This report assesses the "Washington Consensus" on liberalizing
markets in pursuit of sustained economic growth. In 1997, the
"Asian Economic Miracle," thirty years of rapid growth and low
inflation, ended abruptly with runs on Southeast Asian currencies
and a massive flight of capital, precipitating deep economic
recessions. Meanwhile, the countries of Southeast Europe had been
struggling to reconstruct market economies out of the shreds left
by socialist economies, their efforts complicated by civil strife
or war.
Both regions had been urged by international organizations to
adopt a package of policies, often called the Washington Consensus,
of opening domestic markets, freeing trade, and opening domestic
capital markets to free movements of international capital. Did the
crisis in Southeast Asia, and related crises in Russia and Latin
America, call into question that advice?
To address that question and study creation of sustained growth,
the September 17-18 1998 conference at the Woodrow Wilson
International Center for Scholars examined these two regions.
Panels reviewed the roles of international institutions, central
banks, and currency boards; fixing of exchange rates; opportunities
and problems of foreign investment; U.S. policy and the
international institutions; and financial globalization.
Participants included officials from international financial
institutions, national banks from the regions, and the United
States, as well as economists, historians, and researchers.
General
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