World Bank's Annual World Bank Conference on Development Economics, Part PDF

By World Bank

ISBN-10: 0821332805

ISBN-13: 9780821332801

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Extra resources for Annual World Bank Conference on Development Economics, Part 489

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Third, it created a mechanism for disciplining the countries on their macroeconomic policies, since instability would be severely punished by neighboring countries and capital relocation. There are, however, several problems with the agreement that must be worked out over the next few years, concerning rules of origin, dispute settlement mechanisms, tax subsidies and other fiscal asymmetries, and the common external tariff. Figure 2. Relative Prices of Capital Goods in Argentina, 1918-94 Source: Institute for Economic Research on Argentina and Latin America (IEERAL) data.

Likewise, because output fluctuations in developing countries do not mimic those in industrial countries, they help to stabilize output and employment in industrial countries. Although the stabilizing effect is small, it will grow as the developing economies grow, provided fluctuations in output between the two groups do not become more closely correlated over time. Finally, Cooper argues that economic growth in developing countries will not worsen environmental degradation in the long run. Pollution is likely to increase as growth picks up from low initial levels of income.

But the unemployment rate does not reflect a drop in total employment. Rather, it mirrors the large increase in the labor force participation rate. In fact, total urban employment grew by about 515,000 new workers between 1990 and 1994 while the total urban labor supply increased by 1,290,000 people. Whether the increase is due to a reversal of the ''discouraged worker" effect or the response to higher potential earnings is still an open issue. Some estimates put the real wage increase (in levels) at close to 30 percent, while others show almost no change.

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Annual World Bank Conference on Development Economics, Part 489 by World Bank

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