Skip to main content
SpringerLink
Log in

Introduction

  • Chapter
Beyond Macroeconomic Stability

Part of the book series: Advances in Labour Studies ((AILS))

  • 190 Accesses

Abstract

The Great Recession of 2008–2009, while wreaking havoc on the lives of millions, also raised expectations that the preoccupation with a conservative strain of macroeconomics under the rubric of the ‘Washington consensus’ that dominated the 1980s and 1990s would eventually come to an end.2 This in turn entailed the expectation of a new beginning: namely, macroeconomic and sectoral policies geared towards supporting the quest for structural transformation and inclusive development. The countercyclical policies that were adopted by systemically important countries across the world to stave off a global depression in 2008–2009, the renewed commitment to assist developing countries to attain the Millennium Development Goals (MDGs) by 2015 and the endorsement of the’ social protection floor (SPF) initiative’ by the United Nations (UN) system in April 2009 appeared to signal a robust affirmation of the international community’s commitment to meet the key aspirations of the global development agenda.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
eBook
USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 109.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Bibliography

  • African Economic Outlook (2002) Equatorial Guinea (Paris and Abidjan: OECD and African Development Bank).

    Google Scholar 

  • African Economic Outlook (2012) Equatorial Guinea (Abidjan: African Development Bank; Paris: OECD; New York: United Nations Development Programme; Addis Ababa: United Nations Economic Commission for Africa).

    Google Scholar 

  • Alesina, A. (2010) ‘Fiscal Adjustments: Lessons from History’, Harvard University, prepared for the Ecofin Meeting in Madrid, 15 April.

    Google Scholar 

  • Asiedu, E. and Lien, D. (2011) ‘Democracy, Foreign Direct Investment and Natural Resources’, Journal of International Economics, 84(1), 99–111.

    Article  Google Scholar 

  • Bahamani-Oskooee, M., Mirzaie, I.A. andMiteza, I. (2007) ‘Sectoral Employment, Wages and the Exchange Rate’, Eastern Economic Journal, 33(1), 125–36.

    Article  Google Scholar 

  • Baldwin, R. (2009) ‘The Great Trade Collapse: What Caused It and What Does It Mean?’, in R. Baldwin (ed.) The Great Trade Collapse: Causes, Consequences and Prospects (London: Centre for Economic Policy Research).

    Google Scholar 

  • Beeson, M. and Islam, I. (2005) ‘Neo-liberalism and East Asia: Resisting the Washington Consensus’, The Journal of Development Studies, 41(2), 197–219.

    Article  Google Scholar 

  • Berg, J. (ed.) (forthcoming) Labour Market Institutions and Inequality (Cheltenham and Geneva: Edward Elgar and ILO).

    Google Scholar 

  • Blanchard, O., Dell’Arricia, G. and Mauio, P. (2010) ‘Rethinking Macroeconomic Policy’, Journal of Money, Credit, and Banking, 42, (supplement), 199–215.

    Article  Google Scholar 

  • Blanchard, O., Dell’Arricia, G. and Mauro, P. (2013) ‘Rethinking Macropolicy: Getting Granular’, IMF Staff Discussion Note, SDN 13/03 (Washington, DC: International Monetary Fund).

    Google Scholar 

  • Blanchard, O. and Leigh, D. (2013) Growth Forecast Errors and Fiscal Multipliers, IMF Working Paper 13/1 (Washington, DC: International Monetary Fund).

    Book  Google Scholar 

  • Blanchard, O., Florence, J. and Loungani, P. (2013) ‘Labour Market Policies and IMF Advice in Advanced Economies During the Great Recession’, March, IMF Staff Discussion Note, SDN 13/02 (Washington, DC: International Monetary Fund).

    Google Scholar 

  • Bleakley H. and Cowan, K.N. (2005) Corporate Dollar Debt and Depreciations: Much Ado About Nothing?, IADB Working Paper No. 532 (Washington, DC: Inter-American Development Bank).

