Publisher's Synopsis
In this study, the author synthesizes the results of 18 recent WIDER studies investigating the experiences developing countries have had with stabilization programmes. He is critical of the orthodox "neoclassical" or "monetarist" approach of the Bretton Woods agencies - the International Monetary Fund and the World Bank. By contrast, the WIDER research teams approached the problem of stabilization from "structuralist" macroeconomic theory. Different economies with different institutional relationships and varying lines of causality in their economic systems require different approaches to stabilization.;The author concludes by addressing the question of how the bank market-oriented methodology can be modified to deal with the macroeconomic linkages beyond its control, and how stabilization can be geared towards growth.
