Summary |
Based on living and working in the field, the author argues that country economic analysis is in effect a separate, integrative branch of economics that draws upon, but is distinct from, academic economics. The country stories recounted. reinforced by the emerging market experience since the 1980s, point to a canonical growth policy package built around three interconnected elements: the inter temporal budget constraint of the government; the micro-policy trio of hard budgets, competition, and competitive real exchange rates; and managing volatility from external, but especially domestic, sources. This package is underpinned by good governance, which finds its most immediate expression in the management of the public finances.
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