    Google Scholar 

  • Blecker, R. (1996) NAFTA, the Peso Crisis, and the Contradictions of the Mexican Economic Growth Strategy, CEPA Working Paper, Series I, No. 3 (New York: Center for Economic Policy Analysis).

    Google Scholar 

  • Blecker, R. (2011) ‘Open Economy Models of Distribution and Growth’, in E. Hein and E. Stockhammer (eds) A Modern Guide to Keynesian Macroeconomics and Economic Policies (Cheltenham, UK: Edward Elgar).

    Google Scholar 

  • Blyth, M. (2013) Austerity: The History of a Dangerous Idea (New York: Oxford University Press).

    Google Scholar 

  • Burgess, S. and Knetter, M.M. (1998) An International Comparison of Employment Adjustment to Exchange Rate Fluctuations, NBER Working Paper No. 5861 (Cambridge, MA: National Bureau of Economic Research).

    Google Scholar 

  • Campa, J.M. and Goldberg, L.S. (2001) ‘Employment versus Wage Adjustment and the U.S. Dollar’. The Review of Economics and Statistics, 83(3), 477–89.

    Article  Google Scholar 

  • Crivelli, E., Furceri, D. andToujas-Bernaté, J. (2012) Can Policies Affect Employment Intensity of Growth, IMF Working Paper No. 12/218 (Washington, DC: International Monetary Fund).

    Google Scholar 

  • Dageviren, H., Van Der Hoeven, R. and Weeks, J. (2001) Redistribution Matters: Growth for Poverty Reduction, ILO Employment Sector Working Paper No. 2001/10 (Geneva: International Labour Office).

    Google Scholar 

  • Dasgupta, S. and Singh, A. (2005) ‘Will Services be the New Engine of Indian Economic Growth?’, Development and Change, 36(6), 1035–57.

    Article  Google Scholar 

  • Dolls, M., Fuest, C. and Peichl, A. (2012) ‘Automatic Stabilization and Discretionary Fiscal Policy in the Financial Crisis’, IZA Journal of Labour Policy, 1(4), 1–19.

    Google Scholar 

  • Eichengreen, B. (2008) The Real Exchange Rate and Economic Growth (Washington, DC: International Bank for Reconstruction and Development/World Bank on behalf of the Commission on Growth and Development).

    Google Scholar 

  • Faria, J.R. and Leon-Ledesma, M.A. (2005) ‘Real Exchange Rate and Employment Performance in an Open Economy’, Research in Economics, 59(1), 67–80.

    Article  Google Scholar 

  • Farrell, H. and Quiggin, J. (2012) ‘Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism During the Economic Crisis’, George Washington University and University of Queensland.

    Google Scholar 

  • Fields, G. (1975) ‘Rural-Urban Migration, Urban Unemployment and Underemployment, and Job-Search Activity in LDCs’, Journal of Development Economics, 2(2), 165–87.

    Article  Google Scholar 

  • Fields, G. (2005) ‘A Welfare Economic Analysis of Labor Market Policies in the Hams-Todaro Model’, Journal of Development Economics, 76(1), 127–46.

    Article  Google Scholar 

  • Filiztekin, A. (2004) Exchange Rate and Employment in Turkish Manufacturing (Istanbul: Faculty of Arts and Social Sciences, Sabanci University).

    Google Scholar 

  • Freeman, R. (2007) Labour Market Institutions Around the World, NBER Working Paper No. 13242 (Cambridge, MA: National Bureau of Economic Research).

    Google Scholar 

  • Freeman, R. (2009) Labour Regulations, Unions, and Social Protection in Developing Countries: Market Distortions or Efficient Institutions?, NBER Working Paper No. 14789 (Cambridge, MA: National Bureau of Economic Research).

    Book  Google Scholar 

  • Frenkel, R. and Ros, J. (2006) ‘Unemployment and the Real Exchange Rate in Latin America’, World Development, 34(4), 631–46.

    Article  Google Scholar 

  • Galindo, A., Izquierdo, A. and Montero, J.M. (2006) Real Exchange Rates, Dollarization and Industrial Employment in Latin America, IADB Working Paper No. 575 (Washington, DC: Inter-American Development Bank).

