By Nicholas Stern
'A approach for improvement presents a considerate but effectively obtainable assessment of present pondering on key improvement matters. It provides as much as a truly fantastic book.' -- Albert O. Hirschman, Prof. Emeritus, university of Social technology, Institute for complicated learn, Princeton NJ 'This booklet bargains clean proof and transparent arguments for an method of poverty relief that brings jointly principles occasionally incorrectly considered at odds: empowering terrible humans and developing an financial system that enables funding and growth.' -- Joseph E. Stiglitz, 2001 Nobel Laureate in Economics, Prof., Dept. of Economics, Columbia college, Former leader Economist and Senior vice president improvement Economics, global financial institution The speeches during this collection-all added on account that Nicholas Stern turned leader Economist of the area financial institution in July 2000-reflect insights that Mr. Stern has received over greater than 3 a long time of analysis and paintings in improvement economics. jointly they supply an research of improvement adventure and an time table for motion within the coming years.
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Additional resources for A Strategy for Development
Sample text
Survey evidence suggests that different problems constrain investment in different countries and in the same country at different times. An effective government builds a mechanism for continuous feedback from domestic investors to keep track of changing problems. This is one reason why it is not sensible to focus on potential foreign investors while hoping that local investors are captive. Both the government and potential foreign investors get, or at least should get, their information about investment conditions to a large extent from local investors.
The predilection for planning and direct controls in the profession was in many cases accompanied by pessimism concerning the prospects for exports from developing countries—a pessimism associated particularly with Hans Singer (1950) and Raúl Prebisch (1950). Thus, import-substitution industrialization was recommended by many, even though the issues concerning planning and import substitution were logically distinct. A central viewpoint on the macroeconomics of development was formalized in the two-gap model, in which Hollis Chenery played a leading role (see Bruno and Chenery 1962).
A second key experience of recent years bearing on the financial system was the East Asian crisis. Weak supervision and regulation of the finan41 A Strategy for Development cial system not only lead to misallocation in good times but can contribute to genuine crisis when external shocks hit. When it works well, finance contributes importantly to the efficiency of investment and to growth. When it malfunctions, as has been demonstrated in many recent crises around the world, it lowers both, as well as the quantity of investment as banks retreat—usually for some time thereafter.