Eduardo Wiesner's book makes an important contribution to the understanding of development by blending together the interdependent issues of macroeconomic performance and volatility, equity and distributive justice, fiscal deficits and the redistributive effectiveness of social public expenditures and the demand for the 'right' institutions and for policy reform in Latin America. It does this by examining recent macroeconomic crises from a political economy perspective, and finds that information is the critical algorithm that links together the demand for macroeconomic stability, macroeconomic performance and, ultimately, distributive justice.
List of figures
List of tables
Acknowledgments
Pt. I Conceptual Framework
Introduction 3
I Objectives of the book 3
II The organization and structure of the book 11
III Conceptual framework 12
1 Overview: the current status and prospects of the reform process 25
I The political demand for policy reform 26
II Inflation targeting as the macroeconomic coordination template 29
III Fiscal dominance in Latin America 31
IV Enhanced Central Bank independence 32
V The lessons from the macroeconomic crisis 33
VI The reform process of multilateral institutions 35
VII Remaining policy and political economy challenges 36
VIII Conclusions and policy implications 45
IX The demand approach for a policy reform strategy 54
2 The political economy of macroeconomic policy making in Latin America 63
I The primacy of institutions and incentives 63
II The demand for institutions and the role of transaction costs 66
III The supply of institutions and collective action problems 67
IV Institutions and incentives as deus ex machina 68
V The measurement of institutional effectiveness 69
VI The core of macroeconomic principles 70
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