
- Chapter 4
- The 'Green Shoots' of Recovery: Pitfalls and Perils of a Premature Exit Strategy
- References
- Chapter 5
- The Fallacy of Austerity Based Fiscal Consolidation
- How Does Austerity-Based Fiscal Consolidation Work?
- Growth-Based Fiscal Consolidation
- Clinton Success
- Danish and Irish Story
- Conclusion
- References
- Chapter 6
- Revisiting the Evidence on Expansionary Fiscal Austerity: Alesina's Hour?
- References
- Chapter 7
- Latvia: Going Beyond the Fiscal Austerity Debate
- References
- Chapter 8
- Europe Needs Course Correction
- Persistent High Youth and Rising Long-Term Unemployment
- Course Correction Required
- Fiscal Policy Needs to Play a More Active Role
- 'Golden' and 'Silver' Rules of Public Investment
- References
- Part II: Deficit and Debt
- Chapter 9
- Why Worry Too Much about Fiscal Deficits?
- References
- Chapter 10
- Fiscal Rules: Help or Hindrance?
- References
- Chapter 11
- Is There an Optimal Debt-to-GDP Ratio?
- References
- Chapter 12
- The Political Economy of Sovereign External Debt Workout
- Developing Country Solidarity
- Crack in the Developed Country Camp
- Sovereign Debt Restructuring and the IMF
- Is UN the Right Forum?
- Challenges for the Crucial Next Steps
- References
- Part III: Inflation, Finance and Capital Flows
- Chapter 13
- Inflation Targeting: Some Anomalies Reconsidered
- References
- Chapter 14
- Inflation Targeting in Developing Countries Revisited
- Inflation-Growth Relationship
- Sources of Inflation Matter
- IT Beyond Growth
- Conclusion
- References
- Chapter 15
- Financial Sector Reforms: Which Way Now?
- Financial Sector Regulation
- Deregulation and Crisis
- Glass-Steagall Act: What Were the Concerns?
- How Much of the above was in the Asian Financial Crisis?
- Lessons from the Crisis for the Financial Sector in Developing Countries
- Preventing System-Wide Failure
- Segregation and Restraint
- Ownership Matters
- Meeting Development needs
- Government owned Specialised Banks
- Financial Restraint
- Conclusion
- References
- Chapter 16
- Revisiting Capital Account Liberalisation
- References
- Part IV: Employment
- Chapter 17
- Full Employment and the Global Development Agenda: Going Beyond Lip Service
- Full Employment in Traditional Development Economics
- Structural Adjustment and the Demise of Traditional Development Economics
- The Demise of Structural Adjustment and the Emergence of the MDGs
- MDGs and Full Employment: Which Way Now?
- References
- Chapter 18
- Growth and Jobs in Europe: Which Way Now?
- Which Way Now?
- A Differentiated Approach to Fiscal Policy
- An Ambitious Approach to Public Investment or a 'Marshall Plan 2.0' as Part of an 'Investment New Deal' for Europe.
- Long-Term Policy Innovations in Monetary and Fiscal Policy
- Income Support for the Unemployed and Living Wages for Low-Paid Workers to Boost Consumer Demand
- Conclusion
- References
- Chapter 19
- Fiscal Austerity and the Youth Unemployment Crisis
- References
- Chapter 20
- Fiscal Consolidation, Growth and Employment: What Do We Know?
- Introduction
- Fiscal Consolidation: How Much and with What Consequences?
- Conclusion
- References
- Chapter 21
- Labour Market Flexibility: Which Way Now?
- References
- Chapter 22
- Labour Market Regulations and the Perceptions of the Business Community
- References
- Part V: Development
- Chapter 23
- The Limits of Conventional Macroeconomics for Development
- References
- Chapter 24
- Rethinking Macroeconomics from the Perspective of the MDGs
- Current State of Rethinking
- Monetary and Exchange Rate Policies
- Be Prepared to be Flexible When Setting Inflation Targets
- Take Account of Asset Price Inflation
- Take Account of 'Supply-Side' Sources of Inflation
- Focus on Real Exchange Rate Stability
- Actively Manage the Capital Account
- Monetary and Exchange Rate Policies Should Play a Supportive Role for Development Activities and Counter-Cyclical Measures
- Fiscal Policy
- Fiscal Policy Must Be Dominant at All Times, Not Just When Monetary Policy Loses Its Effectiveness
- Public Expenditure Must Give Priority to Primary Health-Care, Universal Basic Education and Infrastructure
- Create and Expand Fiscal Space
- The Government Must Assume Responsibility as an 'Employer of Last Resort'
- Conclusion
- References
- Chapter 25
- Managing Macroeconomic Risks and Protecting the Vulnerable
- Prudential Measures to Mitigate Risks
- Protective Measures against Macroeconomic Risks
- Conclusion
- References
- Chapter 26
- How to Enhance Fiscal and Policy Space in Developing Countries
- Introduction
- Policy Space: Two Interpretations
- Fiscal Space: Two Interpretations
- Coping with the Problem
- References
- Chapter 27
- A Dual Mandate for Developing Country Macroeconomic Policy Managers
- Introduction
- Macroeconomic Stability and Structural Transformation
- Exchange Rate Policy and Capital Account Management
- Monetary and Financial Policies
- Fiscal Policy: Reinforcing the Capacity of the State
- Conclusion
- References
- Chapter 28
- Global Economic Crisis and Indonesia
- Chapter 29
- How Vulnerable Is Bangladesh?
- Chapter 30
- Developmental Macroeconomics
- Fiscal Policy
- Monetary Policy
- Exchange Rate Policy
- Managing Capital Flows
- References
- About the Authors
- Index
- Blank Page
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