Transcription of Macroeconomic Stability: The More the Better?
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Macroeconomic Stability: The More the Better?
Macroeconomic POLICIES IM-proved in a majority of devel-oping countries in the 1990s,but the expected growth benefits failed to material-ize, at least to the extent that many observers hadforecast. In addition, a series of financial crisesseverely depressed growth and worsened is the relationship between these develop-ments? This chapter argues that both slow growthand multiple crises were symptoms of deficienciesin the design and execution of the pro-growthreform strategies that were adopted in the 1990swith Macroeconomic stability as their 1 reviews how Macroeconomic stabilityevolved during the 1990s. Section 2 evaluates thisexperience from the perspective of promoting eco-nomic growth , examining how a policy agenda thatfocused on Macroeconomic stability turned out tobe associated with a multitude of crises.
Korea) but also countries whose growth volatility declined (such as Madagascar,which suffered a large drop in GDP in 1991;Mexico;and Ecuador).There
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