Abstract

FRENKEL, Roberto. Lecciones de política macroeconómica para el desarrollo, a la luz de la experiencia del pasado decenio. El trimestre econ [online]. 2012, vol.79, n.313, pp.5-49. ISSN 2448-718X.

The paper draws macroeconomic policy lessons by contrasting the developing countries experience in the 2000s -including their performance in the recent global crisis- with the previous three decades of financial globalization. The main lesson is the crucial role of macroeconomic policies in fostering growth, preserving financial stability and generating a robust performance vis-à-vis real and financial external shocks. In addition, the analysis suggests a set of policy orientations that contribute to the simultaneous achievement of the three mentioned objectives. The paper is presented in two parts. The first part presents the analysis that provides the foundations of the main lesson and the mentioned macroeconomic policy orientations. The second presents a synthetic formulation of the macroeconomic policies and discusses different aspects of their instrumentation, focusing particularly on the exchange rate and monetary policies. Concluding remarks are presented in the last section.

Keywords : tipo de cambio real; política macroeconómica; desarrollo económico.