Transcription of The Washington Consensus
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The Washington Consensus
Policy Research Working Paper5316 The Washington ConsensusAssessing a Damaged BrandNancy BirdsallAugusto de la TorreFelipe Valencia CaicedoThe World BankOffice of the Chief EconomistLatin America and the Caribbean Region &Center for Global DevelopmentMay 2010 WPS5316 Public Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedPublic Disclosure AuthorizedProduced by the Research Support TeamAbstractThe Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly.
4 For example, Argentina and Brazil borrowed heavily to finance import-substitution while Mexico mainly to increase public spending. By contrast, public borrowing had little impact in Chile and Colombia. 0% 10% 20% 30% 40% 50% Washington Consensus Washington
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