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Some Thoughts on the Washington Consensus and Subsequent Global Development Experience

[Symposium: Washington Consensus Revisited]

By Michael Spence

Journal of Economic Perspectives, Summer 2021

This paper discusses the Washington Consensus, its origins, and its insights in terms of subsequent development experience in a broad range of countries. I continue to find that when properly interpreted as a guide to the formulation of country-specific d...

The Baker Hypothesis: Stabilization, Structural Reforms, and Economic Growth

[Symposium: Washington Consensus Revisited]

By Anusha Chari, Peter Blair Henry, and Hector Reyes

Journal of Economic Perspectives, Summer 2021

In 1985, James A. Baker III's "Program for Sustained Growth" proposed a set of economic policy reforms including, inflation stabilization, trade liberalization, greater openness to foreign investment, and privatization, that he believed would lead to fa...

College Admission with Multidimensional Privileges: The Brazilian Affirmative Action Case

By Orhan ´¡²â²µ³Ü̈²Ô and ±õ²Ô᳦¾±´Ç µþó

òòò½Íø Journal: Microeconomics, August 2021

In 2012, Brazilian public universities were mandated to use affirmative action policies for candidates from racial and income minorities. We show that the policy makes the students' affirmative action status a strategic choice and may reject high-achievin...