POLB90H3 Lecture Notes - Lecture 7: Mexican Peso Crisis, Doha Declaration, Strongarm
11 Dec 2015
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Document Summary
Economic globalization, neoliberal reform, and the power of the multilaterals. The international financial system private commercial bank, the international monetary fund, the world bank, regional development bank. The world trade organization all of these are linked. The role of the imf and world bank: established 1948 bretton woods . Imf: short-term balance of payments lending bank: project lending based in. Economic events: rise in petroleum prices decline in us competitiveness the international debt crises (1980s) poverty and inequality shot up the lost decade. Policy conditionality stabilization agreements (imf) credit restrictions devaluation reduction in government spending tariff reduction wage freeze to repay debts, stimulate exports results? (induce resection) structural adjustment (saps) (the world bank) The washington consensus (saps): trade liberalization takes center stage privatization deregulation of foreign investment regimes labor flexiibilization. Removal of subsides removal of restrictions on capital flows. Repeated economic crises: the mexican peso crisis 1995 the asian crises.
