Title: Washington consensus and financial liberalization
Abstract:The aim of this contribution is not to assess the overall performance of the Washington Consensus. It is, rather, to look critically at the Washington Consensus from the point of view of interest rate...The aim of this contribution is not to assess the overall performance of the Washington Consensus. It is, rather, to look critically at the Washington Consensus from the point of view of interest rate liberalization. Not only is the theoretical angle of financial liberalization discussed in this contribution, but the empirical side will also be appraised. The paper argues that from this perspective, the Washington Consensus has been a failure. Based on this assessment, the paper also evaluates the revised Washington Consensus, always from the financial liberalization perspective. The latter argues for completing the first-generation liberalizing reforms, which, of course, include the financial liberalization point of view. In this regard, the paper concludes that both the Washington Consensus and the revised Washington Consensus are not very promising. This conclusion is pertinent despite the concession by the Washington Consensus/revised Washington Consensus supporters that two important prerequi...Read More
Publication Year: 2014
Publication Date: 2014-12-08
Language: en
Type: article
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Cited By Count: 49
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