    Google Scholar 

  • Galli, R. and Kucera, D. (2004) ‘Labor Standards and Informal Employment in Latin America’, World Development, 32(5), 809–28.

    Article  Google Scholar 

  • Garegnani, P. (1990) ‘Quantity of Capital’, in J. Eatwell, M. Milgate and P. Newman (eds.) Capital Theory (New York, NY: W.W. Norton and Co.).

    Google Scholar 

  • Glassner, V. and Keune, M. (2010) Negotiating the Crisis? Collective Bargaining in Europe during the Economic Downturn, Dialogue Working Paper No. 10 (Geneva: International Labour Office).

    Google Scholar 

  • Goldin, C. (1994) The UShaped Female Labor Force Function in Economic Development and Economic History, NBER Working Paper No. 4707 (Cambridge, MA: National Bureau of Economic Research).

    Book  Google Scholar 

  • Gourinchas, P. (1999) ‘Exchange Rates Do Matter: French Job Reallocation and Exchange Rate Turbulence, 1984–1992’, European Economic Review, 43(7), 1279–316.

    Article  Google Scholar 

  • Grauwe, P. (2011) ‘The Governance of a Fragile Eurozone’, University of Leuven and Centre for European Policy Studies.

    Google Scholar 

  • Haggblade, S., Hazell, P. and Reardon, T. (2007) Transforming the Rural Nonfarm Economy: Opportunities and Threats in the Developing World (Washington, DC: International Food Policy Research Institute).

    Google Scholar 

  • Harris, J. and Todaro, M. (1970) ‘Migration, Unemployment and Development: A Two-Sector Analysis’, American Economic Review, 60(1), 126–42.

    Google Scholar 

  • Hua, P. (2007) ‘Real Exchange Rate and Manufacturing Employment in China’, China Economic Review, 18(3), 335–53.

    Article  Google Scholar 

  • Hayter, S. and Weinberg, B. (2011) ‘Mind the Gap: Collective Bargaining and Wage Inequality’, in S. Hayter (ed.) The Role of Collective Bargaining in the Global Economy: Negotiating for Social Justice (Cheltenham, UK: Edward Elgar).

    Chapter  Google Scholar 

  • Hermann, C. (2011) Collective Bargaining and Balanced Recovery: The Case of Austria, Dialogue Working Paper No. 23 (Geneva: International Labour Office).

    Google Scholar 

  • Herndon, T, Ash, M. and Pollin, R. (2013) Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff? PERI Working Paper No. 322, (University of Massachusetts, Amherst, Political Economy Research Institute).

    Google Scholar 

  • Hidalgo, C. (2011) ‘Discovering Southern and East Africa’s Industrial Opportunities’, The German Marshall Fund of the United States Economic Policy Paper Series (Washington, DC: The German Marshall Fund of the United States).

    Google Scholar 

  • Hussmanns, R. (2005) Measuring the Informal Economy: From Employment in the Informal Sector to Informal Employment, Policy Integration Department Working Paper No. 53. (Geneva: International Labour office).

    Google Scholar 

  • ILO (2010) World Social Security Report 2010/2011: Providing Coverage in Times of Crisis and Beyond (Geneva: International Labour Office).

    Google Scholar 

  • IMF (2012) World Economic Outlook: Coping with High Debt and Sluggish Growth (Washington, DC: International Monetary Fund).

    Google Scholar 

  • IMF (2013) Jobs and Growth: Analytical and Operational Considerations for the Fund (Washington, DC: International Monetary Fund).

    Google Scholar 

  • IMF (2013) Republic of Equatorial Guinea, 2012 Article IV Consultations, Country Report No. 13/83 (Washington, DC: International Monetary Fund).

    Google Scholar 

  • Islam, I. and Chowdhury, A. (2012) ‘Revisiting the Evidence on Expansionary Fiscal Austerity: Alesina’s Hour?’, available at: http://www.voxeu.org/debates/ commentaries/revisiting-evidence-expansionary-fiscal-austerity-alesina-s-hour (accessed 20 August 2013).

