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The false promises of the (second) Washington consensus

Author

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  • Eric Berr
  • François Combarnous

Abstract

The objective of this paper is twofold. Firstly, we show how, and to what extent, Latin American and Caribbean countries applied the precepts of the second Washington consensus, i.e. a consensus which stresses the capital account liberalization. Secondly, we highlight the effects of this set of reforms on their economies. Thus, we show that countries having most scrupulously followed these recommendations did not experience better economic results. On the contrary, their situation as regards inequality and debt is getting worse than others. JEL Classification: O11, O19, O54, E61, F42.

Suggested Citation

  • Eric Berr & François Combarnous, 2007. "The false promises of the (second) Washington consensus," Brazilian Journal of Political Economy, Center of Political Economy, vol. 27(4), pages 525-545.
    • Handle: RePEc:ekm:repojs:v:27:y:2007:i:4:p:525-545:id:578
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    File URL: https://centrodeeconomiapolitica.org.br/repojs/index.php/journal/article/view/578/576
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    More about this item

    Keywords

    Washington consensus; Financial liberalization; Macroeconomic policy; International financial institutions; Latin America; Caribbean;
    All these keywords.

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • F42 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - International Policy Coordination and Transmission

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