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In this volume, world-renowned contributors, including Martin Ravallion, Michael Kremer and Robert Townsend, deal with the institutional characteristics of poverty resulting from the time pattern of aid, the nature of financial systems and the political economy of budgetary decisions. Going beyond the traditional literature on poverty, this original book deals with themes of broad interest to both scholars and policymakers in a clear yet technically sophisticated manner. Departing from conventional methods employed in poverty studies, these innovative essays enquire into the institutional characteristics of poverty, and using current case studies, they examine the crucial idea that periods of crises seriously affect poverty.

1. Strategies for financial reforms. 1.1. Financial liberalization: a review of major issues. 1.2. Experiences with different liberalization. 1.3. Summary and conclusions -- 2. Managing capital flows. 2.1. Introduction. 2.2. International private capital flows into South East Asia. 2.3. Macroeconomic effects. 2.4. Policy responses. 2.5. A proposed policy strategy. 2.6. Summary and conclusions -- 3. External debt, adjustment, and growth. 3.1. Introduction. 3.2. The formal framework. 3.3. Application to the Philippines. 3.4. Implications for fiscal policy and external debt management. 3.5. Summary and conclusions -- 4. Exports and economic development. 4.1. Introduction. 4.2. The growth model. 4.3. Optimal saving. 4.4. Summary and conclusions -- 5. Openness, human development, and fiscal policies. 5.1. Endogenous growth. 5.2. Optimal long-run growth. 5.3. The speed of adjustment toward equilibrium. 5.4. Summary and conclusions -- 6. Social and political factors in a model of endogenous economic growth and distribution: an application to the Philippines. 6.1. Introduction. 6.2. The theoretical framework. 6.3. The Philippine macroeconomic experience. 6.4. Summary and conclusions -- 7. Does monetary policy matter for long-run growth? 7.1. Introduction. 7.2. The modified model. 7.3. The effects of disinflation. 7.4. Optimal monetary policy and optimal long-run growth. 7.5. The speed of adjustment to long-run equilibrium.

Machine generated contents note: 1 INTRODUCTION -- 1.1 Overview -- 1.2 The Democratic Commitments to Government -- Involvement in the Macroeconomy -- 1.3 The Evolution of the Policy Commitments and of -- A/acroeconomic Performance -- 1.4 Explaining Policy and Outcome Variation across -- Democracies over Time -- 1.5 The Political-Economic Implications -- 1.6 Conclusion -- 2 THE DEMOCRATIC COMMITMENT TO SOCIAL -- INSURANCE -- 2.1 Introduction: Motivation, the Explanandum, and a -- Road Map -- 2.2 Economic Inequality and Demand for Transfers in -- Pure Democracy -- 2.3 Democratic Management of Transfer Systems by -- Elected Governments -- 2.4 The Data and Empirical Methods -- 2.5 Empirical Evaluation of the Positive Political -- Economy of Transfers -- 2.6 Discussion, Conclusions, and Implications -- 3 FINANCING THE COMMITMENTS: PUBLIC DEBT -- 3.1 Introduction: Motivation, the Explanandum, and a / -- Road Map -- 3.2 Democratic Management of Public Debt: Theories, -- Measures, Stylized Facts -- - -- 3.3 Empirical Evaluation of the Positive Political -- Economy of Public Debt -- 3.4 Discussion, Conclusions, and Implications -- 4 MONETARY MANAGEMENT OF THE -- MACROECONOMY -- 4.1 Introduction: Motivation, the Explanandum, and a -- Road Map -- 4.2 Monetary-Policy-Making and Wage-Price-Bargaining -- Institutions -- 4.3 A Proposed Synthesis and Extension: -- Institutional-Structural Interactions -- 4.4 Empirical Evaluation of the Positive Political -- Economy of Monetary Policy Making and -- Wage-Price Bargaining -- 4.5 Discussion, Conclusions, and Implications -- 5 COMPARATIVE DEMOCRATIC POLITICAL- -- ECONOMY AND MACROECONOAI C -- POLICY MAKING -- 5.1 Concluding Themes -- 5.2 A Prospective Overview -- References -- Index