By Jose Antonio Ocampo
'Beyond Reforms' argues that fiscal development in constructing international locations is intrinsically tied to the dynamics of construction buildings, to the categorical regulations and associations created to aid it, and the construction of linkages between household organizations and sectors. fending off macroeconomic instability can be crucial. notwithstanding, macroeconomic balance isn't really a adequate for progress. the wider institutional context and the enough provision of schooling and infrastructure are crucial 'framework conditions,' yet more often than not don't play an instantaneous position in bringing approximately adjustments within the momentum of monetary development.
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Additional info for Beyond Reforms: Structural Dynamics and Macroeconomic Vulnerability (Latin American Development Forums)
Second, there must be a proper balance between individual entrepreneurial initiative, which is decisive for a dynamic process of innovation, and the establishment of institutions aimed at increasing information and coordination among agents. Among the latter, different mixes of public and private institutions should be considered, according to the tradition of each country. Moreover, different mixes of supranational (for example, within the framework of integration processes), national, and local (decentralized) institutions should also be designed.
A negative macroeconomic shock will have the opposite effect. This could include any factor that increases macroeconomic instability. In line with the considerations discussed in the first section of this chapter, any form of instability matters, including instability in the price level or in major relative prices, an increase in the intensity of the business cycle, or any factor that adversely affects public or private sector debt sustainability, among others. 3 were to leave no equilibrium point, leading to a downward spiral of GDP and productivity growth.
These “strategic complementarities” are the basis of the dynamic economies of scale of a mesoeconomic character that determine the competitiveness—or lack of competitiveness—of production sectors in a given region or country. Under these conditions, competitiveness involves more than microeconomic efficiency: It is essentially a sectoral or even a systemwide feature (ECLAC 1990; Fajnzylber 1990). In an open economy, demand linkages may be induced by protection. This may facilitate positive supply (agglomeration) effects, but may also generate costs for other production sectors if it involves the protection of intermediate and capital goods.