Staff Papers
Macroeconomic Stability in Developing Countries: How Much is Enough?
MAS Staff Paper No. 40, September 2005 - By Peter Montiel and Luis Serven
Abstract
Over the 1990s macroeconomic policies improved in a majority of developing countries, but the growth dividend from such improvement fell short of expectations, and a policy agenda focused on stability turned out to be associated with a multiplicity of financial crises. This paper takes a retrospective look at the contents and implementation of the macroeconomic reform agenda of the 1990s. It reviews the progress achieved with fiscal, monetary and exchange rate policies across the developing world, and the effectiveness of the changing policy framework in promoting stability and growth. The main lesson is that slow growth and frequent crises resulted, more often than not, from shortcomings in the reform agenda of the 1990s. These shortcomings essentially concern the depth and breadth of the macro reform agenda, its attention to macro vulnerabilities, and the complementary reforms outside the macroeconomic sphere.Related Publications
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Staff PapersPublished Date: 11 February 2020
Cyber Risk Surveillance: A Case Study of Singapore
MAS Staff Paper No. 57, February 2020 - By Joseph Goh, Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, and Chris Yao
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Staff PapersPublished Date: 07 November 2019
Effects of Dark Trading on Liquidity of Singapore Equity Market
MAS Staff Paper No. 56, November 2019 - By Chioh Wenn Sheng, Chua Bing Kiat, Andrew Ang, Fan Jia Rong and Brandon Sim
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Staff PapersPublished Date: 31 January 2017
Empirical Evidence on “Systemic as a Herd”: The Case of Japanese Regional Banks
MAS Staff Paper No. 55, January 2017 - By Naohisa Hirakata, Yosuke Kido, and Jie Liang Thum