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Whence Reform? A Critique of the Stiglitz Perspective
Whence Reform? A Critique of the Stiglitz Perspective

... reform process. Furthermore, Stiglitz contrasts two models of transition. On the one hand, he says, is China, where institutional reform has been gradual, building on already existing solutions, and economic growth has been rapid. On the other, there is Central Europe (CE) and the former Soviet Unio ...
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Governor's Statement No. 12 October 11, 2013 U
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FRBSF E L

... Asia and Latin America experienced sharp capital flow reversals. However, the distribution of these capital movements was not uniform. Patterns of capital outflows appeared to be related to a country’s macroeconomic fundamentals. Those in turn reflected to some degree the policies a country pursued ...
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Corporate Finance Lessons from the East Asian Crisis

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... assets as part of a foreign exchange reserves management strategy to maintain their exchange rate pegs, so as to maintain competitive exports (and to avoid repeat of 1997). ◦ Chinese undervaluation of the renminbi is a case in ...
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Globalization and Its Discontents

Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz.The book draws on Stiglitz's personal experience as chairman of the Council of Economic Advisers under Bill Clinton from 1993 and chief economist at the World Bank from 1997. During this period Stiglitz became disillusioned with the IMF and other international institutions, which he came to believe acted against the interests of impoverished developing countries. Stiglitz argues that the policies pursued by the IMF are based on neoliberal assumptions that are fundamentally unsound:Behind the free market ideology there is a model, often attributed to Adam Smith, which argues that market forces—the profit motive—drive the economy to efficient outcomes as if by an invisible hand. One of the great achievements of modern economics is to show the sense in which, and the conditions under which, Smith's conclusion is correct. It turns out that these conditions are highly restrictive. Indeed, more recent advances in economic theory—ironically occurring precisely during the period of the most relentless pursuit of the Washington Consensus policies—have shown that whenever information is imperfect and markets incomplete, which is to say always, and especially in developing countries, then the invisible hand works most imperfectly. Significantly, there are desirable government interventions which, in principle, can improve upon the efficiency of the market. These restrictions on the conditions under which markets result in efficiency are important—many of the key activities of government can be understood as responses to the resulting market failures.Stiglitz argues that IMF policies contributed to bringing about the East Asian financial crisis, as well as the Argentine economic crisis. Also noted was the failure of Russia's conversion to a market economy and low levels of development in Sub-Saharan Africa. Specific policies criticised by Stiglitz include fiscal austerity, high interest rates, trade liberalization, and the liberalization of capital markets and insistence on the privatization of state assets.
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