TWN Global Economy Series no. 10 Global Rules and Markets: Constraints Over Policy Autonomy in Developing Countries By YILMAZ AKYÜZ Publisher: TWN (ISBN: 978-983-2729-09-9) Year: 2007   No. of pages: 56 PRICE US$8.00 for First World countries US$6.00 for Third World countries RM8.00 for Malaysia Prices are inclusive of postage costs by airmail.

ABOUT THE BOOK

Recent years have seen a rapid opening up and integration of developing countries into the world economy to a degree unprecedented in modern history. This has brought benefits in several areas, particularly through international trade and investment, even though their incidence varied among and within countries. But it is also true that rapid liberalisation and integration have caused dislocations in the developing world, particularly among the poor and unprivileged.

While these changes have placed a growing demand on policy makers and called for greater flexibility in the policy-making process, many of the traditional instruments of development and macroeconomic policy have become ineffective or simply unavailable because of a proliferation of international rules, obligations and practices. Consequently questions have been raised about whether such constraints over national economic policy are compatible with development, including the capacity to foster conditions for steady, quality employment growth. This paper deals with this issue.

ABOUT THE AUTHOR

DR YILMAZ AKYüZ was the Director of the Division on Globalisation and Development Strategies and Chief Economist at UNCTAD until his retirement in August 2003. He was the principal author and head of the team preparing the UNCTAD Trade and Development Report, and UNCTAD coordinator of research support to developing countries (the Group of 24) in the IMF and the World Bank on international monetary and financial issues. Before joining UNCTAD in 1984 he taught at various universities in Turkey, England and elsewhere in Europe. He has published extensively in macroeconomics, finance, growth and development. Since retiring from UNCTAD, he has held the Tun Ismail Ali Chair in Monetary and Financial Economics, University of Malaya. His current activities include policy research for international organisations, and advising governments on development policy issues, and TWN on research in trade, finance and development.

Contents

1.      INTRODUCTION                                                                 

2.            GLOBAL ECONOMIC INTEGRATION AND POLICY SPACE                   

3.      MULTILATERAL DISCIPLINES AND DEVELOPMENT POLICY             

         Industrial Tariffs

         Industrial Subsidies

         Investment-related Policies

         Transfer of Technology

4.            FINANCE AND MACROECONOMIC POLICY

         Capital Account Liberalisation and Monetary Policy

         Public Finance, Debt and Fiscal Policy

         Aid and Macroeconomic Policy

         Impact on Growth and Development

         Space for Autonomous National Policy

         Reform of the International Monetary and Financial System

(a)   Capital account measures

(b)   Policy surveillance

(c)   Official financing

5.            CONCLUSIONS

REFERENCES

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