  • Islam, I. and Verick, S. (eds) (2011) From the Great Recession to Labour Market Recovery: Issues, Evidence and Policy Options (Basingstoke and Geneva: Palgrave Macmillan and ILO).

    Google Scholar 

  • Islam, I. (2011) ‘The Perennial Quest for Fiscal and Policy Space in Developing Countries’, in I. Islam and S. Verick (eds), From the Great Recession to Labour Market Recovery: Issues, Evidence and Policy Options (Basingstoke and Geneva: Palgrave Macmillan and ILO).

    Google Scholar 

  • Kaldor, N. (1966) Causes of the Slow Rate of Economic Growth in the United Kingdom (Cambridge: Cambridge University Press).

    Google Scholar 

  • Kaldor, N. (1967) Strategic Factors in Economic Development (Ithaca, NY: Cornell University Press).

    Google Scholar 

  • Kaldor, N. (1968) ‘Productivity and Growth in Manufacturing Industry: A Reply’, Economica, 35(140), 385–91.

    Article  Google Scholar 

  • Kandil, M. and Mirzaie, I.A. (2003) ‘The Effects of Dollar Appreciation on Sectoral Labour Market Adjustments: Theory and Evidence’, The Quarterly Review of Economics and Finance, 43(1), 89–117.

    Article  Google Scholar 

  • Kapsos, S. (2005) ‘The Employment Intensity of Growth: Trends and Macroeconomic Determinants’, Employment Strategy Paper 2005/12 (Geneva: International Labour Office).

    Google Scholar 

  • Klein, M.W, Schuh, S. and Triest, R.K. (2003) ‘Job Creation, Job Destruction, and the Real Exchange Rate’, journal of International Economics, 59(2), 239–65.

    Article  Google Scholar 

  • Kucera, D. (2002) ‘Core Labour Standards and Foreign Direct Investment’, International Labour Review, 141(1-2), 31–69.

    Article  Google Scholar 

  • Kucera, D. and Sarna, R. (2006) ‘Trade Union Rights, Democracy and Exports: A Gravity Model Approach’, Review of International Economics, 14(5), 859–82.

    Article  Google Scholar 

  • Kucera, D. and Principi, M. (2013) ‘Democracy and Foreign Direct Investment at the Industry Level: Evidence for US Multinationals’, processed (Geneva: International Labour Office).

    Google Scholar 

  • Kucera, D., Roncolato, L. and von Uexkull, E. (2012) ‘Trade Contraction and Employment in India and South Africa during the Global Crisis’, World Development, 40(6), 1122–34.

    Article  Google Scholar 

  • Kuteesa, A. (2012) ‘East African Regional Integration: Challenges in Meeting the Convergence Criteria for Monetary Union, A Survey’, International Journal of Economics and Finance, 4(10), 147–60.

    Article  Google Scholar 

  • Kuznets, S. (1955) ‘Economic Growth and Income Inequality’, American Economic Review, 45(1), 1–28.

    Google Scholar 

  • Lobato, L, Pratap, S. and Somuano, A. (2003) ‘Debt Composition and Balance Sheet Effects of Exchange Rates and Interest Rate Volatility in Mexico: A Firm Level Analysis’, CIE-ITAM and Ministry of Finance, Mexico.

    Google Scholar 

  • Lee, S. and Gerecke, M. (forthcoming) ‘Economic Development and Inequality: Revisiting the Kuznets Curve’ in J. Berg (ed.) Labour Market Institutions and Inequality (Cheltenham and Geneva: Edward El gar and ILO).

    Google Scholar 

  • Lewis, W. A. (1954) ‘Economic Development with Unlimited Supplies of Labour’, The Manchester School, 22(2), 139–91.

    Article  Google Scholar 

  • Lewis, W. A. (1979) ‘The Dual Economy Revisited’, The Manchester School of Economic and Social Studies, 47(3), 211–29.

