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The Washington Consensus ReconsideredTowards a New Global Governance$
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Narcís Serra and Joseph E. Stiglitz

Print publication date: 2008

Print ISBN-13: 9780199534081

Published to Oxford Scholarship Online: May 2008

DOI: 10.1093/acprof:oso/9780199534081.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 21 June 2021

A Broad View of Macroeconomic Stability

A Broad View of Macroeconomic Stability

(p.63) 6 A Broad View of Macroeconomic Stability
The Washington Consensus Reconsidered

José Antonio Ocampo (Contributor Webpage)

Oxford University Press

This chapter recommends a broad concept of macroeconomic stability, whereby ‘sound macroeconomic frameworks’ include not only price stability and sound fiscal policies, but also a well-functioning real economy, sustainable debt ratios, and healthy public and private sector balance sheets. These multiple dimensions imply the use of multiple policy instruments. The chapter elaborates a framework for developing countries that involves active use of countercyclical macroeconomic policies (exchange rate, monetary, and fiscal), together with capital management techniques (capital account regulations and prudential rules incorporating macroeconomic dimensions). It also explores the role of international financial institutions in facilitating developing countries' use of countercyclical macroeconomic policies.

Keywords:   countercyclical macroeconomic policies, output targeting, employment targeting, counter cyclical prudential rules, capital account regulation

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