Abstract
The phrase, ‘The Washington Consensus’ was, so the story goes, coined by John Williamson at a conference in response to the suggestion that, during the 1980s, countries in Latin America were being confronted with conflicting, and therefore confusing, advice from the International Monetary Fund and the World Bank. Williamson’s response was that there was, in fact, a strong consensus about policy across the Washington-based institutions around the need for macroeconomic stability, microeconomic liberalisation and openness. Their advice was therefore not conflicting but reinforcing.
Keywords
- International Finance
- Exchange Rate Regime
- Capital Inflow
- Exchange Rate Flexibility
- Exchange Rate Policy
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
This is a preview of subscription content, log in via an institution.
Buying options
Tax calculation will be finalised at checkout
Purchases are for personal use only
Learn about institutional subscriptionsPreview
Unable to display preview. Download preview PDF.
References
Bird, Graham (1994), ‘Changing Partners: Perspectives and Policies of the Bretton Woods Institutions’, Third World Quarterly, 15, 3, pp 483–503.
Bird, Graham (1999), ‘How Important is Sound Domestic Macroeconomics in Attracting Capital Inflows to Developing Countries?’, Journal of International Development, 11, pp 1–26.
Bird, Graham and R Rajan (2000), ‘All at Sea: Exchange Rate Policy in Developing Countries after Nominal Anchors’, mimeographed.
Calvo, G A, L Leiderman and C M Reinhart (1996), ‘Inflows of Capital to Developing Countries in the 1990s’, Journal of Economic Perspectives, 10, 2, pp 125–39.
Collier, Paul (1997), ‘The Failure of Conditionality’, in C Gwin and J Nelson, eds,Perspectives on Aid and Development ODC Policy Essay No 22, Washington DC,Overseas Development Council.
Collier, Paul and Jan Willem Gunning (1999), ‘The IMF’s Role in Structural Adjustment’, Economic Journal, 109, F, pp 634–51.
Edwards, S (1998), ‘Openness, Productivity and Growth: What Do We Really Know?’, Economic Journal, 108, pp 383–99.
Feinberg, Richard E (1988), ‘The Changing Relationship Between the World Bank and the International Monetary Fund’, International Organization, Summer.
Fischer, Stanley et al. (1998), ‘Should the IMF Pursue Capital Account Convertibility?’, Essays in International Finance, No 207, May, Princeton NJ, Princeton University Press.
Frankel, Jeffrey A (1999), ‘No Single Currency Regime is Right for All Countries at All Times’, Essays in International Finance, No 215, August, Princeton NJ, Princeton University Press.
Grindle, Merilee S (1994), ‘Sustaining Economic Recovery in Latin America: State Capacity, Markets and Politics’, in G Bird and A Helwege, eds, Latin America’s Economic Future, London, Academic Press, pp 303–24.
Killick, Tony (1989a), ‘Issues Arising from the Spread of Obligatory Adjustment’, in Graham Bird, ed, Third World Debt: The Search for a Solution, Aldershot, Edward Elgar, pp 78–117.
Killick, Tony (1989b), A Reaction Too Far: Economic Theory and the Role of the State in Developing Countries, London, Overseas Development Institute.
Mosley, P (2000), ‘Globalisation, Economic Policy and Convergence’, The World Economy, pp 613–34.
Polak, J J (1991), ‘The Changing Nature of IMF Conditionally’, Essays in International Finance, No 84, September, Princeton NJ, Princeton University Press.
Puyana, Alicia (1994), ‘The External Sector and the Latin American Economy in the 1990s: Is there Hope for Sustainable Growth?’, in G Bird and A Helwege, eds, Latin America’s Economic Future, London, Academic Press, pp 51–80.
Rodrik, Dani (1999a), ‘Governing the Global Economy: Does One Architectural Style Fit All?’, paper prepared for the Brookings Institution Trade Policy Forum Conference on Governing in a Global Economy, April 15–16.
Rodrik, Dani (1999b), The New Global Economy and Developing Countries: Making Openness Work, Policy Essay 24, Washington DC, Overseas Development Council.
Sachs, J and A Warner (1995), ‘Economic Reform and the Process of Global Integration’, Brookings Papers in Economic Activity, 1, pp 1–117.
Stiglitz, Joseph (2000), ‘What I Learned at the World Economic Crisis’, New Republic, April.
Tussie, Diana and M Botzman (1990), ‘Sweet Entanglement: Argentina and the World Bank 1985–9’, Development Policy Review, 8, 4, pp 391–409.
Williamson, John (1999), ‘Future Exchange Rate Regimes for Developing East Asia’, paper presented at a conference on ‘Asia in Economic Recovery: Policy Options for Growth and Stability’ organised by the Institute of Policy Studies, Singapore, June 21–22.
Williamson, John (2000), ‘The Role of the IMF: A Guide to the Reports’, paper presented to a conference on Developing Countries and the Global Financial Architecture organised by the Commonwealth Secretariat and the World Bank, London, 22–23 June.
Author information
Authors and Affiliations
Copyright information
© 2004 Palgrave Macmillan, a division of Macmillan Publishers Limited
About this chapter
Cite this chapter
Bird, G. (2004). What Happened to the Washington Consensus?. In: International Finance and the Developing Economies. Palgrave Macmillan, London. https://doi.org/10.1057/9780230599840_5
Download citation
DOI: https://doi.org/10.1057/9780230599840_5
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-40773-6
Online ISBN: 978-0-230-59984-0
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)