    Article  Google Scholar 

  • Luengnaraemitchai, P. (2003) ‘The Asian Crisis and the Mystery of the Missing Balance Sheet Effect’, University of California, Berkeley.

    Google Scholar 

  • McKinsey Global Institute (2012) Africa at Work: Job Creation and Inclusive Growth (McKinsey Global Institute).

    Google Scholar 

  • Ngandu, S. N. (2009) ‘The Impact of Exchange Rate Movements on Employment: The Economy-wide Effect of a Rand Appreciation’, Development Southern Africa, 26(1), 111–29.

    Article  Google Scholar 

  • Nübler, I. (forthcoming) Capabilities for Productive Transformation and Employment.

    Google Scholar 

  • Ocampo, J. A., Rada, C. and Taylor, L. (2009) Growth and Policy in Developing Countries: A Structuralist Approach (New York: Columbia University Press).

    Google Scholar 

  • Ortiz, I. and Cummins, M. (2013) The Age of Austerity: A Review of Public Expenditures and Adjustment Measures in 181 Countries, Initiative for Policy Dialogue and the South Centre, Working Paper, March (New York and Geneva: Initiative for Policy Dialogue and The South Centre).

    Google Scholar 

  • Reinhart, C. and Rogoff, R. (2010) ‘Growth in a Time of Debt’, American Economic Review, 100(2), 573–78.

    Article  Google Scholar 

  • Rodrik, D. (1999) ‘Democracies Pay Higher Wages’, The Quarterly Journal of Economics, 114(3), 707–38.

    Article  Google Scholar 

  • Rodrik, D. (2008) ‘The Real Exchange Rate and Economic Growth’, John F. Kennedy School of Government, Harvard University.

    Google Scholar 

  • Taylor, L. (2011) Maynard’s Revenge: The Collapse of Free Market Macroeconomics (Cambridge, MA: Harvard University Press).

    Google Scholar 

  • UNDP (2013) ‘Equatorial Guinea’, in UNDP Human Development Report 2013 (New York: United Nations Development Programme).

    Google Scholar 

  • UN-ESCAP (2013) Economic and Social Survey of Asia and the Pacific 2013 (Bangkok: United Nations Economic and Social Commission for Asia and the Pacific).

    Google Scholar 

  • Unni, J. and Rani, U. (2008) Flexibility of Labour in Globalizing India: The Challenge of Skills and Technology (New Delhi: Tulika Books).

    Google Scholar 

  • Van Der Hoeven, R. (2010) ‘Inequality and Employment Revisited: Can One Make Sense of Economic Policy?’, Journal of Human Development and Capabilities, 11(1), 67–84.

    Article  Google Scholar 

  • Weisbrot, M. and Jorgensen, H. (2013) ‘Macroeconomic Policy Advice and the Article IV Consultations: A European Union Case Study’, Center for Economic and Policy Research.

    Google Scholar 

  • Woodford, M. (2012) ‘Methods of Policy Accommodation at the Interest-Rate Lower Bound’, Paper prepared for presentation at the Jackson Hole Symposium, ‘The Changing Policy Landscape’, 31 August-1 September 2012.

    Google Scholar 

  • World Bank (2013a) World Development Report: Jobs (Washington, DC: World Bank).

    Google Scholar 

  • World Bank (2013b) ‘Equatorial Guinea: Data’, available at: http://data.worldbank.org/country/equatorial-guinea (accessed 20 August 2013).

Download references

Authors
  1. Iyanatul Islam
    View author publications

    You can also search for this author in PubMed Google Scholar

  2. David Kucera
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. University of Cambridge, UK

    Iyanatul Islam PhD in Economics

  2. New School for Social Research, USA

    David Kucera PhD in Economics

Copyright information

© 2013 International Labour Organization

About this chapter

Cite this chapter

Islam, I., Kucera, D. (2013). Introduction. In: Islam, I., Kucera, D. (eds) Beyond Macroeconomic Stability. Advances in Labour Studies. Palgrave Macmillan, London. https://doi.org/10.1057/9781137379252_1

Download citation

Publish with us

Policies and ethics

Search

Navigation