-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
1/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
2/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
3/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
4/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
5/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
6/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
7/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
8/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
9/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
10/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
11/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
12/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
13/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
14/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
15/53
FIGURE 1
PUBLIC SECTOR DEFICITS: LATIN AMERICA VERSUS EAST ASIA
Note: calculations based on data from IMF International
Financial Statistics Database. Figures for
Thailand are from 1995.
-6
-5
-4
-3
-2
-1
0
1
2
3
4
Arg
entina
Bolivia
Brazil
Chile
Colom
bia
Venezuela
Indonesia
Korea
Mala
ysia
Philipp
ines
Th
ailan
d
Publicsectordeficit(percentageofGDP)
East Asia (1996)Surplus
Deficit
Latin America (1982)
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
16/53
FIGURE 2INFLATION: LATIN AMERICA VERSUS EAST ASIA
Note: unweighted regional averages based on World Development
Indicators 1997 data.
0
100
200
300
400
500
600
1980 1982 1984 1986 1988 1990 1992 1994
A
verageinflation(GDPdeflator)
Latin America
East Asia
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
17/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
18/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
19/53
FIGURE 3INFLATION RATES IN DEVELOPING COUNTRIES 1985, 1995
Source: World Development Indicators 1997.
Note: 121 of 158 low- and middle-income countries.
0
10
20
30
40
50
60
70
80
< 15 15-40 40-100 >100
Inflation rate (G DP deflator)
Percentageofdevelopingcountries
1985 1995
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
20/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
21/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
22/53
FIGURE 4VOLATILITY OF GDP GROWTH 1970-95
Source: calculations based on real annual growth rates from
World Development Indicators 1997.
0
1
2
3
4
5
6
7
8
9
High
Income
Upper-
Middle
Income
Lower-
Middle
Income
Low
Income
Latin
America
South
Asia
East Asia Europe
and
Central
Asia
Middle
East and
North
Africa
Sub-
Saharan
Africa
Groupmedianstandarddeviationofannualgrowth
(percent)
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
23/53
TABLE 1FISCAL COSTS OF BANKING CRISES IN SELECTED COUNTRIES
(PERCENTAGE OF GDP)
Country (date) Cost
(percentage of GDP)
Argentina (1980-82) 55.3
Chile (1981-83) 41.2
Uruguay (1981-84) 31.2
Israel (1977-83) 30.0
Cote dIvoire (1988-91) 25.0
Senegal (1988-91) 17.0
Spain (1977-85) 16.8
Bulgaria (1990s) 14.0
Mexico (1995) 13.5
Hungary (1991-95) 10.0
Finland (1991-93) 8.0
Sweden (1991) 6.4
Sri Lanka (1989-93) 5.0Malaysia (1985-88) 4.7
Norway (1987-89) 4.0
United States (1984-91) 3.2
Source: Caprio and Klingebiel 1996.
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
24/53
FIGURE 5GDP GROWTH BEFORE AND AFTER BANKING CRISES, 1975-94
Source: Caprio 1997.
0
0 .5
1
1 .5
2
2 .5
3
3 .5
O EC D c r is is c o u n t r ie s N on -O EC D c r is is c o u n
tr ie s N o n -c r is is c o u n tr ie s
MeanGDPgrowth(annu
alpercent)
F i v e y e a rs b e f o re c r i s i s
F i v e y e a rs a f t e r c r i s is
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
25/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
26/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
27/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
28/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
29/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
30/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
31/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
32/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
33/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
34/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
35/53
FIGURE 6GOVERNMENT SPENDING IN SELECTED COUNTRIES
(AS A PERCENTAGE OF GDP)
Note: data from IMF Government Financial Statistics.
0
5
10
15
20
25
30
35
40
Developing
Country
Average
Thailand India Republic of
Korea
Brazil (1961-
1993)
Ethiopia (1964-
1994)
Morocco (1965-
1992)
PercentageofGDP
1960 1995
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
36/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
37/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
38/53
FIGURE 7TERTIARY LEVEL STUDENTS IN TECHNICAL FIELDS
(PERCENTAGE OF POPULATION)
Source: UNESCO Statistical Yearbook 1995; Government of Taiwan,
Taiwan Statistical Yearbook, 1994,Ministry of Education
(Singapore).
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
Japan U.S. Hong Kong Singapore Republic of
Korea
Taiwan (China)
Percentofpopulation
Engineering
Natural Science, Math, and Computer Science
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
39/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
40/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
41/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
42/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
43/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
44/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
45/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
46/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
47/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
48/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
49/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
50/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
51/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
52/53
-
8/11/2019 More Instruments and Broader Goals: Moving Toward the
Post-Washington Consenus
53/53
